NEW YORK (Reuters) – JPMorgan Chase & Co’s shares fell as much as 1 percent Wednesday after Chairman and Chief Executive Jamie Dimon said late Tuesday he had been diagnosed with throat cancer.
The condition is curable, Dimon said in a memo to shareholders and employees, and he will undergo radiation and chemotherapy treatment for about eight weeks.
During that time, Dimon said his business travel would be limited but he would “be able to continue to be actively involved in our business.”
JPMorgan’s shares fell the most of any of the 24 stocks in the KBW index of bank stocks <.BKX>. The stock was down more than 1 percent at $56.90 in mid-morning trading.
A JPMorgan spokesman said the bank has a deep team of leaders that will continue to run the company as it has been so far.
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.
(Reporting by Peter Rudegeair; Editing by Bernadette Baum)
JPMorgan shares fall after Dimon disclosure of cancer
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