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Jamie Dimon’s retirement talk puts new spotlight on JPMorgan’s top deputies
Jamie Dimon made it clear last week that he sees the end of his time as head of the largest U.S. bankplacing a new focus on key deputies who are considered the main candidates for their position.
The disclosure took place during JPMorgan Chase (JPM) annual investor day in Manhattan, where bank analysts and followers gathered to hear about plans for the coming year.
Dimon said his timeline for an exit is “no more than five years” and that the succession process is “well underway.”
“There is more of a prospect that in the next three or four years Jamie Dimon will probably become chairman and someone else will become CEO of JPMorgan,” said Wells Fargo analyst Mike Mayo, who asked Dimon for an update on succession during the investor day event.
Jamie Dimon during the final beam laying ceremony for JPMorgan Chase’s new global headquarters building in New York City last November. REUTERS/Brendan McDermid (REUTERS/Reuters)
The CEO’s comments refocused attention on the executives who have the best chances of filling Dimon’s role, and they all gave presentations about their lines of business. Some are in new roles after a management reshuffle in January designed to give candidates a broader range of responsibilities.
Two names keep popping up inside and outside the bank: Marianne Lake and Jennifer Piepszak, each overseeing the two largest parts of the company.
It’s “a two-woman race,” Mayo said.
From the outside, Mayo added, “it looks like a coin toss between the two, making the next few years very important. Will both sides of the company perform well? Will there be an incident?
Marianne Lake, CEO of JPMorgan Chase Consumer and Community Bank (JOE VERICKER PHOTOBUREAU INC)
The two executives share a lot in terms of credentials. Both served as JPMorgan’s chief financial officers, both are in their 50s and have been with the bank longer than Dimon, who joined in 2004.
Until January, both were also responsible for JPMorgan’s sprawling consumer and small business unit, which produces the biggest returns for the bank and oversees everything from checking accounts to credit cards and home equity loans.
Then Piepszak, as part of the management change, became co-CEO of the commercial and investment bank JPMorgan, which acts as a major player on Wall Street. Lake became the sole head of the consumer division.
Jennifer Piepszak, co-CEO of commercial and investment banking at JPMorgan. (JOE VERICKER FOTOBUREAU INC)
Analysts are mostly in agreement about the difficulty JPMorgan’s board will face in trying to fill Dimon’s shoes.
The 68-year-old is the longest-serving CEO of a major bank and the only one left who called the shots during the 2008 financial crisis. Since taking the role in 2006, JPMorgan’s share price has risen to around eight times its initial value.
The “transfer will be complicated no matter what,” said Ebrahim Poonawala, an analyst at Bank of America Securities.
The story continues
The bank already has a plan in case the sudden and unforeseen event happens with Dimon, a contingency mentioned by insiders and even Dimon himself as the “hit by a bus” scenario.
In this case, the role will fall to operations director Daniel Pinto.
“We built in succession with Daniel Pinto. How many companies can say that?” Dimon said last week.
Daniel Pinto, director of operations at JPMorgan. (JPMorgan Chase)
Pinto’s career at the bank dates back to 1983, when he began working in Buenos Aires as a financial analyst and foreign exchange trader for a predecessor company called Fabricantes Hanover.
In 2020, the Argentine executive had the chance to intervene when Dimon suffered a sudden and near-fatal heart injury.
Pinto served as co-CEO for a month along with Gordon Smith, another executive who was once considered a “hit-by-bus” Dimon replacement. Smith retired in 2021.
But even if this scenario were to repeat itself, Pinto would not be expected to remain CEO in the long term.
While Lake and Piepszak are considered frontrunners for the permanent CEO role, the dynamics of the race can always change.
There are a few other relatively young executives who were recently promoted to new roles, including Piepszak’s co-head of commercial and investment banking, Troy Rohrbaugh.
A newer face to outsiders, Rohrbaugh spent nearly two decades at JPMorgan. He came up in the bank’s fixed income trading business after previously working for Goldman Sachs (GS).
Another remote possibility the board might consider is bringing in someone from outside JPMorgan, according to Mayo, especially if JPMorgan continues to put more focus on developing artificial intelligence and other new technologies.
Even with Dimon out of the CEO role, he probably won’t leave the bank entirely. He could remain chairman of the board.
The bank had already indicated that its next CEO will not hold the dual role of chairman of the board, a division that is receiving increasing support from shareholders.
Last week, nearly 43% of JPMorgan shareholders voted in favor of such a deal, up from 37.5% in 2023.
“Am I going to stay as president for a while?” Dimon said last week at investor day “We’ll see.”
David Hollerith is a senior reporter at Yahoo Finance, covering banking, crypto and other areas of finance.
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The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
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Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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