JPMorgan's Jamie Dimon just sounded off on what it takes to be a good CEO
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Dan DeFrancesco
May 23, 2023, 18:32 IST
David A.Grogan/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images copy; Rebecca Zisser/Insider
Hiya!Dan DeFrancesco in NYC, and I'm feeling pretty self conscious about my wardrobe after reading this story about what I shouldn't be wearing this summer. (Sorry, but you can pry my flip-flops from my cold, dead feet.)
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1. Leadership 101.
What makes a good bank CEO?
JPMorgan CEO Jamie Dimon has a take that might surprise you.
Succession plans for the unofficial face of Wall Street have long been speculated on. So when Dimon got a question at JPMorgan's annual investor day about what the bank's board might be looking for in a successor, he had an interesting response.
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Dimon said a company trying to find a leader with one specific strength, such as marketing, risk, or tech, is a "huge mistake" that is "guaranteed to fail."
"I think the most important strength is that you're trusted and respected by people. That you work your ass off. That you give a shit. That you know you don't know everything. They have curiosity. They have grit. They have courage. That you're willing to change direction. You're willing to go in front of your shareholders and say, 'We screwed up. We made a mistake. We were wrong about that,'" Dimon said, according to a transcript of his remarks from Sentieo.
I know some of you are probably rolling your eyes, and I get it. This could have easily been a rant from a wannabe LinkedIn influencer trying to go viral. Instead, it's coming from the world's most-famous banker.
And while it's true Dimon could have been playing to the crowd, I think there is real value in his comments. One of the biggest issues we see on Wall Street, or in business more broadly, is an executive not knowing when to cut ties.
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