00:00Whenever there's people moves at J.P. Morgan, the question always is like, oh, is Jamie getting closer to retirement?
00:05Is this all succession?
00:06That's right. It sparks a whole new round of questions. And I think not only is there the question of
00:12who will succeed Diamond one day, but there's now this question of Marianne Lake.
00:17What will she do next? Yes, she is retiring from J.P. Morgan. We will not see her in this
00:23role that she has held.
00:24And she was really talked about as a potential successor. So if that is not going to happen, it raises
00:29the question of what's next for her.
00:31She is likely to take on a role in the industry. So it's just a matter of where she ends
00:37up.
00:37But thinking about J.P. Morgan's future, you do have these two new co-presidents that are taking on these
00:43roles.
00:43It sets up an opportunity for both Troy and Doug to really step up and both the consumer bank, the
00:52commercial bank, they're going to take on this co-president leadership.
00:57And it's once again going to put them in the limelight for potential successors to Diamond.
01:03Yeah, I mean, Jamie Dimon said that this is an important step in their thoughtful process around succession planning.
01:11But it seems like they just keep throwing out or discounting those that are closest to the throne.
01:17That's right. However, a co-president role is putting you very, very close to that throne.
01:22Right. And she was in it and now she's out.
01:24And that's absolutely right.
01:25And Jen was in it and now she's out.
01:27But Jen, I believe it was her own choice to take herself out of the running.
01:36So we are kind of narrowing the list, but you're making a very good point that it seems that every
01:41couple of months we hear an update in terms of some leadership changes that bring up these questions.
01:48And then we never get as close to announcing the one day biggest question of who is going to succeed
01:55Diamond as CEO.
01:56But the comments today from Diamond himself, he's saying that it marks an important step in the board's thoughtful process
02:03around succession planning step.
02:05I don't know if I'm reading into that further than I need to, but it is supposed to be, I
02:11think, another signal of where things could go for the future of the biggest U.S. bank.
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