Jamie Dimon had some new things to say about his own future plans on Monday, making it clear that the CEO of JPMorgan Chase (JPM) now envisions a day when he will no longer lead America’s largest bank.
His timeline is “not five years anymore,” Dimon said while speaking at his bank’s annual investor day in New York City.
The comments were the latest acknowledgment from the 68-year-old Dimon that he sees an end to his CEO role in sight. When asked about this subject in the past, his standard response was that he would remain in the position for another five years.
“I have the energy I’ve always had,” he added. “If I can’t put on the jersey and give it my all, I actually have to leave.”
The stock fell more than 4.5% that day.
His comments came during a wide-ranging question-and-answer session with analysts who questioned him about succession, how the bank expects to deploy all its excess capital, how pessimistic he is about inflation and the potential AI represents for the economy. his couch.
Dimon says there is no more discussion about the importance of AI.
“I think it’s going to change every job, like every job,” he said.
His managers spent part of the day discussing what this could look like at the banks. JPMorgan chief operating officer Daniel Pinto said the bank has assigned approximately $1 billion to $1.5 billion in value to AI use cases it has identified in customer service, trading and operational efficiency and fraud management.
Pinto also said that the full implications of large language models could have a much broader impact on JPMorgan than just those use cases.
“We have 60,000 developers, between operations and call centers we have 80,000 people, so that’s almost half of the business where this technology will be very, very powerful.”
Mary Erdoes, head of asset management at JPMorgan, put the bank’s focus on AI in a different way.
This year, she said, “everyone who comes here will receive rapid technical training to prepare for the AI of the future.”
Dimon expressed a number of other views on Monday, including on the bank’s plans to deploy excess capital.
He flatly stated that there would be no share buyback. “We’re not going to buy back many shares at these prices,” he added: “We would be more aggressive if the shares fall.”
Dimon also admitted that he “wasn’t crazy about the idea” of issuing another special dividend after doing so in March, and while he acknowledged there may be “opportunities” in the M&A space, he said he “we’re not counting on that.”
As for what the bank plans to do with all its capital, he said, “It will stay there until we can deploy it at very good returns.”
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