Every workday, Jamie Dimon begins at around 5 a.m. He follows a routine that includes reading five newspapers in a specific order and exercising before heading to his office in midtown Manhattan.

At JP Morgan, the chief executive and chairman makes his way to the 41st floor, where he oversees America’s largest bank, employing over 250,000 staff with operations spanning 100 countries.

Nearby, a new 60-story skyscraper is under construction, set to house the highest occupied floor in New York, featuring panoramic views of the city. The top 300 feet of the building will illuminate with the colors of the American flag, a tribute from Dimon, who identifies as a “red-blooded patriot.”

As he prepares to leave his mark with the completion of this office next year, discussions are rampant about Dimon’s potential departure after 19 years at the helm, especially with rumors suggesting he favors Kamala Harris and might contemplate the role of US Treasury secretary if the Democrats win the upcoming presidential election.

A source close to Dimon has minimized the likelihood of him moving to Washington. However, Wall Street remains on edge about his future, with veteran banking analyst Mike Mayo estimating the stock could plummet by $25 billion if Dimon were to step down unexpectedly.

The competition for leadership at JP Morgan is heating up among its renowned bankers. Two frontrunners have surfaced: Marianne Lake, a British national, and American Jennifer Piepszak.

Discussions with current and former executives, as well as investors and analysts, reveal concerns about sustaining the successful model of Dimon’s leadership. Many consider his unique blend of charm, diplomacy, and ruthless decision-making as irreplaceable assets, extending his influence far beyond the financial sector, reaching into political realms from Washington to Beijing.

A senior JP Morgan banker expressed the prevalent uncertainty: “Many of us are apprehensive about what comes next. He’s such a monumental figure, and his successor will have a tough act to follow.”

How did Dimon cultivate such a prominent institution? His journey began 20 years ago when Bank One, where he was CEO, merged with JP Morgan. After 18 months, he led the consolidated company through the turbulent waters of the 2008 financial crisis.

While competitors stumbled, Dimon thrived by advocating a “fortress balance sheet” strategy focused on financial stability and took bold actions to rescue Bear Stearns and Washington Mutual during their crises, establishing himself as a household name in the U.S.

His influence was once again evident last year when JP Morgan acquired nearly all of First Republic Bank’s assets during its financial struggles, prompted by government calls for banks to “step up.”

Today, JP Morgan boasts $3.9 trillion in assets, eclipsing the entire economy of Britain, and maintains a market capitalization surpassing $630 billion.

Combining investment banking, wealth management, and consumer banking primarily through the Chase brand, JP Morgan is frequently consulted by governments, large corporations, and individuals regarding financial matters. In the UK, it employs around 22,000 individuals across major cities including London, Glasgow, Edinburgh, and Bournemouth, where it stands as the largest private employer.

Tim Piechowski, a portfolio manager at Alpine Capital Research, highlights the significant challenges awaiting Dimon’s successor, particularly the need to adeptly navigate the intricate political and social landscapes in the U.S. and globally to secure JP Morgan’s operational legitimacy.

Dimon’s success has been attributed to his distinctively personal approach to executive leadership. A former senior colleague likened his comprehensive understanding of the bank’s operations to a seasoned yachtsman, emphasizing his depth of knowledge with an unparalleled ability to sense operational nuances.

Succession Speculation

With speculation on Dimon’s future inevitable, two names are frequently mentioned as potential successors: Marianne Lake and Jennifer Piepszak, both being well-known figures within JP Morgan.

Lake rose to prominence as finance director during the 2012 “London Whale” incident and was later assigned to head the consumer bank, illustrating her ability to perform under pressure.

Piepszak, who previously co-managed the consumer bank with Lake, currently serves as co-head of the investment banking division.

Additional candidates within JP Morgan include Troy Rohrbaugh and Mary Erdoes, yet analysts like Mayo assert: “All roads lead to Lake and Piepszak.”

As staff and investors begin to align with their preferred candidates, Brian Mulberry from Zacks Investment Research described Piepszak as “the most prepared to lead the bank moving forward.”

Meanwhile, Daniel Pinto, currently president and chief operating officer, is viewed as a temporary substitute rather than a long-term replacement. He previously stepped in during Dimon’s health crises.

Although external candidates are rarely mentioned, there remains a growing belief that Dimon’s successor will likely come from within JP Morgan, especially following bank admissions regarding the cultivation of internal leadership candidates.

However, uncertainty persists, with a JP Morgan executive questioning the feasibility of promoting someone junior over candidates with previous CEO experience necessary for managing such a significant asset portfolio.

Dimon’s Enduring Leadership

Dimon’s path to JP Morgan was not without its challenges; he faced dismissal from Citigroup in 1998 after a fallout, only to rebound by leading Bank One prior to its merger with JP Morgan.

This tumultuous period may have contributed to his assertive leadership style. Notable departures have occurred, including individuals like Bill Winters and Jes Staley, raising questions about potential successors as Dimon maintains an observed ruthlessness towards those in the realm of succession speculation.

While there are mixed opinions regarding his leadership style, many affirm that he actively empowers his top team members, coupled with a strong communication style encouraging open exchange of ideas.

Looking ahead, Dimon holds both the chairman and CEO roles at JP Morgan, granting him substantial influence over potential successors. Most analysts anticipate his departure around 2026, coinciding with a significant share award payout.

Dimon has suggested the possibility of separating the roles, allowing him to support his successor for a short period. While this may deter some candidates wary of an overseeing former CEO, an insider remarked on the support such a scenario could provide, helping mitigate early missteps.

Some investors express a desire for continuity rather than radical changes following Dimon’s eventual exit, emphasizing the bank’s historical success trajectory.

Ultimately, Dimon aims to leave a legacy reflecting positively on his contributions while fostering a culture of opportunity. He hopes to be remembered fondly, stating, “I hope people say we’re gonna miss the son of a bitch when he’s gone and he made the world a better place.”

In interviews, Dimon often relates his personal life, mentioning his wife Judy and three daughters, while reinforcing his dedication to the nation. Speculation continues about his potential sudden departure to serve in a future U.S. administration, which could leave Wall Street and JP Morgan preparing for life without their influential leader.