Home / Business and Economy / Dimon Nabs Buffett Star Exec: Buffett OK
Dimon Nabs Buffett Star Exec: Buffett OK
17 Jan
Summary
- JPMorgan's CEO hired former Geico CEO Todd Combs in December.
- Combs will lead a $10 billion investment group for JPMorgan.
- Warren Buffett reportedly preferred Combs join JPMorgan than another firm.
Jamie Dimon, CEO of JPMorgan Chase, has recruited Todd Combs, a key figure from Warren Buffett's Berkshire Hathaway, to join his firm. The hiring, which occurred in December, positions Combs to lead a significant $10 billion investment group. This initiative, JPMorgan's Security and Resiliency Initiative, aims to bolster manufacturing for companies.
Dimon personally informed Warren Buffett of the decision. According to Dimon, Buffett expressed a degree of acceptance, indicating he would prefer Combs join JPMorgan over other potential suitors. This unexpected outcome highlights the complex relationships within the financial elite.
Combs, a seasoned investor and former hedge fund manager, had been with Berkshire Hathaway since 2010. His move is notable given Berkshire's history of stable leadership and the esteemed role Combs played as a potential successor alongside Greg Abel.
