JPMorgan Chase has announced that its chairman and CEO, Jamie Dimon, will remain in his position for another five years, making him one of banking’s longest-running CEOs.
According to CNBC, the company also named Daniel Pinto and Gordon Smith as co-presidents and co-chief operating officers. They will serve as the CEOs of JPMorgan’s corporate and investment bank and its consumer bank, respectively, with both reporting to Dimon.
Dimon had said the next CEO of JPMorgan would be coming from inside the bank’s executive ranks, and Pinto and Smith seem to now be heirs apparent. A company statement said that the promotions “reflect the enormous contributions” both executives have made, and that they will work with Dimon to “drive critical firm-wide opportunities.”
Dimon came on as JPMorgan’s CEO at the end of 2005 and as chairman a year later. The average tenure of an S&P 500 CEO is four years. Lloyd Blankfein of Goldman Sachs is the only other executive who has been leading a company for more than a decade.
Back in 2016, there was speculation that Dimon could become the new Secretary of Treasury for the Trump administration. In fact, it was reported that it was between Dimon and Steve Mnuchin, but Dimon told the Trump transition team he had no interest in the position.
Who can blame him for not leaving? During his time as CEO, JPMorgan’s stock has more than doubled to $116.20 from $48.07.
That’s not to say it’s all been smooth sailing. While the company fared relatively well during the financial crisis, it was caught up in a trading fiasco that saw a trader known as the London Whale losing at least $6.2 billion for JPMorgan in 2012. As a result, two former traders were charged with crimes, the bank conceded to violating securities laws and had to pay fines of more than $1 billion, which lead to Dimon taking a pay cut.
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