The race at JPMorgan to replace CEO Jamie Dimon is on full throttle – even if the mega-bank is doing a great job keeping a lid on the contretemps from leaking to the press.
I say “shocked” because Dimon is still at the top of his game, keeping JPMorgan largely scandal-free and holding the distinction as maybe the one CEO who steered a big bank successfully through the 2008 financial crisis and a lot more. Even so, Dimon is said to have set up a three-way race among consumer-banking chief Marianne Lake, co-head of JPM’s investment and commercial bank Jennifer Piepszak, and Troy Rohrbaugh, the other commercial and investment bank co-CEO.
Erdoes wasn’t alone in inviting Epstein back into the Wall Street tent, and eventually booted him from her platform. Dimon, meanwhile, thinks she’s among his most capable client-focused executives, which is one of the top priorities of any CEO. Plus, her division is important in the JPM ecosystem, and she has embraced AI as an important tool in wealth management.
Scharf also might be the closest person to Dimon’s skill set in the banking business in that he runs a big bank, understands the client and risk side of the balance sheet.