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

Supreme Court to hear Philadelphia case over same-sex foster parents

Photo: Daniel Slim/AFP via Getty Images

The Supreme Court agreed Monday to hear a high-profile case that could reshape the bounds of First Amendment protections for religion.

Why it matters: The direct question in this case is whether Philadelphia had the right to cancel a contract with an adoption agency that refused to place foster children with same-sex couples. It also poses bigger questions that could lead the court to overturn a key precedent and carve out new protections for religious organizations.

Why Apple may move to open iOS

Photo illustration: Jakub Porzycki/NurPhoto via Getty Images

Apple may finally allow iPhone owners to set email or browsing apps other than Apple's own as their preferred defaults, according to a Bloomberg report from last week.

The big picture: Customers have long clamored for the ability to choose their preferred apps, and now Apple, like other big tech companies, finds itself under increased scrutiny over anything perceived as anticompetitive.