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Home»Finance»Jamie Dimon says the end to his time as JPMorgan CEO is ‘not five years anymore’
Finance

Jamie Dimon says the end to his time as JPMorgan CEO is ‘not five years anymore’

May 21, 2024No Comments3 Mins Read
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Jamie Dimon says the end to his time as JPMorgan CEO is 'not five years anymore'
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Jamie Dimon had some new issues to say Monday about his personal future plans, making it clear the CEO of JPMorgan Chase (JPM) now envisions a day when he’ll not run the most important US financial institution.

His timetable is “not 5 years anymore,” Dimon mentioned whereas talking at his financial institution’s annual investor day in New York Metropolis.

The feedback had been the most recent acknowledgment from the 68-year-old Dimon that he does see an finish to his CEO function in sight. Up to now when requested concerning the subject, his default response was to say he would keep within the job one other 5 years.

Jamie Dimon, Chairman and CEO of JPMorgan Chase, attends a hearing on Annual Oversight of Wall Street Firms before the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., the United States, on Dec. 6, 2023. (Photo by Aaron Schwartz/Xinhua via Getty Images)Jamie Dimon, Chairman and CEO of JPMorgan Chase, attends a hearing on Annual Oversight of Wall Street Firms before the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., the United States, on Dec. 6, 2023. (Photo by Aaron Schwartz/Xinhua via Getty Images)

Jamie Dimon, CEO of JPMorgan Chase. (Picture by Aaron Schwartz/Xinhua by way of Getty Photographs) (Xinhua Information Company by way of Getty Photographs)

“I’ve the vitality that I’ve at all times had,” he added. “After I cannot put the jersey on and provides it the complete factor I ought to go away, principally.”

The inventory fell greater than 4.5% on the day.

His feedback got here throughout a wide-ranging question-and-answer session with analysts who quizzed him on succession, how the financial institution expects to deploy all of its extra capital, how pessimistic he’s concerning the state of inflation and the potential that AI represents for his financial institution.

Dimon says there is no debate concerning the significance of AI anymore.

“I feel it is gonna change each job, like each job,” he mentioned.

His executives spent a part of the day discussing what which may appear like throughout the banks. JPMorgan chief working officer Daniel Pinto mentioned the financial institution has assigned roughly $1 billion to $1.5 billion in worth to AI use circumstances it has recognized within the discipline of customer support, commerce and operational efficiencies and fraud administration.

Pinto additionally mentioned the complete implications of huge language fashions could have a far wider impression to JPMorgan than simply these use circumstances.

“We’ve 60,000 builders, we’ve between operations and name facilities 80,000 folks so that’s virtually half of the corporate the place this know-how shall be very very highly effective.”

Mary Erdoes, JPMorgan’s head of asset and wealth administration, framed the financial institution’s deal with AI one other means.

This 12 months, she mentioned, “everybody coming in right here can have immediate engineering coaching to get them prepared for the AI of the longer term.”

Dimon provided up various different views Monday, together with on the financial institution’s plans to deploy any extra capital.

He flatly said that inventory buybacks weren’t going to occur. “We’re not gonna purchase again a whole lot of inventory at these costs,” then added, “We might be extra aggressive if the inventory comes down.”

Dimon additionally admitted he didn’t “love the thought” of issuing one other particular dividend after doing so in March and whereas acknowledging “there could also be alternatives” in M&A he mentioned “we don’t depend on that.”

As for what the financial institution plans to do with all of its capital, he mentioned “it may sit there till we get to deploy it at superb returns.”

Click on right here for in-depth evaluation of the most recent inventory market information and occasions transferring inventory costs.

Learn the most recent monetary and enterprise information from Yahoo Finance

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