Since then, a handful of familiar frontrunners have emerged (one has since dropped out), with Dimon signaling that running America’s biggest bank is no mean feat.
Previously, even the most seasoned executives at JP had Dimon to defer to in times of crisis, but when he moves on—potentially retaining the position of chairman—that safety net will be removed to a significant extent.
“Heavy is the head that wears the crown,” he added.
“There’s a work ethic; there’s people skills,” he began. “There’s determination. You better have a little bit of grit. There’s humility; there’s ability to form teams. There’s having courage. Constantly observing the world out there and thinking, ‘Well, what can be done better?’”
Dimon’s leadership tactics at JP, which has more than $3.4 trillion in assets under management (AUM) per its website, are well known.
He previously shared that he runs the bank using a military tactic known as the ‘OODA loop,’ explaining in his 2023 letter to shareholders: “The military, which often operates in extreme intensity of life and death and in the fog and uncertainty of war, uses the term ‘OODA loop’ (observe, orient, decide, act—repeat), a strategic process of constant review, analysis, decision-making, and action.
“One cannot overemphasize the importance of observation and a full assessment—the failure to do so leads to some of the greatest mistakes, not only in war but also in business and government.”
The Queens, New York native said he also looks to world-class athletes for leadership inspiration, telling The Economist: “Serena Williams, Tom Brady, Stephen Curry…. Look how they train, what they do to be that good. Very often, senior leadership teams, they lose that. Companies become very inward-looking, dominated by staff, which is a form of bureaucracy.”
While Dimon isn’t making any firm promises about when the next CEO might be named or who it will be, the bank has been transparent in its succession planning.
The financial giant has named the individuals it is considering in company filings, in a bid to smoothly transition leadership and warm shareholders up to the new face of the company.
But in January, the man who has served as Dimon’s right hand for seven years announced he will be retiring in 2026.
