“This is not about weakening the law … but about putting rules that are transparent, fair and inclusive in their approach and based on strong data analysis, so that banks can play their important role in the economy and markets.”
Dimon, however, said the state of geopolitics “remains the most dangerous and complex since World War II” and that JPMorgan is preparing for many consequences.
JPMorgan announced this week that Dimon’s top deputy, Daniel Pinto, will step down as president and chief operating officer at the end of June and retire at the end of 2026. Jennifer Piepszak, CEO of a commercial and investment bank. The group, will assume the role of COO under the leadership of Pinto.
After Dimon said last spring that he expected to retire within five years, it is suspected that Pinto, who has worked for the bank for more than 40 years, will take over as the bank’s CEO.
A spokesman for the bank said on Tuesday that Piepszak is not interested in the position of CEO when Dimon leaves, which could open up another bank’s leadership to take the role if it ends up being open.
Wells Fargo also posted better-than-expected earnings on Wednesday with a nearly 50% jump in revenue, to $5.1 billion in the fourth quarter, or $1.43 per share. Revenue came in at $20.4 billion, a touch lower than expected. In the same quarter last year, Wells earned $3.4 billion, or 86 cents per share, on revenue of $20.5 billion.
In September, Wells Fargo agreed to work with U.S. banking regulators to strengthen financial crime risk management, including internal controls related to suspicious activity and money laundering. The deal came seven months after the Biden Administration issued a consent order at the bank that had been operating since 2016 following a series of scandals, including the opening of fraudulent customer accounts.
Wells rose 5.3% in early trade.
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