Jamie Dimon says he called Warren Buffett after hiring Todd Combs

Businessinsider reports JPMorgan CEO Jamie Dimon said he phoned Warren Buffett after hiring Todd Combs, a longtime Berkshire lieutenant who left to join JPMorgan.

Dimon said Combs will lead a new $10 billion group at the bank and serve as a special advisor to him. Combs had been at Berkshire since 2010, where he served as CEO of Geico and as one of Buffett's two investment managers. In a Buffett press release, the investor said Combs "has resigned to accept an interesting and important job at JPMorgan" and called the bank's move a "good decision," while Dimon described Combs as "one of the greatest investors and leaders I've known." Dimon also recounted telling Buffett, "if he's going anywhere, at least he's going to you."

Dimon said he expects to stay in his role at least five more years and has no plans to step down soon. He added he would not serve as Fed chair—"absolutely, positively, no chance, no way, no how for any reason"—reiterating the importance of central-bank independence, and said he would consider a Treasury-Secretary offer only after understanding the president's expectations and operating plan.

Key Topics

Business, Jamie Dimon, Warren Buffett, Todd Combs, Jpmorgan, Berkshire Hathaway