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.
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FAQs
Who Was the Most Influential Banker in History? The answer to this question is of course subjective, but it is generally considered to be J.P. Morgan. The amount of power, wealth, and influence he wielded during his time is almost unchallenged.
Which banker made himself the most powerful force in the American economy by gaining control of key industries and eliminating competition? ›
John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age and Progressive Era.
Who is the biggest banker in America? ›
JPMorgan Chase – $3.5 trillion
Columbus, Ohio-based JPMorgan Chase is the largest US bank with total assets of $3.503 trillion. Some $2.684 trillion are domestic assets, accounting for 77% of its total assets. The bank operates 4,912 domestic branches and 32 foreign branches.
What was J.P. Morgan's success? ›
Morgan was very good at making failing companies into profitable companies. After the 1893 financial panic, he helped the railroad industry recover. He merged railroad companies and became a stockholder in every one of them. He made a fortune in railroads.
Who is the richest banker in the world? ›
Who is the highest paid banker? ›
Bank | Executive | Total Compensation |
---|
Goldman Sachs | Edward C. Forst Chief Administrative Officer | $49.1 million |
JP Morgan Chase | James Dimon Chairman and CEO | $27.8 million |
JP Morgan Chase | Michael J. Cavanagh Chief financial officer | $8.3 million |
JP Morgan Chase | Steven D. Black Co-CEO Investment Bank | $20.9 million |
52 more rows
What is J.P. Morgan's famous quote? ›
Go as far as you can see; when you get there, you'll be able to see farther.
Who was a wealthy and powerful American banker who organized many large business mergers? ›
Early in 1901, J. P. Morgan, the country's most powerful banker, merged Andrew Carnegie's Carnegie Steel Corporation with nine other steel companies to form the world's largest corporation. The United States Steel Corporation, usually known as U.S. Steel or simply Big Steel, was capitalized at $1.4 billion.
Are the Morgans still rich? ›
The Morgan family fortune was diminished during the Great Depression, and philanthropy further reduced its breadth. As a result, the family's wealth has thinned out among the approximately 200 descendants, Mr. Pennoyer says.
Who owns most of Bank of America? ›
Who owns the most shares of Bank of America (BAC)? Berkshire Hathaway Inc. owns the most shares of Bank of America (BAC).
It is possible to become a millionaire as an investment banker, but it is not easy. Investment bankers typically earn salaries in the $200,000 to $700,000 range, with bonuses that can bring their total income up to several million dollars per year.
Who were the most powerful banking families? ›
The Banking Families
During that period, the still currently famous banking families included, the J.P. Morgan Family, the Rothschilds, and the Rockefeller's – J.P Morgan, Rothschild and Rockefeller all had a part in the creation of the Federal Reserve (Bloomberg.com).
What are three good things J.P. Morgan did? ›
In addition to consolidating and controlling several railroads and industries, J.P. Morgan led in resupplying the U.S. Treasury's gold reserve during the depression that followed the panic of 1893 and organized the financial community in averting a financial collapse after the market panic of 1907.
Who owns Chase bank? ›
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide.
What are two best things J.P. Morgan did? ›
Morgan's power was such that he bailed out the US economy in two separate financial crises – providing 3.5 million ounces of gold when the US Treasury ran out after the Panic of 1903, and saving the New York banking industry during the Panic of 1907.
What is the highest level banker? ›
The specific order or titles might vary a little from firm to firm, but the standard investment banking career order includes:
- Investment Banking Analyst.
- Investment Banking Associate.
- Vice President.
- Senior Vice President.
- Managing Director1.
Who is the most powerful person in finance? ›
Money Masters: The Most Powerful People In The Financial World
- Stephen Schwarzman. Blackstone Group. ...
- David Tepper. Appaloosa Management. ...
- Jamie Dimon. JPMorgan Chase & Co. ...
- Warren Buffett. Berkshire Hathaway. ...
- Laurence Fink. BlackRock. ...
- Ken Griffin. Citadel. ...
- Jeffrey Gundlach. Doubleline Capital. ...
- Carl Icahn. Icahn Enterprises.
Who is the highest person in a bank? ›
Hierarchy of the Highest Positions in a Bank
Level | Private Sector Banks | Public Sector Banks |
---|
1. | MD & CEO | Chairman and Managing Director (CMD) |
2. | Deputy MD & CEO | CEO & Managing Director (MD) |
3. | Chief Operating Officer (COO) | Executive Director (ED) |
4. | Chief Financial Officer (CFO) | Chief General Manager (CGM) |
8 more rowsSep 4, 2024
What is the highest post of banker? ›
Chief Operating Officer is the highest post in the bank with a salary of around 45 lakhs per annum. They manage and oversee the financial activities of the company. Besides, they direct and plan investment strategies and examine the company's fundraising process and capital structure.