JPMorgan CEO Jamie Dimon underwent emergency heart surgery Thursday and is recovering well, according to news reports.
Dimon, 63, checked into a New York hospital Thursday morning after experiencing chest pains and underwent surgery for an acute aortic dissection, the Financial Times writes, citing a person familiar with the matter. Dimon is a non-smoker who exercises regularly, the FT reports.
Daniel Pinto and Gordon Smith, JPMorgan’s co-presidents since 2018, will lead the company during Dimon’s recovery, according to the paper. The company didn’t provide guidance on how long Dimon would be away from work, the FT writes.
Acute aortic dissection is “one of the most lethal cardiovascular conditions,” according to a recent analysis published by the American College of Cardiology cited by the FT. Nonetheless, more than 80% of patients undergoing surgery for the condition live for more than five years after discharge from hospital. The mortality rates are higher for those over 70, according to research from the College, the paper writes.
Dimon, who is the only Wall Street CEO in place who steered his bank through the 2008-2009 financial crisis, “is often viewed as a steady hand for the banking industry during turbulent times (like we are in now), so not having him at the helm of JPM is a modest negative,” Brian Kleinhanzl, analyst at KBW, wrote in a note to clients cited by the FT.
Nonetheless, Pinto and Smith’s “deep experience” at the firm means “there will not be a near-term impact,” he wrote, according to the paper.
The two executives are seen as the most likely contenders for Dimon’s post if he steps down in the short term, the FT writes. But Dimon, who’s led JPMorgan for 15 years, told journalists in January that he intends to stay at the helm of JPMorgan for another five years, according to the paper.