Jamie Dimon's Would-Be Successors Audition for the Top Job at JPMorgan

Jamie Dimon Had Surprised Investors Last Year When He Said He'll Step Down as JPMorgan's Chief Executive Officer

- Alexander Saeedy

The race to replace Jamie Dimon will be on full display Monday. Top executives at JPMorgan Chase are gathering with shareholders for the bank's annual investor day, where they will give an update on the bank's strategy over hours of management presentations. But Monday's confab is also an effective audition for the biggest job on Wall Street.

Dimon surprised investors last year when he said he would be stepping down as chief executive officer in less than five years. Then in January, JPMorgan took the unusual step of announcing that a leading candidate to succeed Dimon was out of the running. Jennifer Piepszak, now the bank's chief operating officer, didn't want the job.

"Investors want more clarity around succession planning," said Mike Mayo, a Wells Fargo analyst who has covered the banking industry for decades. "One of the most important purposes of this event is to showcase existing and newer management talent."

Shareholders have loved Dimon as CEO—JPMorgan's stock is up more than 500% since he took over at the start of 2006—but they worry whether his successor will be able to fill such big shoes. They will be on the lookout for signs of the next Jamie on Monday.

"He's more than JPMorgan's CEO, he's also Corporate America's CEO," said David Bahnsen, founder and managing partner of the Bahnsen Group and a shareholder of the bank. "Demonstrating that level of statesmanship is important for a future successor."

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