JPMorgan's next CEO will have to tick a whole lot of boxes to be a worthy successor in Jamie Dimon's eyes.
Dimon, 70, answered a question during the bank's second-quarter earnings call on Tuesday about what he and his board are looking for in the company's next leader, and what he thinks makes an exceptional CEO.
The billionaire banker replied that the person should:
- Be good at management
- Be good with people
- Be analytical
- Be detailed
- Be a "culture carrier"
- Be curious
- Have heart
- Have grit
- Have soul
- Have work ethic
- Be able to travel
- Be able to deal with CEOs and prime ministers
- Understand and engage with the bank's back-office functions
"I could give you a long list of stuff, but it's all of that," said Dimon, who's been running the banking giant for more than 20 years.
He later added that he prizes "flexibility of mind," "brain power," and emotional intelligence, and believes leaders should have "experience across the company" so they care about and respect its various divisions.
Lloyd Blankfein, the former CEO of Goldman Sachs, made a similar point in his recent "Streetwise" memoir. He said that a recurring concern at the firm was that CEOs picked from its trading side wouldn't properly prioritize the investment-banking side, and vice versa.
Dimon, who has no immediate plans to retire, told analysts on the call that JPMorgan has a strong bench ready for his departure, whenever it happens. He pointed to operating chief Jennifer Piepszak and Mary Erdoes, the CEO of JPMorgan's asset and wealth management business.
"So it's a great team of people which I am fully confident if I was hit by a truck — which is not my preference — we would be fine," he quipped.
Read next
Theron Mohamed is a London-based correspondent on the Trending team at Business Insider. His coverage spans finance, investing, wealth, markets, and the economy.Theron joined BI in 2019 as a reporter at Markets Insider and rose to the rank of correspondent before moving to the Trending team in 2024. He previously covered tech, media, and telecom stocks for Investors Chronicle magazine and had a brief stint on the Financial Times' Data team. He interned at the Wall Street Journal in New York where he primarily wrote for Heard on the Street.Theron has freelanced for The Independent, The Telegraph, WIRED, and several smaller publications. He holds an undergraduate degree in geography from the London School of Economics, and a master's degree in journalism from Columbia University.Theron often covers Warren Buffett, Michael Burry, Jeremy Grantham and other top-flight investors. He also writes about the world's wealthiest people and shares financial advice from all manner of rich and successful people.Email Theron at [email protected] and follow him on X @theron_mohamed.Expertise
- Corporate finance
- Stocks and investing
- Wealth and philanthropy
- Business history
- US economy
- Warren Buffett and Berkshire Hathaway
Popular articlesAl Pacino says he went from $50 million to broke, joining a long list of stars who've experienced money troublesAn oil tycoon sold his company for $26 billion this year — but died before the deal closedWarren Buffett drinks 5 cans of Coke a day — here's why he switched from Pepsi after nearly 50 yearsMeet the 16 people in the $100 billion club — who are jointly worth more than Amazon or Google'Big Short' investor Michael Burry kept quiet, piled into China tech, and won big with a stock bet in 2024Bill Gates' former assistant is worth $154 billion — and could soon be richer than the Microsoft cofounderHoward Schultz talked about Steve Jobs, trademarking the latte, and Starbucks' problems in a marathon interviewWarren Buffett just made a rare trip to Tokyo. Here's the story of a disastrous sushi dinner that made him swear off Japanese food forever.21 states where recession bells are ringing after unemployment jumpsWarren Buffett is building the Noah's Ark of rainy-day funds. Here's why he's stacked up more than $300 billion.The 'Shark Tank' star Kevin O'Leary warns couples not to combine finances: 'I don't care how in love you are'The Waltons are once again the world's wealthiest family, beating out Gulf royalty and fashion dynasties
Follow Following
Every time publishes a story, you’ll get an alert straight to your inbox!
Look out for an alert in your inbox the next time publishes a story!
Every time a new story is published, you’ll get an alert straight to your inbox!
Look out for an alert in your inbox the next time a new story is published!
By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider’s Terms of Service and Privacy Policy.
