JPMorgan Chase & Co. CEO Jamie Dimon on Friday stated he was ‘confused’ by a question about variety posed to him and different financial institution bosses at a listening to on Capitol Hill earlier this week.
But additionally I was confused by the question ‘likely’ with out a timetable.
On Wednesday, CEOs from the nation’s largest banks were asked by Democratic Rep. Al Green if their “likely successor will be a woman or a person of color.”
None of the CEO’s responded within the affirmative.
After Green reframed his question to give attention to a timeline of succession over the next decade, Dimon and Morgan Stanley’s James Gorman have been the one financial institution chieftains to nonetheless not reply within the affirmative.
On separate calls Friday to debate JPMorgan’s quarterly outcomes, Dimon was twice requested to elucidate his place.
Morgan Stanley financial institution analyst Betsy Graseck, in an analysts’ name, stated: “I need to ask as a result of I acquired a couple of questions on it yesterday. The entire group of CEOs was requested…would a woman or would a person of color succeed you?
“And I don’t assume you raised your hand. And simply needed to know why and simply hear from you. You know what — why you answered the question that approach,” she stated.
Dimon stated: “Yeah. So, we don’t comment on succession plans. That’s a board-level issue. But also I was confused by the question ‘likely’ without a timetable.”
The 63-year-old financial institution boss went on to say: “So, we have exceptional women. And my successor may very well be a woman and it may not. And it really depends on the circumstance…And it might be different if it’s one year from now versus five years from now.”
Dimon’s feedback got here because the financial institution reported better-than-expected results that helped to ship a raise to the broader market, with the Dow Jones Industrial Average
and the S&P 500 index
buying and selling close to report highs on Friday. Share of JPMorgan
on Friday have been having fun with their sharpest every day achieve since November of 2016, in accordance with Dow Jones Market Data.
Dimon additionally was requested about variety throughout a separate name with reporters on Friday. Referring extra particularly to Marianne Lake, JPMorgan’s chief monetary officer, who’s seen as one potential successor, Dimon stated: “I think there are many people that can succeed me at this company.”
He added, “I think Marianne is exceptional.”
At the identical Wednesday listening to, Democratic Rep. Joyce Beatty, chairwoman of the House Financial Services subcommittee on variety, challenged the CEOs to submit particular plans on growing variety and creating a head of variety inside their organizations in the event that they didn’t have already got one.
According to the newest knowledge from the U.S. Government Accountability Office, ladies held about 45% of all administration positions within the monetary sector 2015, roughly flat since 2007, regardless of representing greater than half of the inhabitants.
Fewer than 30% of senior-level managers have been ladies and solely 12% have been minorities, the info present.
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