JPMorgan Chase CEO 'lined up as Timothy Geithner replacement'

23 November 2009

JPMorgan Chase chief executive officer Jamie Dimon is being considered as a potential replacement for current Treasury secretary Timothy Geithner, it has been reported.

Mr Geithner has faced a barrage of criticism from the Republican Party in recent weeks over his failure to cut unemployment, improve the strength of the dollar and speed up the pace of economic recovery.

According to a report in the New York Post, policymakers have floated the idea of Mr Dimon as a potential alternative for the post.

His reputation has soared during the financial crisis, with JPMorgan Chase strengthening its market positions through manoeuvres that included the acquisition of Bear Stearns.

Dick Bove, a banking industry analyst at Rochdale Securities, said that it was vital the US had a Treasury secretary who had the necessary experience in the sector and the full support of Congress.

"That is not Timothy Geithner," he said.

"It is Jamie Dimon."

Last month, JPMorgan Chase reported third quarter net income of $3.6 billion, up from $527 million in the same period in 2008.

By Asim Shah

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