Jamie Dimon has throat cancer.
The chief executive officer and chairman of JPMorgan Chase told shareholders and employees in a statement Tuesday that he was diagnosed with the illness. Dimon said the cancer was "confined to the original site and the adjacent lymph nodes on the right side of my neck" and that there was "no evidence" of the cancer spreading throughout his body.
He said in the letter to shareholders and employees that his chemotherapy treatment will take eight weeks and will restrict his travel, but he will be "actively involved in our business, and we will continue to run the company as normal."
"The good news is that the prognosis from my doctors is excellent, the cancer
was caught quickly, and my condition is curable," Dimon said.
Dimon's diagnosis comes after the bank's longtime leader has endured the company's worst year under his leadership as chairman and CEO. The bank had to pay over $20 billion in fines, penalties, and compensation for investors to settle law enforcement and regulatory investigations of its mortgage-bond sales before the financial crisis, its role as Bernie Madoff's primary bank, and its disclosures following the $6 billion derivatives loss known as the London Whale in 2012. Dimon said in his annual letter to shareholders earlier this year that the bank "came through it scarred but strengthened."
"I can hardly express the admiration, even pride, I feel because of the enduring resolve and resiliency of our management team and our employees," Dimon wrote.
Dimon's position at the top of JPMorgan appears to be as secure as ever. At the company's annual shareholder meeting, there was no shareholder proposal to split the chairman and CEO roles, unlike in the previous two years. Shareholders also overwhelmingly approved Dimon's 2013 pay of $20 million, an $8.5 million raise over the previous year.
Dimon is 58 and has been CEO and chairman of JPMorgan since 2006. The company's stock price was down slightly in after hours trading.
Here is the full letter from Dimon:
Dear Colleagues and Shareholders -
I wanted to let you know that I have just been diagnosed with throat cancer.
The good news is that the prognosis from my doctors is excellent, the cancer
was caught quickly, and my condition is curable. Following thorough tests that
included a CAT scan, PET scan and a biopsy, the cancer is confined to the
original site and the adjacent lymph nodes on the right side of my neck.
Importantly, there is no evidence of cancer elsewhere in my body.
My evaluation and treatment plan are still being finalized, but at this time
it appears I will begin radiation and chemotherapy treatment shortly at
Memorial Sloan Kettering Hospital, which should take approximately eight
weeks. While the treatment will curtail my travel during this period, I have
been advised that I will be able to continue to be actively involved in our
business, and we will continue to run the company as normal. Our Board has
been fully briefed and is totally supportive.
As you all know, we have outstanding leaders across our businesses and
functions – the best team I've ever had the privilege of working with – so our
company will move forward together with confidence as we continue to deliver
first-class results for our customers, communities and shareholders.
I feel very good now and will let all of you know if my health situation
I appreciate your support and want to thank our employees for the amazing work
they do day-in and day-out. I'm very proud to be part of this company and
honored to be working with such an exceptional group of people.
This piece has been updated throughout.
Matthew Zeitlin is a business reporter for BuzzFeed News and is based in New York. Zeitlin reports on Wall Street and big banks.
Contact Matthew Zeitlin at email@example.com.
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