Dow Jones Today: Stock Futures Tick Higher to Begin Week Featuring Fed Decision on Interest Rates; S&P 500 on Cusp of Record

Todd Combs, Warren Buffett’s Investment Manager at Berkshire Hathaway, to Leave for JPMorgan Chase

1 hr 39 min ago

Warren Buffett’s investment manager at Berkshire Hathaway (BRK.A; BRK.B) is leaving the conglomerate for a job at JPMorgan Chase (JPM). Buffett said the world’s largest bank “has made a good decision.”

Early Monday, JPMorgan announced that it had hired Todd Combs, the CEO of GEICO and investment manager at Berkshire Hathaway, to “head the $10 billion Strategic Investment Group of the firm’s new Security and Resiliency Initiative (SRI).” The bank said the unit was “recently launched to help companies enhance their growth, spur innovation and accelerate manufacturing, primarily in the United States.”

Combs, a former member of the bank’s board, will serve as a special advisor to JPMorgan CEO Jamie Dimon.

“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,” Dimon said. “Having served nine years on our Board, he truly understands all aspects of our company, and he supports the role we play helping make the world better and safer for all its citizens.”

In a separate press release announcing leadership changes at Berkshire Hathaway, the 95-year-old Buffett—who will be retiring at the end of the year—said Combs “made many great hires at GEICO and broadened its horizons. JPMorgan, as usually is the case, has made a good decision.”

Nancy Pierce, GEICO’s COO, will be taking over as CEO from Combs, effective immediately, Berkshire said.

In addition, CFO Marc Hamburg will retire from the company after 40 years of service on June 1, 2027. Charles Chang will Hamburg as CFO on June 1, 2026, and they “will work together to ensure a smooth and seamless transition period,” the company said. 

Stock Futures Tick Higher to Begin Week Featuring Fed Decision on Interest Rates

2 hr 17 min ago

Futures contracts connected to the Dow Jones Industrial Average were little changed.

S&P 500 futures were up 0.1%.

Nasdaq 100 futures advanced 0.2%.