JPMorgan Chase & Co.: Five More Years (or More)

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JPMorgan Chase & Co.: Five More Years (or More)

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JPMorgan Chase & Co.

Five More Years (or More)

Maintain Rating: BUY | PO: 362.00 USD | Price: 333.45 USD

Marianne Lake retires 25 June 2026

The announcement of Marianne Lake’s retirement indicates to us several more years of Equity

Chairman and CEO Jamie Dimon running the bank. We think shareholders will like this

Ebrahim H. Poonawala

news. Dimon has appeared highly engaged in every aspect of running the bank and, we Research Analyst

believe, is best suited to navigate the franchise through a period in which the banking BofAS ebrahim.poonawala@bofa.com

industry is likely to see rapid change on the back of the adoption of AI and digital asset

Brandon Berman

technologies. Add to this the shifting regulatory backdrop that should create new Research Analyst

revenue growth opportunities, although not without new risks. BofAS brandon.berman@bofa.com

Troy Rohrbaugh lead candidate GabrielResearchAngeliniAnalyst

Of the two Co-Presidents announced this morning, we view Troy Rohrbaugh as the front BofAS gabriel.angelini@bofa.com

runner to succeed Dimon - although this may not happen for several more years.

Michael Campos

Following a 30+ year career running the markets business and then heading the Research Analyst

Commercial & Investment Bank (C&IB), Rohrbaugh’s new role as Co-President of the BofASmichael.c.campos@bofa.com

company as well as CEO of Consumer and Community Banking (CCB) allows him to

round out his experience. Obviously, the Street will need to see Rohrbaugh deliver

results in what is a highly competitive consumer banking landscape, where AI disruption

Stock Datarisks (and potential opportunities) are the largest.

Most asymmetric risk/reward PricePrice Objective 333.45362.00 USDUSD