“This is just not about weakening regulation… but slightly about setting rules which can be transparent, fair and holistic of their approach and based on rigorous data evaluation to enable banks to play their crucial role within the economy and markets. “
However, Dimon said the state of geopolitics “remains the most dangerous and complicated since World War II” and that JPMorgan is preparing for quite a lot of outcomes.
JPMorgan announced this week that Dimon’s top deputy, Daniel Pinto, will step down as president and chief operating officer at the tip of June and retire at the tip of 2026. Jennifer Piepszak, co-CEO of the bank’s business and investment bank, will assume the COO role under Pinto’s leadership.
After Dimon said last spring that he expected to retire inside five years, it was expected that Pinto, who has worked on the bank for greater than 40 years, would take over because the bank’s top executive.
A spokesman for the bank said Tuesday that Piepszak is just not currently concerned with the CEO position if Dimon leaves, potentially opening the door for an additional bank executive to take over the position when the bank eventually opens.
Wells Fargo also beat earnings expectations on Wednesday, with fourth-quarter net income rising nearly 50% to $5.1 billion, or $1.43 per share. Sales got here in at $20.4 billion, barely below expectations. In the identical quarter a 12 months ago, 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 its financial crime risk management, including internal controls related to suspicious activity and money laundering. The agreement got here just seven months after the Biden administration revoked a consent order against the bank that had been in effect since 2016 following a series of scandals, including the opening of faux customer accounts.
Wells rose 5.3% in early trading.
