JPMorgan investor day: Jamie Dimon succession plan speculation

Yahoo Finance reporter David Hollerith joins the Live show to break down the latest from JPMorgan's investor day.

Video Transcript

- Jamie Dimon is back in the spotlight amid JP Morgan's investor day today. Now this comes after the company made a move to grow its dominance in the banking space, taking over First Republic. JP Morgan today raising its 2023 revenue target to $84 billion. Here with the latest is David Hollerith.

David, I know you have been listening in, following this investor day all day. There's certainly been some discussion surrounding the succession plan for CEO Jamie Dimon. What are we learning?

DAVID HOLLERITH: Yeah, not a ton new. I think we would say after about six hours of investor or presentations to investors from leading executives at JPMorgan, Jamie Dimon came out and answered questions. He walked out to the "Rocky" theme song just to give you a vibe in an open shirt, no tie.

And you know, I think the feel of it besides the fact that JPMorgan is doing exceedingly well in a time that's been a lot tougher for smaller banks, I think, the theme of this too is, especially given last week with Morgan Stanley CEO James Gorman stepping down that it's only a matter of time before Dimon announces his succession plans. And the running joke has been that he'll stay on for another five years. And he's been saying that for more than five years ago.

So I think everybody's sort of waiting for him to give some sort of resignation. And he wouldn't do that today. But one thing he did say is he said, I can't do this forever. And I know that. And he said that when he loses the intensity to do the job-- and I'm paraphrasing here-- that's when he'll know to call it quits. And so that is a little bit more color in terms of what he's thinking.

The other side of this is obviously who his successor would be. We're fairly certain at this point It would be someone internal at JPMorgan. And the co-heads of the consumer bank division Marianne Lake and Jennifer Piepszak are both two names that come up a lot.

But he would not touch on anyone in particular or even as opposed to Morgan Stanley last week would say how many names are in the running to take that role. But he did highlight that he's not looking at all in terms of a specific area of focus the CEO needs to have. He said that-- several times, he brought up that essentially courage and grit are the most important things to lead. And that's what he'll be looking for.

Now, if we just take a step back, though, I think, that a lot of this comes down to the fact that he's been such a big presence for the bank. And I think we could even zoom out and say the US banking sector, the idea of him stepping down is a little bit of an existential concern at this point. But that's all we have today.

- David Hollerith, I've got the "Rocky" theme song stuck in my head now. Thanks so much for that-- giving us the latest.