JP Morgan is Believed to Be Preparing Succession Plans

JPMorgan Chase (JPM) is reportedly preparing to shuffle the ranks of its executive as the firm begins to set the stage for Jamie Dimon’s eventual successor.

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.

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2 Comments on JP Morgan is Believed to Be Preparing Succession Plans

  1. ….”Even though Dimon has not given any indication that he intends to leave the bank in the immediate future”…..

    i think dimon knows he will be leaving abruptly, and headed for the federal penitentary, after spearheading the most egregious takedown of a venerable institution in American history !!!

    yes, that institution was Washington Mutual Bank.

    but worry not, that situation will be remedied shortly in bankruptcy court, and Wamu shareholders will be looking sharp !!!!

    ” Got Parlay ??? “

  2. Over the last 18 months I have personally reviewed all related court documents regarding the WAMU take over by the FDIC and JPM Chase under the leadership of Jamie Dimon.

    I simply don’t see any reason to believe that Jamie Dimon is innocent of the charges made against his bank and the FDIC in the suit filed by the Washington Mutual, Inc lawyers in Texas and mentioned in the WMI bankruptcy case in Delaware.

    If there is a way out for JPM Chase and Mr. Dimon, I can not see how there is a legal avenue other than a cash settlement in the tens of billions, if not more.

    This a thoroughly informed, rational conclusion to 18 months of daily monitoring of developments on this story.

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