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 firstname.lastname@example.org, 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.
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Jamie Dimon tells shareholders he expects the coronavirus to cause a 'bad recession' and 'financial stress similar to the global financial crisis,' at a minimum (JPM)
Jamie Dimon's annual letter to JPMorgan shareholders was published Monday. In it, the bank's CEO addressed...Jamie Dimon's annual letter to JPMorgan shareholders was published Monday. In it, the bank's CEO addressed the coronavirus pandemic and the impact it could have on the US economy and JPMorgan. The bank has stopped buybacks but has not asked for regulatory relief, Dimon said. Watch JPMorgan trade live on Markets Insider. Read more on Business Insider. In his annual letter to JPMorgan shareholders, published Monday, CEO Jamie Dimon said that while the bank is strong, it won't be untouched by the fallout from the coronavirus pandemic. The pandemic will be damaging to the US economy, Dimon said. "At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008," he said. "Our bank cannot be immune to the effects of this kind of stress," he added. The US is grappling with the economic consequences of the pandemic, which has roiled global markets and shut down much of the country in an attempt to curb the spread of the disease. Most firms agree that the US is either already in a recession or will soon be in one, marked by massive slowdowns in output and an elevated unemployment rate — in the past two weeks alone, 10 million Americans have filed for unemployment benefits as coronavirus layoffs persist. Read more: 14 Wall Street experts told us the single metric they're each watching to assess coronavirus market fallout — and give their portfolios a leg up In response to the crisis, JPMorgan has stopped buying back its own stock, Dimon said, adding that halting buybacks "was simply a very prudent action." Dimon also said the board would consider suspending the bank's dividend only in "an extremely adverse scenario" that would include a 35% contraction of gross domestic product in the second quarter and an unemployment rate of 14%. "If the Board suspended the dividend, it would be out of extreme prudence and based upon continued uncertainty over what the next few years will bring," Dimon wrote. Still, Dimon said that the bank's capital resources and liquidity remained strong and that JPMorgan is lending or plans to lend an additional $150 billion for client needs. Read more: GOLDMAN SACHS: These 13 cheap stocks are poised for years of better-than-expected profits — and they're must-haves as the coronavirus wipes out earnings in 2020 JPMorgan is "working closely with all levels of government during this crisis" but has not asked for any regulatory relief, Dimon said. But he said that the financial system needed an overhaul when the crisis subsides. Next, there needs to be a solid plan to "carefully" return Americans to work, with precautions that include testing, Dimon said. "The country was not adequately prepared for this pandemic — however, we can and should be more prepared for what comes next," he wrote. "Done right, a disciplined transition would maximize the health of Americans and minimize the time, extent and suffering caused by the economic downturn." Dimon briefly thanked people who wished him well after his emergency heart surgery in March, but he didn't give any further updates on his health. Read more: 'Still too high': Goldman's global equity chief lays out 4 reasons why the stock market will melt down further before it fully captures the coronavirus crisisJoin the conversation about this story » NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption