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Jamie Dimon and Lloyd Blankfein in New York City. Photo: Patrick McMullan / Getty Images

"Imagine Wall Street Without Jamie Dimon and Lloyd Blankfein ... The succession plans at JPMorgan and Goldman say a lot about where the companies — and the Street — are headed," by Bloomberg Businessweek's Hugh Son.

Why it matters: "It’s part of a wider succession moment sweeping through finance a decade after the financial crisis, as men in their 60s and 70s prepare their companies for the next act."

  • "In another universe, they might have starred in an odd-couple comedy about a pair of New Yorkers who rise to fame and fortune: Jamie Dimon, the voluble, sometimes ill-tempered alpha male from Queens; Lloyd Blankfein, shorter and bald, the wisecracking sidekick from Brooklyn."
  • "Now the men atop the world’s two preeminent banks — Dimon at JPMorgan Chase & Co., Blankfein at Goldman Sachs Group Inc. — have announced plans for an orderly handoff."
  • "In January, JPMorgan said Dimon has another five years as CEO and named the heads of the bank’s two largest businesses, Gordon Smith and Daniel Pinto, as co-presidents, signaling that if something should happen to Dimon, 62, in the near term, either Smith or Pinto would fill his shoes. But if Dimon takes the full half decade before retiring, Smith and Pinto will be in their 60s, meaning that a younger group of deputies — Marianne Lake, Mary Callahan Erdoes, and Doug Petno — are more likely to succeed him."
  • This week, "Goldman Sachs had its own announcement. Co-president Harvey Schwartz abruptly announced his resignation, ending a 15-month race with David Solomon, who’s now sole president and Blankfein’s heir apparent."

Go deeper

Updated 45 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

2 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.