The CEO of J.P. Morgan plans to step down in the coming years. This news was not beneficial to the company's stock price.
He is the chairman of the largest US bank and is considered the most influential banker in the States: Jamie Dimon, CEO of J.P. Morgan. As one of the longest-serving executives on Wall Street, the impending retirement of the now 68-year-old has been causing heated discussions in the US banking sector for some time.
One question in particular is of interest: Who will be his successor? Investors fear that the shoes Dimon leaves behind will be too big for his successor to fill. Dimon has led the bank since 2006.
Investors' Uncertainty
Dimon was asked about his retirement at the bank’s investor day. The CEO emphasized that the final decision lies with the bank's board, which he currently still chairs. However, he elaborated, «I still have the energy that I’ve always had. That’s important. If I feel that I can’t give my best anymore, then I should leave.»
Investors reacted with uncertainty: The stock was among the biggest losers on Wall Street on Monday. It fell back below the 200 dollar mark and closed 4.5 percent weaker at $196.
