Jamie Dimon had some new things to say Monday about his own future plans, making it clear the CEO of JPMorgan Chase (JPM) now envisions a day when he will no longer run the largest US bank.
His timetable 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 does see an end to his CEO role in sight. In the past when asked about the topic, his default response was to say he would stay in the job another five years.
“I have the energy that I’ve always had,” he added. “When I can’t put the jersey on and give it the full thing I should leave, basically.”
The stock fell more than 4.5% on the day.
His comments came during a wide-ranging question-and-answer session with analysts who quizzed him on succession, how the bank expects to deploy all of its excess capital, how pessimistic he is about the state of inflation and the potential that AI represents for his bank.
Dimon says there’s no debate about the importance of AI anymore.
“I think it’s gonna change every job, like every job,” he said.
His executives spent part of the day discussing what that might look like across the banks. JPMorgan chief operating officer Daniel Pinto said the bank has assigned roughly $1 billion to $1.5 billion in value to AI use cases it has identified in the field of customer service, trade and operational efficiencies and fraud management.
Pinto also said the full implications of large language models may have a far wider impact to JPMorgan than just those use cases.
“We have 60,000 developers, we have between operations and call centers 80,000 people so that is almost half of the company where this technology will be very very powerful.”
Mary Erdoes, JPMorgan’s head of asset and wealth management, framed the bank’s focus on AI another way.
This year, she said, “everyone coming in here will have prompt engineering training to get them ready for the AI of the future.”
Dimon offered up a number of other views Monday, including on the bank’s plans to deploy any excess capital.
He flatly stated that stock buybacks were not going to happen. “We’re not gonna buy back a lot of stock at these prices,” then added, “We’d be more aggressive if the stock comes down.”
Dimon also admitted he didn’t “love the idea” of issuing another special dividend after doing so in March and while acknowledging “there may be opportunities” in M&A he said “we don’t count on that.”
As for what the bank plans to do with all of its capital, he said “it’s going to sit there until we get to deploy it at very good returns.”
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