Jamie Dimon says 2 things change for execs who become CEO
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- Executives looking to take on the top job will face two changes to their work, says Jamie Dimon.
- Dimon, 69, has been serving as JPMorgan's CEO since 2006.
- Dimon said CEOs have "nobody to complain to" and must own their decisions.
JPMorgan CEO Jamie Dimon says executives who decide to take on the CEO job can expect two changes to their work.
"The first one is there is nobody to complain to," Dimon told The Economist in an interview published Thursday.
The second thing is that a CEO has to take ownership of their decisions, instead of deferring to their superior, Dimon continued.
"There is no tacit approval. It is your decision. It's just different. Heavy is the head that wears the crown," Dimon said.
Dimon, 69, has been serving as JPMorgan's CEO since 2006. After graduating from Harvard Business School with his MBA in 1982, Dimon turned down offers from Goldman Sachs and Morgan Stanley to join his mentor, Sandy Weill, at American Express.
Dimon left American Express with Weill in 1985. The pair would go on to take over Commercial Credit, a consumer finance company that became Citigroup after a series of mergers and acquisitions.
Dimon left Citigroup in 1998 and became the CEO of Bank One in 2000. He was named president and COO of JPMorgan after it merged with Bank One in 2004.
Dimon was asked about his succession plans on Monday at JPMorgan's annual investor day event. At last year's investor day, he'd joked that his retirement plan was "not five years anymore."
"We have built a very deep bench," Dimon said on Monday, adding that the board is "thinking about succession" — but didn't give names.
"If I'm here for four more years and maybe two more or three, executive chair or chairman, that's a long time," Dimon continued.
A representative for Dimon did not respond to a request for comment from Business Insider.