Dimon Recalled Buffett’s Approval of Combs’ Move to JPMorgan

Jamie Dimon recounted Warren Buffett’s approving response to Todd Combs’ planned move to JPMorgan, where Combs was slated to lead the Strategic Investment Group with an initial $10 billion equity allocation.

At a U.S. Chamber of Commerce event on Jan. 15, 2026, Dimon said he called Buffett about the hire. Dimon recalled Buffett telling him, “If he’s going anywhere, at least he’s going to you.”

JPMorgan announced Dec. 8, 2025, that Combs would leave Berkshire Hathaway and GEICO to lead the group. Combs was scheduled to join in January 2026 as a special adviser to Dimon. The initial $10 billion allocation was for direct equity investments.

The group is part of JPMorgan’s 10-year, $1.5 trillion Security and Resiliency Initiative, which covers investment and other financing for industries tied to economic security. The $10 billion allocation is for the group’s direct equity investments within that broader initiative.

Combs joined Berkshire as an investment manager in 2010 and had led GEICO since 2020. Buffett separately praised JPMorgan’s choice, saying, “JPMorgan, as usually is the case, has made a good decision.”