JPMorgan’s PR machine would probably argue (without going on the record, of course) that all this shuffling around is a good thing and that Dimon and the board are working to find the right candidate, which inevitably means going through some trial and error.

But a mini profile of Dimon this week in New York Magazine tells a different story. It shows Dimon defiant in the wake of the $6 billion trading blunder that he initially said was a tempest in a teapot. “It’s a free. Fucking. Country, he tells the interviewer.”

What this means is that Dimon, who also proudly proclaims during the interview that he isn’t an anxious person, will do whatever he damn well pleases. He may go through the motions of trying to groom a successor to soothe the corporate governance gods, but he has no intention of leaving his job. At one time there was speculation that Dimon would become Treasury Secretary, but in the wake of the trading loss and the growing hatred toward the banking industry, that possibility seems off the table for the foreseeable future.

Fortunately for JPMorgan shareholders, Dimon is, for the most part, a capable CEO. Maybe he will turn into a version of Hank Greenberg, former head of AIG (AIG_), whose identity became so wrapped up in the company that no one else could understand how it worked. That worked very well for shareholders for many years. Until it didn’t.

– Written by Dan Freed in New York.

Read Jamie Dimon: ‘It’s A Free. Fucking. Country.’

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