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Jamie Dimon, the charismatic CEO of our favoured banking stock, JP Morgan, had emergency heart surgery last week after suffering an acute aortic dissection. According to Google this occurs when there is a weakened area in the aortic wall.
This is a very serious condition. Apparently 20% of patients die before reaching the hospital. Fortunately, Jamie did survive the surgery and is in recovery. Co-COOs Gordon Smith and Daniel Pinto will take over the reins for now. Even if he survives this, he may not come back.
Jamie is a big face on Wall Street and is synonymous with JP Morgan. But good managers surround themselves with good people. JP Morgan has a reputation for attracting talent and we are confident that Jamie's team can run the company successfully in his absence.
As investors, we try not to select businesses that are reliant on one man. A bank like JP Morgan can certainly survive without him. We will keep you updated.
