- Wall Street veteran Jamie Dimon said earlier this year his timeline to leave the top job at JPMorgan Chase is no longer five years. Meanwhile, Bank of America’s Brian Moynihan is settling in for the long game.
Bank of America’s stock currently trades at $43.50, but CEO Brian Moynihan has his sights set on a much loftier goal: $100.
The 65-year-old executive revealed his ambition at a recent town hall, Bloomberg reported, signaling his intention to remain at the helm until the milestone is achieved.
And it could be a long road ahead. While U.S. Stocks are outperforming this year, the Charlotte-based banking giant would need to more than double its stock price to meet Moynihan’s target.
Over the past five years, under his leadership, the company’s share price has risen 24%.
While Moynihan shows no signs of moving on, the bank’s oversight team has also remained tight-lipped about who might fill the CEO’s significant shoes.
The phrase “succession planning” was used 21 times in the business’s 2024 proxy statement. However, unlike its peers on Wall Street, Bank of America did not name any specific candidates.
“Our board oversees CEO and senior management succession planning, which is formally reviewed at least annually; three such planning sessions were held in 2023,” BofA’s 2024 proxy statement reads.
“Our CEO and our chief human resources officer provide our board with recommendations and evaluations of potential CEO successors, and review their development progress.”
Bank of America did not immediately respond to Coins2Day’ s request for comment.
Dimon comparison
If Moynihan’s timeline of a $100 share price is to be believed, he is likely to stay in his top job longer than rival boss Jamie Dimon.
In May, rather than offering the boilerplate “five more years” answer, Dimon told shareholders the timetable is “not five years anymore.”
Quite when that will be is unclear, with the billionaire banker adding: “It’s up to the board—it’s not up to me.
“I have the energy that I’ve always had. That’s important. I think when I can’t put the jersey on and give it my fullest, I should leave, basically.”
Where BofA remains tight-lipped on potential successors, JPMorgan Chase is outright naming the individuals who could replace Dimon.
America’s biggest bank named a handful of people as potential CEOs in its 2024 proxy statement, adding, “The board is spending significant time on developing operating committee members who are well-known to shareholders as strong potential CEO candidates.”
Dimon’s “hit by a bus” CEO pick is reportedly Daniel Pinto, JPMorgan’s president and COO. Also mentioned in relation to the role are Jennifer Piepszak and Troy Rohrbaugh, who were named co-CEOs of the expanded commercial and investment bank in a raft of role changes earlier this year, and Marianne Lake, who became the sole CEO of consumer and community banking.