According to the New York Post, a number of execs considered potential successors to Dimon are likely to see their jobs change in the next few months. The list includes, CFO Michael Cavanagh; Charlie Scharf, CEO of JPMorgan’s retail-services unit; and Samuel “Todd” Maclin, CEO of commercial banking.
As part of the company’s annual letter to shareholders, which Post sources said Dimon spent as many as 35 hours composing it, Dimon said he was intensely focused on developing a succession plan, but stressed that the bank had enough talent to ensure there would be no complications if he left suddenly.
Dimon is considered one of the kings of Wall Street and seen as the guy who helped build JP Morgan Chase into a giant. But if he were to leave the company with short notice, James Staley, head of JP Morgan’s investment banking unit would temporarily take over Dimon’s duties as CEO.
Even though Dimon has not given any indication that he intends to leave the bank in the immediate future, the Post reported earlier this year that he has expressed a desire to serve his country, leading to speculation he could be tapped to replace Treasury Secretary Tim Geithner.