There’s been a fair amount of talk lately about departures from JPMorgan’s inner circle, which is what will happen when veteran executives start departing or shifting duties.
Four executives have departed from the firm’s 15-member operating committee in the last year, including, of course, Ina Drew, the firm’s former chief investment officer who fell on her sword following the multi-billion trading loss associated with the London Whale. In the shake up that followed, younger executives Mike Cavanagh and Matt Zames rose to new prominence, while Jes Staley, once thought to be a possible successor to Jamie Dimon, went off to audition for Barclays top job.
Then Barry Zubrow, the firm’s head of regulatory affairs and former chief risk officer, said he would retire at the end of the year, followed by a Wall Street Journal report on Wednesday that chief financial officer Doug Braunstein would exit his current post for a new role at the bank sometime over the next two quarters.
Fortunately for the kibbitzers among us, JPMorgan had a conference call to discuss third-quarter earnings scheduled for the this morning.
“I find it truly irritating that people yak to the press like that,” Mr. Dimon said when asked about Mr. Braunstein’s future at the firm. “Doug is a top CFO, we will let you know when and if he moves on, not through gossip and the press.”
And so we thought that was that, at least for now, until the end of the call when Mr. Dimon was asked whether he had any closing comments.
“I’m surprised no one mentioned how handsome Doug Braunstein looked in the Journal,” he said.