JPMorgan Chase & Co has recruited Todd Combs from Berkshire Hathaway in a significant move. Combs, who is one of Warren Buffett’s two investment managers at Berkshire, will take on a broad role advising JPMorgan Chase CEO Jamie Dimon and other top executives on strategic matters. JPMorgan Chase & Co is a leading global financial services firm with assets of $4.1 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
In addition to his advisory duties, Combs will also be responsible for overseeing JPMorgan’s $US10 billion ($15 billion) commitment to invest in companies that aim to strengthen US economic security through direct equity investments. To support this initiative, JPMorgan has established a new council that includes notable figures such as Amazon founder Jeff Bezos and Ford CEO Jim Farley.
Combs, aged 54 and a former hedge fund manager, has an existing relationship with JPMorgan, having joined the bank’s board in 2016. His appointment follows his involvement in the healthcare venture launched by JPMorgan, Amazon, and Berkshire in 2018, although that project was discontinued after three years. Buffett praised the Combs hire, stating, “JPMorgan, as usually is the case, has made a good decision.”
Combs’ departure from Berkshire Hathaway will reduce the conglomerate’s investment management team as Buffett prepares to transition the CEO role to Greg Abel. At Berkshire, Combs assisted in managing a portion of the company’s $US283 billion equity portfolio alongside Buffett and Ted Weschler, while also serving as the CEO of the insurer GEICO.
