“This is not about weakening regulation… but about developing transparent, fair and comprehensive rules based on rigorous data analysis so that banks can play a key role in the economy and markets.”
However, Dimon said geopolitical conditions “remain the most dangerous and complex since World War II” and JPMorgan is preparing for various outcomes.
JPMorgan Chase announced this week that Daniel Pinto, Dimon’s top deputy, will resign as president and chief operating officer at the end of June and retire at the end of 2026. , will take over the role of chief operating officer under Pinto’s guidance.
Speculation last spring that Pinto, who has worked at the bank for more than 40 years, would take over as CEO after Dimon said he expected to retire within five years.
A spokesman for the bank said Tuesday that Piepzak is currently not interested in taking the CEO role after Dimon exits, potentially opening the door for another executive leader to fill the role when the bank eventually opens.
On Wednesday, Wells Fargo’s fourth-quarter net profit rose nearly 50% to $5.1 billion, or $1.43 per share, beating profit expectations. Revenue was $20.4 billion, slightly below expectations. In the same period last year, Wells Fargo earned $3.4 billion, or 86 cents per share, on revenue of $20.5 billion.
In September, Wells Fargo agreed to work with U.S. bank regulators to strengthen its financial crime risk management, including internal controls related to suspicious activity and money laundering. The agreement comes just seven months after the Biden administration canceled a consent decree that had been in place against the bank since 2016 following a series of scandals, including the opening of fake customer accounts.
Wells was up 5.3% in early trade.
