Reuters reports that JPMorgan Chase CEO Jamie Dimon has told shareholders in his annual letter that the firm is to increase headcount over at the private bank by some 500 this year, and will also be beefing up the investment bank in emerging markets, adding staff in Brazil, China and India.
Dimon also told shareholders that politicians need to stop the 'demonisation' of large banks. He said: 'We have to stop slipping into a cacophony of finger-pointing and blame. While bad actors always should be punished, we also should note that not all who got into trouble were irresponsible'. He added: 'In the current environment, size in the business community has been demonised, but the fact is that some businesses require size in order to make necessary investments, take extraordinary risks and provide vital support globally'.
Finally, The Wall Street Journal reports that Dimon also talked about CEO succession: 'Poor CEO succession has destroyed many a company. CEO and management succession often seems more like a psychological drama or a Shakespearean tragedy than the reasoned and mature process it should be. It is in our best interest to avoid such drama'. Dimon confirmed that the bank had internal people in the pipeline who could be looked on to take him out in 'three, five or even seven years'.
Internal candidates that stand a chance to takeover from Dimon include: Steve Black (Vice Chairman), Mike Cavanagh (CFO), Ina Drew (CIO), Todd Maclin (Commercial Banking) and Jes Staley (Investment Banking).
Sources - The Financial Times, Reuters, The Wall Street Journal