Bank on Banking

Well, not really, but rumors are swirling, and have been confirmed by the king of the Street himself, that Jamie Dimon has begun to craft an exit strategy allowing him to step down from the helm at JP Morgan. I personally think that it is a great move – Mr. Dimon is living well with one of the best, if not the best reputations on the Street – if he plays his cards right and steps aside with the company doing well, he will have done what few former big banks CEOs have been able to do – leave with his name and reputation in good standing (generally speaking).

His plans, at this point are still fuzzy (at least this is what he’s been willing to divulge), but he has promoted Jes Staley to the head of investment banking, in a move, seen by many, as the equivalent of Dimon showing an ace in the hole while playing a hand of blackjack (in other words, Staley is now seen as the frontrunner to succeed Dimon). Of course it’s still early and plans can always change, if not disappear entirely (meaning Dimon decides to stick around for a while longer), but as of now, Mr. Dimon seems to have had enough to the game and is ready to start cooking (literally – see the full article for more details).

Dimon Moving On…