JPMorgan's Dimon talks buybacks, retirement at investor day

JPMorgan Chase (JPM), the nation's largest bank, made various announcements during their annual investor day, boosting their 2024 revenue outlook and setting new expectations for their share buyback program. The bank now projects to generate $91 billion in net interest income for the current year.

Additionally, JPMorgan outlined its approach to share buybacks, with CEO Jamie Dimon providing insights into his decision not to pursue aggressive repurchases. Dimon also touched upon his succession plans and artificial intelligence.

Yahoo Finance's David Hollerith breaks down the details of the event, shedding light on the key themes that emerged from JPMorgan Chase's investor day.

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This post was written by Angel Smith

Video Transcript

Jp Morgan Chase, Ceo Jamie Diamond, speaking out of the bank's annual Investor Day, he addressed the succession question as well as calls for more buybacks while also raising forecasts for a key revenue metric was pretty action packed.

In other words, here to discuss is someone who was there young finances, David Holler.

So David give us the sort of most important takeaways.

Yeah.

So in a wide ranging Q and A, uh Jamie came out uh after his executive team gave presentations about various parts of, you know, JP Morgan Chase, which is a sprawling uh enormous, the largest bank in the country.

Um And effectively, you know, he weighed in on A I saying, um it, it's more, it's a little bit like exercise.

Now, uh we're beyond the debate of about talking about whether or not it's important.

Um He also addressed the banks uh excess capital.

JP Morgan has a lot of ca extra capital even by their own standards saying that um he did not want to buy back more of the stock at these prices.

Now he always cages that as it being a personal uh judgment um earlier uh that today uh CFO actually did touch on maybe more buybacks being in the cards, being a possibility.

Um, uh, Jamie Diamond also did talk about his succession plans and he didn't give us, he didn't give us a date per se.

Um, but last year he sort of made a comment about how he had 3.5 more years and this year, um, when asked how long he would stay, he said it's not five years anymore.

So what we're taking from this is sort of that he is uh being a little bit more clear in, in vocalizing the fact that he's not gonna run the bank forever.

Anything that you glean from just the tone you were there among the participants.

Um You know, we're only a few years back into the return out of uh hiding here from COVID.

Just what was, what was the mood like there?

Yeah.

You know, I think um the most interesting thing, the Consumer and Community Bank, the biggest part of JP Morgan Chase is running uh fairly smoothly.

Um But then we have this combination of the commercial bank and the investment bank and trading and all these other things that's cib the, the commercial and investment bank and that's a new reshuffling of management.

So it's a little bit of a new team forming and it's a pretty complicated uh multinational team they're working with.

So that's sort of where I think we'll see the new from JP Morgan come.

Um outside of that, I think artificial intelligence is something that every executive brought on and talked about.

So, you know, we want to hear more about that and just a just a quick comment on the stock, it seems like it is going down on the buyback comments specifically that they're not buying back shares at this particular price.

I mean, without ever having a true answer for what the market is doing, it seems like that's probably where things the stock start began selling off around the time.

Uh, Jamie starts speaking.

So.