JPMorgan's Dimon plans to use vacation for cancer treatment

Wed Jul 2, 2014 7:12pm EDT
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By David Henry and Peter Rudegeair

NEW YORK (Reuters) - Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co, (JPM.N: Quote) plans to be out of the office for at least half of his planned two-month course of radiation treatment and chemotherapy for throat cancer, a spokesman said on Wednesday.

Dimon's four weeks of vacation could begin shortly after JPMorgan reports quarterly results on July 15, depending in part on how doctors set the details of his course of treatment, said spokesman Joseph Evangelisti. Dimon usually takes off about three weeks in August, traditionally one of the slower times of the year for business.

Dimon first told employees and shareholders about his cancer late Tuesday in a memo sent shortly after a conclusive visit to his doctor. He had been through several days of tests.

Dimon said in the memo that the treatment will stop him from traveling, but that he had been advised that he would "be able to continue to be actively involved" in the business.

"We will continue to run the company as normal," Dimon said.

JPMorgan shares closed down 1 percent on the New York Stock Exchange at $56.97. The decline was the steepest of the 24 stocks in the KBW index of bank stocks , which lost 0.1 percent.

Rafferty Capital Markets bank analyst Dick Bove said in a report Wednesday Dimon was unlikely to retain his chairman title when he returns from treatment, and would likely spread more of his daily duties among other executives at the bank.

"JPMorgan Chase simply cannot present itself to the world as if it were a one-man show," Bove wrote.   Continued...

JPMorgan Chase Chairman and CEO Jamie Dimon speaks during a discussion on "Closing the Workforce Skills Gap" at the Aspen Institute in Washington December 12, 2013. REUTERS/Mike Theiler