Dimon Poached Buffett's Protégé to Run a $10 Billion JPMorgan Fund

Jamie Dimon hired Warren Buffett's protégé Todd Combs away from Berkshire Hathaway in December 2025 to run a $10 billion JPMorgan investment group — and Buffett told him he was fine with it. Dimon revealed the exchange at a U.S. Chamber of Commerce event in January, and Buffett's assistant confirmed the account.

"It's a free country, and people make their own decisions," Dimon said. "I did call Warren. He probably wouldn't have preferred it, but he said, 'if he's going anywhere, at least he's going to you.'"

What is Combs actually running?

Combs, the former Geico CEO, now leads a $10 billion strategic investment group inside JPMorgan's Security and Resiliency Initiative, which aims to help companies accelerate manufacturing. He joined the bank in January — and he's moved fast. His group has already committed $5 billion of its $10 billion allocation, according to a recent JPMorgan announcement.

Half the fund deployed within roughly a year is the hardest number in this story: Combs isn't easing into the job.

Why the hire stung Berkshire more than most

Berkshire Hathaway is a decentralized empire that draws its strength from long executive tenures with minimal churn at the top. Its leaders are seen as stewards of a culture, built over Buffett's six-decade run, that prizes patience and discipline. Losing one to JPMorgan cuts against that grain.

Combs had been at Berkshire since 2010, when Buffett hired the former hedge fund manager as one of two investment managers picking stocks for the company. During the succession race to replace Buffett, Combs was positioned as a key leader to assist Greg Abel, who took over as CEO in January. Combs also served nine years on JPMorgan's board, according to his hiring announcement — a long-standing bridge between the two houses.

Dimon's praise, in the hiring statement, was explicit:

"Todd Combs is one of the greatest investors and leaders I've known, having successfully managed investments alongside the most respected and successful long-term investor of our time, Warren Buffett."

Did Dimon really want a Buffett proxy?

University of Maryland finance professor David Kass, who runs a Warren Buffett blog, thinks so.

"Dimon may very well have viewed Combs as a close proxy for Buffett himself," Kass told Business Insider earlier this year. "Although Dimon could not hire Buffett, he could hire one of his protégés."

The admiration runs long. When Buffett announced in May 2025 that he would step down as CEO, Dimon praised him as a friend and said he had learned from him.

"Warren Buffett represents everything that is good about American capitalism and America itself — investing in the growth of our nation and its businesses with integrity, optimism, and common sense," Dimon said at the time, according to Reuters.

Berkshire's new era, JPMorgan's old question

The Combs exit landed amid the biggest leadership transition in Berkshire's history. Abel replaced Buffett as CEO in January after 55 years at the helm. In September, the 96-year-old officially stepped down as chairman, handing the role to his son Howard. Buffett remains on Berkshire's board.

Dimon, 70, faces the same succession questions he has dodged for years. CEO since 2006, he answered retirement queries with a rolling horizon until 2024, when he said the timeframe had shortened and succession plans were "well on the way."

This January, he told an audience he wanted to stay CEO for "at least" five more years. In June, JPMorgan elevated Doug Petno and Troy Rohrbaugh to co-presidents. In July, Dimon said his retirement timetable was essentially unchanged and ultimately up to the board.

With $5 billion already committed and Buffett's blessing on record, the Combs bet is now JPMorgan's most visible test of whether Berkshire-style patience can be imported at bank speed.