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 the full article here
