Trash talk
JPMorgan picks two contenders to succeed Dimon as one exec bins her career.
Good morning.
JPMorgan’s succession race looks down to its final two. The board named Doug Petno and Troy Rohrbaugh co-presidents, leaving them to contest the eventual handover from Jamie Dimon. The casualty up top was consumer boss Marianne Lake, long the favourite to one day run the place, who walks away with her reputation intact and a queue of suitors reportedly forming.
Lower down the org chart though, the exit was less dignified. Executive director Angie Baez was cut loose after she was filmed emptying a New York Knicks-branded bin to steal it, then grinning beside her haul on the subway. For her trouble: a USD175 littering fine and the sack. The bin’s been returned (and for the record, the city sells miniatures of it for USD58).
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Shares in Judo Bank plunged Thursday to a record low after the business lender revealed three soured loans totalling around $75 million and cut its full-year profit guidance, blaming a deterioration in asset quality that lifted its provisioning charges. CEO Chris Bayliss told analysts the three borrowers, a blind and curtain manufacturer, a financial planning group and a construction services company, had deteriorated with surprising speed, with one already in administration. The collapse also dragged National Australia Bank shares lower as investors weighed whether the bad loans reflected Judo’s own credit decisions or an early warning on the health of Australian small business.
