Jamie Dimon Retirement Timing: “Five Years” Remains the Answer

For years, Jamie Dimon had a running joke: Ask him when he was going to step down from J.P. Morgan Chase, and the answer was always five years in the future, no matter when the question was asked.

Two years ago, Dimon said in a press release that he would continue as CEO for “approximately five more years” as the bank appointed a pair of co-presidents who could step in for him if needed.

Now, when CNBC asked about the timing in a Tuesday media call, Dimon appeared uncommitted to any specific retirement date.

“My statement stays the same, it’s five years,” Dimon said. “When and if we ever set an actual retirement date, we’ll let you know.”

It’s understandable that Dimon, 63, doesn’t want to think about stepping down right now. He built J.P. Morgan into the biggest U.S. bank after the financial crisis, and the company is described as coming off the most profitable year of any bank in history, with J.P. Morgan among the most richly valued of the big lenders after surging about 40% last year.

One reason for the January 2018 statement was to allay fears that talented deputies would leave in frustration, a critique given in the past. The deputies later went on to lead banks and financial firms around the world, including Wells Fargo.

A spokesman for J.P. Morgan said that the bank’s board has the ultimate say on when Dimon retires, and noted that the 2018 statement was an approximation.

Dimon’s rival at Bank of America, Brian Moynihan, 60, has said he wants to lead his firm for as long as possible, pointing to Warren Buffett at Berkshire Hathaway.