Sure, Jamie Dimon might be the most talented banker of his generation, but succession is complicated for even the most gifted Wall Street executives. In today’s issue, how to interpret last week’s shuffling of JPMorgan brass, why David Ellison’s pursuit of National Amusements Inc. still doesn’t add up, and the head-scratching inanity behind Elon’s public lobbying for more ownership of Tesla.
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It’s no secret that JPMorgan Chase, our biggest and most profitable bank, is struggling with the question of succession. When you are looking to replace a guy like Jamie Dimon, the greatest banker of his generation, you don’t want to make a mistake. Before Dimon got to JPMorgan Chase, in 2005, the place was essentially a mess—a mishmash of poorly integrated mergers and cultures, under the leadership of the elegant but flawed Bill Harrison. (Loyal readers will recall, of course, that I was there and remember those days well.) Harrison’s best decision as C.E.O. was acqui-hiring Jamie via the Bank One deal, and then promptly...
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