JPMorgan Chase (NYSE: JPM) is hoping to avoid the drawn-out CEO transition that Bank of America (NYSE: BAC) suffered from last year after retired CEO Kenneth Lewis transitioned out of the company.
According to the New York Post, JPMorgan is planning for life after Jamie Dimon by moving around job titles and responsibilities for various executives. Employees expected to see job changes include CFO Michael Cavanagh; Charlie Scharf, CEO of JPMorgan’s retail-services unit; and Samuel “Todd” Maclin, CEO of commercial banking.
The company held off moving around its executives during the financial crisis but now that the company has made it out of the crisis, Dimon would like to have his executive team versed in all areas of the business, according to the New York Post.
Dimon has not hinted at an exit in the immediate term out of JP Morgan Chase, although Dimon has suggested that he would like to serve his country in a more public role. Dimon is generally thought of highly in Washington D.C. and the government turned to his company to help rescue both Bear Stearns and Washington Mutual during the great recession. Some have even suggested that Dimon might eventually be a successor to Treasury Secretary Timothy Geithner.
Bank of America had an extremely difficult time finding a replacement for Kenneth Lewis when he left the company last year, suffering from a number of candidates turning down the position before choosing company insider Brian Moynihan.
