For Jamie Dimon, retirement from JPMorgan Chase is always five years away

For years, Jamie Dimon has had a running joke: whenever people ask when he will step down from JPMorgan Chase, the answer is always five years away.

But two years ago, Dimon said in a press release that after the bank named two co-presidents to succeed him if needed, he would remain CEO for “about five more years.”

Now, when CNBC asked about that on a media call Tuesday, Dimon did not sound especially committed to the timeline.

“My answer is the same: five years,” Dimon said. “If we ever set a formal retirement date, we’ll let you know.”

Why Dimon is not eager to think about stepping down now

At 63, it is understandable that Dimon does not want to think about stepping down right now. After the financial crisis, he built JPMorgan Chase into the largest bank in the United States, becoming an industry giant spanning Main Street and Wall Street.

The company just posted the most profitable year in banking history, and after rising about 40% last year, JPMorgan Chase is also among the highest-valued large lenders.

The purpose of the January 2018 “five more years” remark

One reason the bank made that statement in January 2018 was to ease concerns that talented deputies might leave out of frustration, a criticism that had been raised before.

Dimon's deputies later took leadership roles at banks and financial institutions around the world, most recently at Wells Fargo.

A JPMorgan Chase spokesperson said the timing of Dimon's retirement is ultimately up to the bank's board, and noted that the 2018 remark was only a rough estimate.

Comparison with Bank of America's CEO Brian Moynihan

Dimon's rival at Bank of America, 60-year-old Brian Moynihan, says he wants to lead his company as long as possible, and points to Warren Buffett of Berkshire Hathaway as an example.