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The search for Jamie Dimon’s successor is underway, the long-serving chief executive of JPMorgan Chase confirmed on Monday.
In an investor call, Dimon, who has helmed the US-lender since 2006, hinted that his departure will come in less than five years, the Financial Times reported.
Dimon shuffled the bank’s leadership team in January, positioning three executives — Jennifer Piepszak, Marianne Lake and Troy Rohrbaugh — as eventual candidates for the top job.
Responding to investor questions, Dimon dismissed the possibility of using the bank’s excess capital to increase the rate of share buybacks.
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Federal Deposit Insurance Corporation chair Martin Gruenberg is stepping down after an investigation uncovered a “misogynistic” workplace culture at the US banking regulator.
Gruenberg, who has been in post since 2023, will remain in post until a successor is confirmed by the US senate.
The FDIC has been at the forefront of implementing Basel III reforms compelling lenders to increase capital levels, a move opposed by Wall Street, the Republican Party, and some Democrats.
At a hearing on the investigation’s findings last week, Gruenberg insisted he would remain in position. Yet the Democratic chair of the Senate banking committee called for his departure on Wednesday, triggering his resignation.
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Consumer confidence remains subdued compared to pre-pandemic levels across much of the developed world, according to data from the OECD.
The bloc’s consumer confidence index for April showed that the public mood was 1.6 per cent lower than in April 2019 across advanced economies. The gap was 2.3 per cent for the US, and 2.2 per cent in the Eurozone.
Confidence in advanced economies has improved since hitting a nadir in mid-2023, rising 1.2 per cent across OECD countries, with the UK and Eurozone economies returning to growth.
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UK grocery inflation fell significantly in May, ahead of the release of official data that is expected to show inflation getting closer to the Bank of England’s official target.
Annual grocery price inflation fell from 3.2 per cent in mid-April to 2.4 per cent in the four weeks to mid-May, the lowest level since October 2021, according to data from research company Kantar.
Economists polled by Reuters expect UK headline inflation to fall to 2.1 per cent in April, just above the BoE’s 2 per cent target.
BoE deputy governor Ben Broadbent said on Monday that a rate cut was possible at “some time” over the summer.
