JP Morgan Chase: We're Making Room for Younger People
Todd Maclin, CEO of JP Morgan Chase's commercial bank, told CNBC Monday that the bank's executive team is making room for a younger group of managers, one of who could eventually succeed Chairman and CEO Jamie Dimon.
Maclin and Heidi Miller, who’s spearheading the bank’s international expansion, will leave the operating committee. Miller will probably retire, while Maclin may find something else at the bank. The changes were outlined Monday in a Wall Street Journal article, which said Maclin will be stepping down as head of the commercial bank by the end of the year. Doug Petno was named COO of the division in September, and will likely be Maclin’s successor.
Maclin says he went to JPMorgan CEO Jamie Dimon last year to suggest Petno’s promotion and address succession. “Jamie said, I admire you for it, and I really don’t want you to leave the bank,” Maclin said.
JPMorgan has 5 or 6 executives in their forties who are in positions that are broadening their management experience, and could be successors to Dimon. That list includes: CFO Doug Bronstein; Mike Cavanagh, former CFO and head of Treasury Services; Mary Erdoes who runs asset management; Matt Zames and Dan Pinto in the investment bank; and Charlie Scharf, head of the retail bank. Maclin who is Dimon’s age, says that senior executives have to step aside to keep and develop younger talent. He says Petno is talent to watch.
Maclin could stay on as a senior chairman of commercial banking to help Petno with client relations, he says. Another option might be to work on the firm’s commercial real estate portfolio, where he has particular expertise, Maclin says. “I serve at the pleasure of our chairman,” Maclin said.
Maclin took umbrage at comments about investment banking chief Jes Staley which appeared in the Wall Street Journal article. “Jes has been terrific,” Maclin said. “JPMorgan’s investment bank went from number three to number one in the last few years.”