Mar 15, 2018

The next bosses of Wall Street

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

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Countries where novel coronavirus cases are falling may be hit with a "second peak" if they relax restrictions too soon, World Health Organization emergencies chief Mike Ryan warned during a briefing Monday. "We're still very much in a phase where the disease is actually on the way up," he added.

By the numbers: Almost 5.5 million people have tested positive for the virus as of Monday, and more than 2.2 million have recovered. The U.S. has reported the most cases in the world (over 1.6 million from 14.6 million tests). The U.K. is reporting over 36,900 deaths from the coronavirus — the most fatalities outside the U.S.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 5,498,849 — Total deaths: 346,306 — Total recoveries — 2,233,180Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,662,768 — Total deaths: 98,223 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 1 hour ago - Politics & Policy

LATAM Airlines files for U.S. chapter 11 bankruptcy

A LATAM air attendant aboard one of the company's planes in March. Photo: Kike Calvo/Universal Images Group via Getty Images

LATAM Airlines Group SA said in a statement early Tuesday the firm and its affiliates in in the United States, Chile, Peru, Colombia and Ecuador have filed for Chapter 11 bankruptcy protection in the U.S.

Why it matters: Latam is Latin America's largest airline and its shareholders include Delta Air Lines. CEO Roberto Alvo noted in the statement the coronavirus pandemic has had a huge impact on the airline industry.