Banks gear up to report first quarter results following turmoil in the sector in March. While chief executives of banks have the task of reassuring customers and shareholders alike, another endeavor lies in wait.
Bank CEOs such as JPMorgan’s Jamie Dimon being at the helm for a over a decade, stirs up the question of succession plans. The path of succession is “much cloudier” at both Bank of America (BAC) and JPMorgan (JPM), William Cohan, Pucknews Founding Partner told Yahoo Finance Live.
Cohan explains how “a lot of talent” has left JPMorgan waiting for Dimon to step down, and says “succession is the most important thing that a CEO can do.”
The Financial Times’ Gillian Tett echos the same sentiment on the need for succession plan discussions, noting “the fact that Jamie has not groomed visible successors… is in some ways a black mark against his name.”
Yahoo Finance’s Julie Hyman and Brad Smith speak with Gillian Tett and William Cohan in a full interview here.
Key video moments:
00:00:36 Comparing succession plans
00:01:25 Succession conversations
