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Bankers Say They Want NY Based Jamie Dimon to Lead Them: Investors Survey

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By:  Benyamin Davidsons

Chief Executive Officer Jamie Dimon got a substantial nod of approval over other CEOs in the financial industry.

In Bloomberg’s recent Markets Live Pulse survey, close to 60 percent of respondents said they would most want to work for Dimon out of the heads of the top six U.S. banks. The survey, which had some 600 respondents, asked “which bank boss would you most want to work for?”  Other CEOs named included Jane Fraser, James Gorman, Brian Moynihan, David Solomon, and Charlie Scharf.  The survey did not follow up with a question as to why that CEO was picked.

Dimon has served as CEO of JPMorgan Chase & Co. for over 17 years, quadrupling the financial giant’s stock price during his reign.  The 67-year-old, who is known for his candid comments, had previously served on the board of directors of the Federal Reserve Bank of New York.  Now, as the economic outlook seems uncertain, thousands of job cuts loom, and companies scramble to cut costs, workers across the financial industry say they want Dimon to lead them.

As reported by Crains, of the top six U.S. banks’ CEOs Dimon is the longest standing and most well-known.  As for the rest of the rankings, Jane Fraser of Citigroup, was the second choice, but only got about 13 percent of the total votes.  Fraser, 56, who has only been CEO for about two years, would seem to be a popular choice for being the first woman to run a big U.S. bank and for having announced that her entire staff would be able to work from home two days a week.  James Gorman of Morgan Stanley was next in the ranking, with 11 percent of respondents favoring him to be their boss.  Bank of America Corp.’s Brian Moynihan and David Solomon of Goldman Sachs, were about head-to-head, each garnering about 7 percent of the votes.  Charlie Scharf, CEO of Wells Fargo & Co., got about half as many votes, the least of the six bosses.

The 584 respondents represent a broad range of investors, bankers and other workers in the financial industry in the U.S. and beyond.  The Bloomberg MLIV pulse survey, taken between July 17-21, also found that about 50 percent of respondents said they were as worried as usual about job losses, while over one in three said they’re more anxious about it than usual.  Also, about half the respondents said they expect big banks to stabilize, while about 29% were more confident, saying they expect the banks to make more money than ever in the second half of the year.

Additionally, the Bloomberg Pulse survey asked: “Who is to blame for weak profits, rising costs and layoffs”.  By this response, none of the CEOs were flattered, as over 48% of the responders blamed the bank executives.  Some 35 percent of responders blamed regulators for the problems.

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