Published: Friday, 27 Jul 2012 | 1:54 PM ET
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By: Jennifer Dauble
WHEN: TODAY, FRIDAY, July 27, 2012
WHERE: CNBC
Following are excerpts from the unofficial transcript of CNBC’s Kate Kelly’s interview with JPMorgan CEO Jamie Dimon that aired on CNBC’s “Squawk on the Street” and CNBC’s “Fast Money Halftime Report” today. All references must be sourced to CNBC.
KATE KELLY: I JUST HUNG UP WITH JAMIE DIMON THE CEO OF COURSE OF JPMORGAN WHICH ANNOUNCED A MAJOR REORGANIZATION TODAY. PROMOTIONS AND NEW ROLES FOR A NUMBER OF EXECUTIVES AND ESSENTIALLY WHAT IT'S DOING IS SETTING UP A BIT OF A SUCCESSION RACE FOR JAMIE DIMON WHO SAID A FEW THINGS ABOUT HIS DESIRE TO STAY ON WITH THE COMPANY BUT ALSO. SAID THE RESPONSIBLE THING TO DO, OF COURSE, IS TO NAME THE NEXT GENERATION OF LEADERSHIP WHICH IS ONE THING HE'S TRYING TO DO TODAY. WHEN I TALKED TO HIM, I SAID WHAT ARE YOUR THOUGHTS FOR STAYING ON. HE SAID, WHAT’S YOUR TENURE GOING TO BE WITH THE COMPANY AND THE FUTURE AND HE SAID I HOPE BE HERE MANY, MANY MORE YEARS. I DON'T THINK OF THIS AS AN IMMEDIATE SUCESSION THING. HOWEVER, HE SAID, AGE IS A FACTOR IN ALL THIS. HE WANTS TO COME UP WITH YOUNGER FOLKS WHO CAN BE IN THE ROLE FOR A NUMBER OF YEARS TO COME IF AND WHEN HE DOES RETIRE. AND OF COURSE HE NOTED THAT HE SERVES AT THE PLEASURE OF THE BOARD AND HE SAID, QUOTE, THESE JOBS TAKE EMOTIONAL AND PHYSICAL DRAINS ON PEOPLE. I THINK THE RIGHT THING IS THAT IT SHOULD GO TO PEOPLE WHO CAN DO THE JOB FOR 10 OR 15 YEARS. SO IN SO DOING WE TALKED A LITTLE BIT ABOUT THE PRESS RELEASE TODAY AND WHO HE'S PUTTING IN SOME OF THE KEY ROLES. MATT ZAMES, SOMEONE TO DEFINITELY KEEP AN EYE ON. MATT IS NOW THE CO-COO OF THE ENTIRE FIRM HE'S REALLY RISEN LIKE A ROCKET IN THE LAST YEAR OR SO. HE WAS THE GLOBAL CO-HEAD OF FIXED INCOME. AND THEN WHEN THE LONDON WHALE FLAP SITUATION OCCURRED HE WAS ASKED TO TAKE OVER THE CHIEF INVESTMENT OFFICE ROLE ALONG WITH DANIEL PINTO HIS COLLEAGUE WHO HAD OVERSEEN THE EUROPEAN OPERATIONS WITH HIM FOR A NUMBER OF YEARS.SO THEY WERE DOING THAT JOB TOGETHER. SO MATT ZAMES IS SOMEONE WHO IS 44 YEARS OLD, REGARDED AS A POSSIBLE SUCCESSOR TO JAMIE. AS WELL WE TALKED ABOUT MIKE CAVANAUGH, HE WAS THE CFO FOR THE COMPANY FOR A NUMVER OF YEARS HE'S NOW BEEN PROMOTED TODAY AS WELL. MIKE IS SOMEONE THAT JAMIE THINKS VERY HIGHLY OF WE SPENT SOME TIME TALKING ABOUT HIM TOO. SO A NUMBER OF INTERESTING NEW FACES AT THE HELM HERE, MELISSA, AND THINK IT WILL BE WORTH KEEPING AN EYE ON WHAT GOES ON WITH THESE GUYS. SOME OF THEM HAVE TAKEN VERY BIG STEPS IN A SHORT PERIOD OF TIME. THE OTHER THING IS I TALKED TO JAMIE A LITTLE BIT ABOUT GLASS-STEAGALL AND A LITTLE BIT ABOUT THE LONDON WHALE MORE ON THAT IN FAST MONEY HALFTIME REPORT.
SCOTT WAPNER: BIG NEWS TODAY. JPMORGAN ANNOUNCING A BIG RESHUFFLE AMONG TOP MANAGERS THAT REPORT TO CEO JAMIE DIMON. CNBC’S KATE KELLY SPOKE TO THE BANK CHIEF A LITTLE WHILE AGO. SHE JOINS US NOW WITH THE DETAILS. I WANT TO HEAR ALL ABOUT THIS CONVERSATION, KATE.
KATE KELLY: INTERESTING NEWS THIS MORNING OUT OF JPMORGAN, SCOTT. IN TERMS OF REORGANING THE BANK AS A WHOLE AND ALSO ELEVATING A BUNCH OF FOLKS WHO ARE NOW SOMEWHAT OFFICIALLY IN THE RUNNING TO SUCCEED DIMON. I TALKED TO HIM ABOUT THAT THIS MORNING BUT WE ALSO TOUCHED ON THE NOW INFAMOUS CREDIT DERIVATIVES TRADE GONE AWRY THE SO-CALLED LONDON WHALE AND I WAS A BIT SURPRISED BY THE CONFIDENT TONE I HEARD. DIMON SAID THAT THE MORNING ANNOUNCEMENT DESPITE PROMOTING THE TWO GUYS WHO WERE TASKED WITH CLEANING UP AFTER THE WHALE AMONG OTHERS HAD NOTHING DO WITH THE TRADING DEBACLE AND THEN INSTEAD WERE MOVING ON TO THE NEXT STEP AND THAT HE IS FEELING GOOD ABOUT WHERE THEY STAND WITH THE TRADE UNWIND. I ALSO ASKED DIMON TO WEIGH IN ON WHAT'S BECOME A NATIONAL DEBATE SINCE WEDNESDAY WHEN WE HAD FORMER CITI CHIEF SANDY WEILL ON OUR AIR WHICH THE DEBATE CENTERS OF COURSE ON WHETHER TO REINSTATE THE GLASS-STEAGALL ACT WHICH PREVENTED INVESTMENT AND COMMERCIAL BANKS FROM BEING HOUSED UNDER ONE ROOF. DIMON, OF COURSE, WAS WEILL'S PROTÉGÉ AT CITIGROUP AND WAS FOR MANY YEARS REGARDED AS HIS HEIR APPARENT THEIR UNTIL DIMON WAS OUSTED AMID A MANAGEMENT CHANGE-UP LEADING OF COURSE TO HIS CURRENT ROLE EVENTUALLY. DIMON WHO HAS DEFENDED THE FUSION OF COMMERICAL AND INVESTMENT BANKING REFUSED TODAY TO JUMP INTO THE FRAY OFFICIALLY BUT HE DID SAY HE AGREED WITH WHAT FORMER WELLS FARGO CEO DICK KOVACEVICH SAID ON SQUAWK BOX THIS MORNING
SOT:
DICK KOVACEVICH: THE CRAZY THING ABOUT DODD FRANK LETS FACE IT THIS CRISIS WAS CAUSED BY ABOUT A HALF A DOZEN INVESTMENT BANKS AND ABOUT 2 DOZEN S&LS THERE'S ONLY ONE COMMERCIAL BANK THAT WAS INVOLVED IN PERPETRATING THIS CRISIS AND YET 8,000 COMMERCIAL BANKS ARE BEING REREGULATED FOR DOING NOTHING WRONG. AND WHAT WE NEED TO DO IS CLEAN UP THE INVESTMENT BANKING SIDE OF THINGS AND GET THE EXCESSIVE PRORIETARY TRADING AND INVESTMENTS OUT OF INVESTMENT BANKS.
KELLY: NOW, SCOTT, I'M NOT POSITIVE BUT I HAVE A FEELING THAT ONE COMMERCIAL BANK HE WAS ALLUDING TO WAS PROBABLY CITIGROUP RIGHT OF COURSE WEILLS FORMER BANKS AND DIMONS FORMER PLACE OF EMPLOYMENT SO A LITTLE BIT OF AN INDUSTRY SHUFFLE HERE ALTHOUGH DIMON IS TRYING VERY MUCH TRYING TO STAY ON THE SIDELINES.
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