Jamie Dimon Hired Todd Combs From Berkshire Hathaway, Earning Buffett's Blessing

JPMorgan Chase & Co. CEO Jamie Dimon hired Todd Combs, a top executive at Berkshire Hathaway, to lead a new $10 billion investment group at the bank. Combs, who had served as one of Warren Buffett’s two investment managers and as CEO of Geico, left Berkshire in December after 14 years. Dimon said he informed Buffett of the hire directly, noting that the billionaire investor acknowledged the move with a pragmatic response.

In an interview with the U.S. Chamber of Commerce, Dimon said Buffett told him, 'If he’s going anywhere, at least he’s going to you.' Buffett also released a statement calling JPMorgan’s decision 'a good one'. Dimon praised Combs as 'one of the greatest investors and leaders I’ve known' and said the hire reflects the bank’s commitment to expanding its wealth and asset management capabilities.

The move comes as JPMorgan continues to strengthen its investment and advisory services under Dimon’s leadership. . Combs will also serve as a special advisor to Dimon, a role that underscores his high-level involvement at the bank.

Why Did This Happen?

Todd Combs had been a key figure at Berkshire Hathaway for over a decade, managing a large portion of Buffett’s investments and overseeing Geico’s operations. His departure marked the first major leadership change since Greg Abel took over as CEO of Berkshire in January 2026.

Dimon said he reached out to Buffett personally after finalizing the deal, emphasizing that the hiring of top talent is part of JPMorgan’s long-term strategy. Buffett’s response indicated a level of acceptance, despite the potential for the move to raise eyebrows among investors familiar with his close working relationship with Combs.

How Did Markets React?

JPMorgan’s stock was mixed in the days following the announcement, with investors parsing the broader implications of the move. While the hiring of Combs did not immediately trigger a significant price change, analysts noted the strategic value of bringing in an executive with deep investment expertise.

Combs has a strong track record in managing large-scale portfolios, which aligns with JPMorgan’s push into high-net-worth and institutional investing. The new $10 billion group is expected to focus on long-term, value-oriented investments, a style that resonates with Buffett’s investment philosophy.

What Are Analysts Watching Next?

The success of the new investment group will depend on its ability to generate consistent returns and build client confidence. JPMorgan has faced challenges in competing with private equity and hedge funds in the high-net-worth space, and Combs’ track record may help bridge that gap.

Additionally, Dimon’s continued advocacy for the independence of the Federal Reserve has drawn attention, especially as political pressures mount amid the Justice Department’s investigation into the central bank. Dimon reiterated that political interference with the Fed would likely lead to higher interest rates, contradicting President Trump’s stated goals.

As JPMorgan moves forward with its strategic expansion, the performance of its new investment group and Dimon’s stance on central bank independence will remain key indicators for investors.