It depends on what it takes to run a bank it handles $3.8 trillion in assetslike JPMorgan, it’s really simple: diligence and care.
This is according to the lender’s CEO, billionaire and Wall Street activist Jamie Dimon.
In recent weeks, Dimon has faced increased scrutiny over how long he will pay dividends at the bank that recently took over First Republic—in part because of news that Morgan Stanley’s chief executive, James Gorman, He is expected to step down within the next 12 months after more than ten years leading the business.
Dimon said he has no plans to exit as a bank Investor Relations Day earlier this week, but he gave a different response to his usual “five more years” in office.
He said he hopes to lead the organization for another “three and a half” years, adding that he knows he cannot continue his level of power foreverwearing the dress in 2005.
CEOs can’t wait to “retire” he added: “I can’t do this forever, I know that.” My strength is the same. I think when I’m out of energy, I have to leave.
Dimon also revealed that the team has several options for his replacement, a prospect he is “comfortable” with.
But what will it take to fill such honorable shoes?
Important values
“I think it’s very important [are] that you are trusted and respected by people, that you use your ass, that you give as-, that you know that you don’t know everything,” Dimon said.
He added great leadership it requires the ability to admit that you are wrong, to explain: “That you’re willing to change course, you’re willing to go ahead of your shareholders and say, ‘We’re wrong, we’re wrong, we’re wrong.’
“The management team knows, I don’t think I’ve ever defended an election,” Dimon—who oversees more than 240,000 employees—explained. “Just do the right thing in the future, that’s it.”
“I don’t care what we did yesterday, so I have that kind of attitude. I also solve the bad things that I encounter quickly […] because that’s how you can get ahead in life.”
Unfortunately for anyone who wants to step up to the plate, there are also a few traits that Dimon wants to see that are difficult to teach.
If you don’t have grit, you don’t have it. “If you don’t have courage, you don’t have it,” he said.
It is unclear who Dimon is considering giving the top job to, but the analysis of New York Times suggests that Marianne Lake and Jennifer Piepszak—CEOs of the Consumer & Community Banking division—are the frontrunners.
A reliable game
Dimon also outlined the relationship his successor would be expected to have with the bank’s board-showing the importance of authority from the beginning.
The 67-year-old said there are no rules for bank boards to meet without the CEO once a year, even though they were encouraged previous boards to do so.
The board is encouraged to meet with senior management without the CEO present, he added, to avoid being influenced by their boss.
Dimon also spoke openly about how his personality affects the business, saying that it is very important for the organization to meet with executives if the CEO is in charge. a strong personality—like his.
Dimon, who is also the chairman of the board JPMorgan Chasehe added that he is not known for appreciating his direct reports—even though he hears them.
Bloomberg She said Dimon revealed at a young age he worried that praising his subordinates would encourage them to ask for a promotion, adding that he used profanity to get his point across.