There's an unwritten rule in corporate America: if you're going to poach someone from Warren Buffett's inner circle, you probably owe the man a phone call. Jamie Dimon followed that rule, and on Thursday, he shared exactly how that conversation went.

The Call That Could Have Gone Badly

Speaking at a U.S. Chamber of Commerce event, the JPMorgan CEO revealed he reached out directly to Buffett after hiring Todd Combs, a longtime Berkshire Hathaway executive and former Geico CEO, back in December. According to Fortune, Dimon described the move as candid but necessary, fully aware he was recruiting from Buffett's tight-knit leadership team.

Buffett's response? Surprisingly relaxed. He didn't push back or try to block the move. Instead, he accepted Combs' decision to leave with what sounds like classic Buffett pragmatism.

"It's a free country, and people make their own decisions," Dimon recounted. Buffett reportedly added that if Combs was going to leave Berkshire, JPMorgan was at least a solid destination.

Why This Departure Turns Heads

Executive turnover at Berkshire Hathaway is about as common as a snowstorm in Omaha in July. The company is famous for its decentralized structure and executives who stick around for decades. Senior leaders aren't just employees—they're seen as stewards of a culture Buffett has carefully built over 60 years.

Combs joined Berkshire in 2010 after making a name for himself as a hedge fund manager. Buffett handpicked him as one of just two investment managers responsible for picking stocks for the sprawling conglomerate. For years, Combs was viewed as a key guardian of Berkshire's vast investment portfolio, which made his departure all the more unexpected.

What Combs Will Do at JPMorgan

At JPMorgan, Combs isn't managing a stock portfolio. He's leading a $10 billion investment group under the bank's Security and Resiliency Initiative, which aims to accelerate U.S. manufacturing and strengthen supply chains. Dimon pointed to Combs' investment track record and years working alongside Buffett as major factors in the hire.

Two Icons, Two Succession Stories

Dimon has long admired Buffett, calling him both a friend and a model of American capitalism. While the 95-year-old Buffett has stepped aside as CEO—with Greg Abel taking over at the start of 2026—Dimon, now 69, continues to field questions about his own timeline.

On Thursday, he said his retirement remains "at least" five years away, once again pushing back expectations for a leadership transition at JPMorgan.