NEW YORK ( TheStreet) -- JPMorgan Chase (JPM) has been going to lots of effort of late to show investors that it has a successor for Chairman and CEO Jamie Dimon, but anyone who thinks the bank is anything but a dictatorship is sadly mistaken.
Several potential Dimon successors have gone by the wayside in recent years. First there was Bill Winters, former co-head of the investment bank, who was shown the door by Dimon in 2009. Then it was retail bank chief Charlie Scharf, who was demoted to managing director in the company's private equity unit last year. Then Jes Staley, head of J.P. Morgan Asset Management and later head of the investment bank, who recently was kicked upstairs to a chairmanship role.
JPMorgan's PR machine would probably argue (without going on the record, of course) that all this shuffling around is a good thing and that Dimon and the board are working to find the right candidate, which inevitably means going through some trial and error.
But a mini profile of Dimon this week in New York Magazine tells a different story. It shows Dimon defiant in the wake of the $6 billion trading blunder that he initially said was a tempest in a teapot. "It's a free. Fucking. Country, he tells the interviewer.What this means is that Dimon, who also proudly proclaims during the interview that he isn't an anxious person, will do whatever he damn well pleases. He may go through the motions of trying to groom a successor to soothe the corporate governance gods, but he has no intention of leaving his job. At one time there was speculation that Dimon would become Treasury Secretary, but in the wake of the trading loss and the growing hatred toward the banking industry, that possibility seems off the table for the foreseeable future. Fortunately for JPMorgan shareholders, Dimon is, for the most part, a capable CEO. Maybe he will turn into a version of Hank Greenberg, former head of AIG (AIG), whose identity became so wrapped up in the company that no one else could understand how it worked. That worked very well for shareholders for many years. Until it didn't. -- Written by Dan Freed in New York. Follow this writer on Twitter.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV