JPMorgan Chase's annual investor day is effectively an audition for top executives hoping to succeed CEO Jamie Dimon, who announced last year he would step down in less than five years. The event allows shareholders to observe potential candidates as they present updates on the bank's strategy and progress. The bank recently made the unusual announcement that Jennifer Piepszak, its chief operating officer, declined consideration for the CEO role.
Investors are keen to identify a suitable successor given Dimon's successful tenure, during which JPMorgan's stock has surged over 500% since he took charge in early 2006. Marianne Lake, who oversees Chase Bank and its credit-card business, is currently seen as a frontrunner. Other significant contenders include Doug Petno and Troy Rohrbaugh, who co-lead JPMorgan's corporate and investment bank.
Mary Erdoes, head of JPMorgan's asset and wealth management, although a long-standing direct report to Dimon, is expected to continue her current role under a new CEO, focusing on client relations. Dimon plans to remain as chairman of the board even after stepping down as CEO. The bank recorded a historic $54 billion profit last year. Dimon will turn 70 next year and mark his 20th year as CEO, coinciding with the near completion of JPMorgan's new headquarters at 270 Park Avenue.
