Jamie Dimon's Call to Warren Buffett After Hiring His Protege

Jamie Dimon, the CEO of JPMorgan, approached Warren Buffett after recruiting one of his key associates, Todd Combs.

A Candor Conversation

Dimon reportedly faced no significant challenges when notifying Buffett of his decision to hire Combs. Following the December hire, which placed Combs at the forefront of a novel $10 billion initiative at JPMorgan while also advising Dimon, he felt it necessary to personally inform Buffett.

"In this country, freedom of choice prevails," Dimon commented during a Chamber of Commerce discussion. "I wanted to let Warren know personally. Understandably, it wasn't his preferred outcome, but as Warren conceded, 'if Combs has to move on, at least it's to you.'"

Combs' Transition from Berkshire

Combs, who joined Berkshire Hathaway in 2010, occupied roles as CEO of Berkshire's Geico and an investment manager beside Buffett. In a statement, Buffett acknowledged that Combs resigned to undertake a significant and engaging role at JPMorgan, praising the bank's decision.

Dimon issued his own statement lauding Combs, who was previously part of JPMorgan's board, calling him one of the most impressive investors and leaders he has encountered.

Dimon's Reflections on Leadership and Future Governing Roles

During the discussion, Dimon, now 69, broached the topic of his own trajectory in the corporate sphere. When asked if he envisions himself in his current position for another five years, his response was affirmative: "At the very least."

"I am passionate about my work. My tenure is determined by the board, but as long as I have zeal and determination, I intend to continue," he asserted.

Dimon emphasized his lack of interest in the Federal Reserve Chairman position: "Under no circumstances am I interested." He highlighted the crucial independence of the central bank, echoing sentiments amidst recent scrutiny.

Conversely, if the opportunity of Treasury Secretary came his way, Dimon might contemplate it, dependent on a clear understanding of expectations and working conditions.

For the moment, Dimon is content with his current leadership role at JPMorgan.