⚠ Dimon, and What Comes AfterModerate threat

JPMorgan Chase (JPM) — threat to the moat

Two co-presidents were named in June 2026 and the frontrunner retired, which clarified the succession without resolving it.

A meaningful portion of what this file describes as a moat is one person's judgement, applied consistently for two decades.

The succession, as of June 2026Petno andRohrbaugh namedco-presidentsLake, thefrontrunner, retiresPinto retiringin 2026Dimon reported tostay ~3 more yearsPiepszak has said she does not want the role. Clarified, and not resolved.
Part of what this file calls a moat is one person's judgement, applied for two decades.

The record is specific rather than sentimental. JPMorgan came through 2008 as a buyer rather than a casualty. It came through 2023 the same way, acquiring First Republic and booking a $2.8 billion bargain purchase gain1. It has cleared its cost of equity every year for a decade, ending 2025 at a 20% return on tangible common equity2 while peers have not. Fortress-balance-sheet discipline is a phrase, but the three points of surplus capital3 are real and were held through years when holding them looked expensive.

Succession has been the most watched question in American banking for a decade, and 2026 clarified it without resolving it. In June, Doug Petno and Troy Rohrbaugh were elevated to co-presidents, making them the leading internal candidates, while Marianne Lake — long seen as a frontrunner — decided to retire4. Daniel Pinto is retiring in 2026, and Jennifer Piepszak has said she does not want the role5. Dimon is reported to plan at least three more years6.

What limits the risk is that the moat is not only him. The deposit franchise, the segment structure and the cost base would exist under any competent management. The 2023 acquisition required a balance sheet, not a personality.

The number that would test it is return on tangible common equity in the first two years after a handover. Berkshire's pages in this collection ask the same question about the same kind of firm.

The number that tests this threat
Reported
Return on tangible common equity, excluding significant items
23% in Q2 2026

Dimon has led the firm for two decades and the successor is not yet named. This is the return the next chief executive inherits; the first years after the handover will show whether it holds.

Source: JPMorgan Chase Q2 2026 results ↗
References
  1. ReportedAn estimated bargain purchase gain of $2.8bn was recorded for the year ended 31 December 2023 on the First Republic acquisition.
    JPMorgan Chase & Co., Form 10-K FY2025 — consolidated financial statements and management's discussion (SEC, CIK 19617). Total net revenue $182,447M (2024 $177,556M, 2023 $158,104M); total noninterest expense $95,640M (2023 $87,172M); pre-provision profit $86,807M; provision for credit losses $14,212M; net income $57,048M; diluted EPS $20.02; ROE 17%, ROTCE 20% (2024 22%, 2023 21%); overhead ratio 52% (2024 52%, 2023 55%); loans-to-deposits 58% (56%, 55%); deposits 63% of total liabilities. Total assets $4,424,900M, loans $1,493,429M, deposits $2,559,320M, tangible common equity $290,018M, book value per share $126.99, tangible book value per share $107.56, dividends declared per share $5.80 (2024 $4.80, 2023 $4.10). Segment total net revenue: CCB $76,029M / $71,507M / $70,148M; CIB $78,454M / $70,114M / $64,353M; AWM $24,073M / $21,578M / $19,827M. Banking & Payments by client coverage: Global Corporate Banking and Global Investment Banking $25,285M, Commercial Banking $11,851M. Deposit average balances and rates: US non-interest-bearing $572,014M (2024 $611,734M, 2023 $635,791M); US interest-bearing demand $321,145M at 3.26%; US savings $875,519M at 1.41%; total deposits 1.80% (2024 2.08%, 2023 1.70%). An estimated bargain purchase gain of $2.8bn was recorded for the year ended 31 December 2023 on the First Republic acquisition, with a further $588M First Republic-related gain in the first quarter of 2025; 2024 revenue included a $7.9bn net gain on Visa shares. — FY2025 · publ. 2026-02-13 · source ↗
  2. Reported2025 net income $57,048M, diluted EPS $20.02, return on equity 17% and return on tangible common equity 20%.
    JPMorgan Chase & Co., Form 10-K FY2025 — consolidated financial statements and management's discussion (SEC, CIK 19617). Total net revenue $182,447M (2024 $177,556M, 2023 $158,104M); total noninterest expense $95,640M (2023 $87,172M); pre-provision profit $86,807M; provision for credit losses $14,212M; net income $57,048M; diluted EPS $20.02; ROE 17%, ROTCE 20% (2024 22%, 2023 21%); overhead ratio 52% (2024 52%, 2023 55%); loans-to-deposits 58% (56%, 55%); deposits 63% of total liabilities. Total assets $4,424,900M, loans $1,493,429M, deposits $2,559,320M, tangible common equity $290,018M, book value per share $126.99, tangible book value per share $107.56, dividends declared per share $5.80 (2024 $4.80, 2023 $4.10). Segment total net revenue: CCB $76,029M / $71,507M / $70,148M; CIB $78,454M / $70,114M / $64,353M; AWM $24,073M / $21,578M / $19,827M. Banking & Payments by client coverage: Global Corporate Banking and Global Investment Banking $25,285M, Commercial Banking $11,851M. Deposit average balances and rates: US non-interest-bearing $572,014M (2024 $611,734M, 2023 $635,791M); US interest-bearing demand $321,145M at 3.26%; US savings $875,519M at 1.41%; total deposits 1.80% (2024 2.08%, 2023 1.70%). An estimated bargain purchase gain of $2.8bn was recorded for the year ended 31 December 2023 on the First Republic acquisition, with a further $588M First Republic-related gain in the first quarter of 2025; 2024 revenue included a $7.9bn net gain on Visa shares. — FY2025 · publ. 2026-02-13 · source ↗
  3. ReportedBasel III CET1 capital of $288bn, a Standardized ratio of 14.6%, against a requirement including all regulatory buffers of 11.5%.
    JPMorgan Chase & Co., Form 10-K FY2025 — capital risk management (SEC, CIK 19617). Basel III common equity Tier 1 capital of $288 billion and a Standardized CET1 ratio of 14.6%; the Standardized CET1 requirement including all regulatory buffers was 11.5%. The stress capital buffer requirement is 2.5% and remains in effect through 30 September 2027, based on the severely adverse scenario of the Federal Reserve's supervisory stress test; the annual CCAR submission was due 6 April 2026. Capital is allocated to the lines of business using standardized risk-weighted assets and the GSIB surcharge under rules currently in effect, reassessed at least annually. The enhanced supplementary leverage ratio rules revise the static leverage buffers to 50% of the bank holding company's US Method 1 GSIB surcharge, capped at 1% for insured depository institution subsidiaries. The July 2023 proposal to amend the US risk-based capital framework (the Basel III endgame) was never finalised; in September 2025 the Federal Reserve's Vice Chair for Supervision indicated regulators may issue an updated proposal in early 2026 replacing it, the timing and content of which remain uncertain. The Apple Card transaction reduced the Standardized CET1 ratio by approximately 25 basis points. — FY2025 · publ. 2026-02-13 · source ↗
  4. ReportedIn June 2026 Doug Petno and Troy Rohrbaugh were named co-presidents while Marianne Lake decided to retire.
    Fox Business — JPMorgan named Doug Petno and Troy Rohrbaugh as co-presidents in June 2026, setting up the race to succeed Jamie Dimon, as Marianne Lake — long seen as a frontrunner — decided to retire from the bank. Daniel Pinto is retiring in 2026, and chief operating officer Jennifer Piepszak has made clear she does not want the chief executive role. Dimon is reported to plan to remain chief executive for at least three more years. — June 2026 · publ. 2026-06 · source ↗
  5. ReportedDaniel Pinto is retiring in 2026 and Jennifer Piepszak has made clear she does not want the chief executive role.
    Fox Business — JPMorgan named Doug Petno and Troy Rohrbaugh as co-presidents in June 2026, setting up the race to succeed Jamie Dimon, as Marianne Lake — long seen as a frontrunner — decided to retire from the bank. Daniel Pinto is retiring in 2026, and chief operating officer Jennifer Piepszak has made clear she does not want the chief executive role. Dimon is reported to plan to remain chief executive for at least three more years. — June 2026 · publ. 2026-06 · source ↗
  6. ReportedDimon is reported to plan to remain chief executive for at least three more years.
    Fox Business — JPMorgan named Doug Petno and Troy Rohrbaugh as co-presidents in June 2026, setting up the race to succeed Jamie Dimon, as Marianne Lake — long seen as a frontrunner — decided to retire from the bank. Daniel Pinto is retiring in 2026, and chief operating officer Jennifer Piepszak has made clear she does not want the chief executive role. Dimon is reported to plan to remain chief executive for at least three more years. — June 2026 · publ. 2026-06 · source ↗
Sources
Generated September 23, 2026