In a statement, JPMorgan Chase & Co stated, Jamie Dimon, its Chief Executive has undergone an emergency heart surgery and that two deputies have taken over the charge as recuperates.
Dimon, 63, experienced a tear in his heart’s main artery, which was caught early and treated successfully, said JPMorgan said publicly in an internal memo.
He is “awake, alert and recovering well,” reads the memo.
JPMorgan’s co-presidents and co-chief operating officers, Daniel Pinto and Gordon Smith, are running JPMorgan as Dimon recovers.
Dimon has been the CEO of JPMorgan for more than a decade, and is a larger-than-life figure on Wall Street.
Dimon has been instrumental in turning the bank into a global behemoth, with leading positions in many key businesses, through crisis-era acquisitions as well as opportunistic market-share grabs.
His vulnerable time as JPMorgan’s CEO may have come after a trader known as “the London Whale” caused billions of dollars’ worth of losses from derivatives positions in 2012, that management overlooked.
While industry analysts view Smith and Pinto as capable hands at the helm at JPMorgan, there are however questions on Dimon’s health as well as who will succeed him in the long term.
“The bottom line is that Mr. Dimon is often viewed as a steady hand for the banking industry during turbulent times (like we are in now),” said Brian Kleinhanzl, an analyst at KBW, in a note to clients, in reference to recent the market chaos and economic uncertainty stemming from China’s coronavirus.
“Not having him at the helm of JPMorgan is a modest negative.”
Dimon underwent surgery on Thursday for a condition called an acute aortic dissection.
Two people who are often talked about as potential candidates who could replace Dimon are Marianne Lake, who runs JPMorgan’s consumer business, and Jennifer Piepszak, JPMorgan’s Chief Financial Officer.