Jamie Dimon, CEO and chairman of JPMorgan Chase, underwent heart surgery on Thursday. Daniel Pinto and Gordon Smith, two executives who report to Dimon, will lead the bank while Dimon recuperates.
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Jamie Dimon, JPMorgan Chase chairman and CEO, underwent emergency heart surgery on Thursday, the bank said in a memo to employees, clients, and shareholders. He is currently in recovery. "We want to let you know that Jamie experienced an acute aortic dissection this morning," the memo said. "He underwent successful emergency heart surgery to repair the dissection." Dimon, 63, is "awake, alert, and recovering well," the memo said. Daniel Pinto and Gordon Smith, two senior executives with JPMorgan, will lead the bank while Dimon recovers, the memo said. Dimon has been CEO of chairman of JPMorgan since January 2006, and as Business Insider's Dakin Campbell has reported, enjoys a reputation as the best banker, or among the best bankers, of his generation. He's also taken a lead as the chairman of the Business Roundtable in advocating for a more community-minded form of capitalism. Read the memo on Dimon's surgery below:
NEW: JPMorgan statement, on Jamie Dimon’s emergency heart surgery.$JPM pic.twitter.com/kLA5yT7rIU — Carl Quintanilla (@carlquintanilla) March 5, 2020
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JPMorgan is the biggest bank in the US and a bellwether for the global financial system....JPMorgan is the biggest bank in the US and a bellwether for the global financial system. So when it comes to the bank's most senior leaders, and particularly those in position to replace CEO Jamie Dimon, Wall Street pays attention. Wall Street is paying even closer attention to who might succeed Dimon after JPMorgan said on Thursday that he underwent emergency heart surgery. Dimon is currently recuperating after the operation. Business Insider last year identified the lender's 70 or so most important executives. We compiled the list by speaking with current and former employees, competitors, and recruiters, focusing our search on the operating committee and an executive cohort one level down at JPMorgan's four business units. We decided to avoid most staff members in the control or corporate functions, aside from a few key people. A JPMorgan spokesman declined to comment for the project. At the top is Dimon, who's been the CEO or chairman of the firm since January 2006, roughly 18 months after his Chicago lender, Bank One, was purchased by JPMorgan Chase. Dimon enjoys a reputation as the best banker, or among the best bankers, of his generation — and, as Roger Lowenstein wrote in The New York Times Magazine in 2010, the "least hated." When asked about his eventual retirement, Dimon has said he'd like to work for another five years or so. The comment became a running joke among Wall Street analysts, investors, and even JPMorgan execs. But Dimon is approaching the typical retirement age, and there's been talk that his "another five years" might actually be counting down. Last year, JPMorgan moved its longtime chief financial officer and potential-successor shortlist member Marianne Lake to a job running consumer lending. The credit-card chief Jennifer Piepszak took Lake's role as CFO. The moves were widely interpreted as being part of succession planning, with some wondering if this meant Lake was out of the running or just getting needed operating experience, or if Piepszak was now the favored one. Gordon Smith and Daniel Pinto, two executives who report to Dimon, will lead the bank while he recuperates. Smith had some wise words in late May on how he thinks about the bank's broader leadership team, in the context of all the focus on Dimon's replacement. "It's very obvious and understandable why Jamie's succession is what gets the vast majority of the ink," he said at an investor conference that month. "But what we all worry about is — yes, the CEO, but who are the 15 people or so, plus or minus, that will be on the operating committee of the firm that will steer it for the next decade, the decades following Jamie's rolling five [years until retirement]? What will be that group of people?" This list gives you the inside track on identifying that group. Note that the chart is interactive, so you'll need to click through on "direct reports" to get the full list of names. Have more information about the organizational structure or something else at JPMorgan? Contact the reporter by phone, email at email@example.com, or encrypted chat with Signal.SEE ALSO: JPMorgan just handed its CFO a new role and it could be a sign she's a candidate to replace Jamie Dimon DON'T MISS: These are the 30 most powerful people in Bank of America Merrill Lynch's $8 billion bond-trading division Join the conversation about this story » NOW WATCH: WeWork went from a $47 billion valuation to a failed IPO. Here's how the company makes money.