JPMorgan's Jamie Dimon Says He Won't Replace Ben Bernanke

 @AlexCKaufman
on July 12 2013 11:30 AM
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JPMorgan Chase & Co CEO Jamie Dimon speaks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR) in Washington. REUTERS/Yuri Gripas

Jamie Dimon says he won’t take Ben Bernanke’s seat as chairman of the U.S. Federal Reserve anytime soon.

The 57-year-old JPMorgan Chase (NYSE:JPM) chairman and CEO denied that he would accept the job as speculation swirls over who will head the nation's central bank when Bernanke's term officially expires in January. The largest U.S. bank by assets posted second-quarter earnings up 31 percent to $6.5 billion on Friday morning, beating analysts’ expectations.

“Oh, God, no, please,” Dimon said in an interview with CNBC’s Jim Cramer on Friday morning when asked if he would consider replacing Bernanke. “Every person I know would say, ‘Jamie shouldn’t be the Fed chairman.’”

Dimon also admitted that rival Wells Fargo & Co. (NYSE:WFC) does a better job with mortgages than his own company. But he said he hopes to improve in the segment.

JPMorgan bested predictions on Friday, earning $1.5 billion more than in the second quarter of 2012.

Overall, revenue was about $26 billion, compared with $22.9 billion a year earlier.

“Our earnings reflected strong performance across our businesses,” Dimon said in a statement. “We continue to see broad-based signs that the U.S. economy is improving and we are hopeful that, as jobs are added and confidence builds, the U.S. economy will strengthen over time.”

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