JPMorgan chief Dimon recounts Buffett’s reaction to Combs’ move — Fortune

In the United States, JPMorgan Chase CEO Jamie Dimon said that he personally informed Warren Buffett about Todd Combs’ move from Berkshire Hathaway to the bank. As Fortune reports, Buffett replied that Combs makes his own decisions, but if he is leaving Berkshire Hathaway, it is good that he is going to JPMorgan.

Move to JPMorgan

Former Geico insurance company CEO Todd Combs had worked at Berkshire Hathaway since 2010. In December 2025, Dimon invited him to lead an investment group that was initially allocated $10 billion. The group operates within JPMorgan’s security and resilience initiative, aimed at helping companies accelerate production.

During a U.S. Chamber of Commerce event in January, Dimon said that he called Buffett to inform him about Combs’ appointment. According to him, Buffett said that it is a free country and people make their own decisions. Buffett’s assistant confirmed the accuracy of this account of the conversation.

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Combs’ experience

Before Berkshire Hathaway, Combs was a hedge fund manager. At the conglomerate, he became one of two investment managers responsible for stock selection. According to the announcement of his hiring, Combs also served on JPMorgan’s board of directors for nine years.

Combs joined JPMorgan in January. His investment group has already committed to invest $5 billion of the initially allocated $10 billion, the publication notes. Dimon called Combs one of the best investors and executives he knows and highlighted his experience managing investments alongside Buffett.

Changes at Berkshire Hathaway

Combs’ move came after a leadership change at Berkshire Hathaway: in January, Greg Abel took over as the company’s CEO from Buffett. Buffett, who had led the company for 55 years, also stepped down as chairman of the board last month, handing the role to his son Howard, while retaining his seat on the board.