JPMorgan Chase CEO Jamie Dimon has long spoken about succession, but a clear timeline for stepping aside has remained elusive. This time, however, sources say, the plan is real.
Dimon plans to stay as CEO for up to three more years, with insiders hoping that the bank will name his successor – Troy Rohrbaugh or Doug Petno, the bank's newly named co-presidents – ahead of that.
Rohrbaugh, who has been tasked with running JPMorgan's massive consumer business, is seen as having the lead internally, according to the views of two senior executives at the firm. They added that Rohrbaugh's promotion to the other side of the bank from the commercial and investment banking business suggests he's the frontrunner to take over the top job from Dimon.
And when the time comes, Dimon would become executive chair, a separate source familiar with the matter told Reuters, echoing what Dimon has said publicly and speaking on condition of anonymity because the discussions are private.
The succession, if it were to come to pass, would end one of the longest-standing questions on Wall Street: Who will replace the statesman banker who has built JPMorgan into the biggest and one of the most profitable U.S. banks.
