Jamie Dimon’s retirement timing: “five years” remains unchanged

For years, Jamie Dimon has had a running joke: whenever people ask when he will retire from J.P. Morgan Chase, the answer is always “in five years.”

But two years ago, Dimon said in a press release that, as the bank named two co-presidents to succeed him if needed, he would stay on as CEO for “about five more years.”

Fast forward to now: when CNBC asked him about it on a media call Tuesday, Dimon did not appear to make any firm commitment to that timeline.

“I say the same thing, five years,” Dimon said. “If we really set a specific retirement date, we’ll let you know.”

Understandably, the 63-year-old Dimon is in no rush to step down. He turned JPMorgan into America’s largest bank after the financial crisis and became a towering figure spanning Main Street and Wall Street. The company just posted its most profitable year ever, and after its shares jumped about 40% last year, JPMorgan is also among the most highly valued of the big lenders.

One reason for the remarks in January 2018 was to ease concerns that strong deputies might leave out of frustration, a criticism raised before. Dimon’s lieutenants have since gone on to lead banks and financial firms around the world, most recently at Wells Fargo.

A JPMorgan spokesperson said Dimon’s retirement timing is ultimately up to the board and noted that the 2018 wording was only an approximate estimate.

Brian Moynihan, Dimon’s rival at Bank of America, said he hopes to lead the company for as long as possible and cited Berkshire Hathaway’s 89-year-old Warren Buffett as an example.