Shares in JP Morgan (JPM), like most equities, have been “pummelled” in the past week, says Hugh Son on CNBC. But investors received a rare bit of good news when it was revealed that CEO Jamie Dimon (pictured) has returned home after successful emergency heart surgery.
While Dimon, who is the “longest-tenured CEO of an American megabank”, is expected to return to his job later this year, the incident has “sparked discussion about potential successors”.
It’s not surprising that investors are anxious about Dimon’s health, says The Economist. Over 15 years Dimon “has built JPM into the world’s most reputable bank”. It is America’s biggest by assets and its “most profitable”, last year “breaking the world record for bank earnings in a single year”.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
While Dimon has been “lucky”, with JPM benefiting from the changes in bank regulation, he’s also made some sensible strategic decisions, such as the decision to focus on “ridding the bank of flab” and then shoring up JPM’s balance sheet before the global financial crisis erupted ten years ago.
Still, there are plenty of “long-standing lieutenants” who are “ready to step in”, such as Daniel Pinto and Gordon Smith, says Jeffrey Goldfarb for Breakingviews. None of them will be able to emulate Dimon’s “statesman-like role”, but they should be able to reassure customers and shareholders that the success he has spearheaded “is poised to continue. Dimon’s departure will also give some sense of whether he has “properly prepared the institution to function without him”.
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
-
The highest yielding S&P 500 Dividend AristocratsTips Dividends are a key component of investment returns in the long-term. A portfolio of dividend aristocrats is a great way to build wealth and a sustainable income stream.
-
2023 will be a bumper year for stocks. Here’s how to play the rallyTips Dominic Frisby explains why he thinks the market rally could have further to run in 2023 despite macroeconomic headwinds
-
China’s post-covid investment boom off to a slow start. Should you still invest in China?Advice Investors are no longer bullish on the China shop but the gloomy consensus on Beijing’s economy might be unfair. Should you invest in China?
-
Stock market crash? This time it’s (slightly) differentOpinion The bears expecting a stock market crash have got it wrong, says Max King.
-
3 UK shares to buy yielding up to 17%Tips 3 UK shares top stocks to buy now, according to Alex Harvey of Momentum Global Investment Management.
-
Invest in Brazil as the country gets set for growthCover Story It’s time to invest in Brazil as the economic powerhouse looks set to profit from the two key trends of the next 20 years: the global energy transition and population growth, says James McKeigue.
-
Shining a light on IndiaAdvertisement Feature Despite some short-term challenges, India remains very attractive for investors. Here’s why.
-
Crash? What crash?Sponsored October is often said to be a month of stockmarket crashes. But that's not true for this year, says Max King. A host of positive triggers are lining up for equities, says Max King.
