Berkshire Hathaway Enters New Era: Buffett Steps Down While Todd Combs Defects to JPMorgan's Ambitious Finance Push

Berkshire Hathaway is undergoing a seismic leadership transition as Warren Buffett officially hands over the reins by year-end, marking the end of an era at the investment giant. But the bigger shock? Todd Combs, one of the most powerful figures in Berkshire’s investment apparatus and CEO of GEICO, is leaving for JPMorgan Chase—a move that signals how aggressively Wall Street is hunting top talent.

The Exodus Begins: Why Todd Combs Left Berkshire for JPMorgan

Todd Combs didn’t just take any job at JPMorgan; he’s now leading the bank’s newly launched investment wing as part of their “security and resilience” initiative, while also serving as special adviser to CEO Jamie Dimon. The hiring carries weight—Dimon publicly called Combs “one of the greatest investors and leaders” he’s encountered, and Buffett himself blessed the move, hinting at the mutual respect between the two titans.

This isn’t random. JPMorgan is gearing up to manage $1.5 trillion in financing commitments and has allocated a $10 billion strategic investment pool focused on high-stakes sectors: AI, critical minerals, and defense manufacturing. Putting Combs at the helm suggests JPMorgan sees him as essential to navigating this complex, capital-intensive landscape. Notably, Combs has sat on JPMorgan’s board since 2016, so this transition feels less like a poach and more like a long-term plan finally materializing.

Berkshire’s Bench Stays Deep Despite the Departure

Meanwhile, Greg Abel officially takes the CEO chair on January 1, completing Buffett’s succession plan. Nancy Pierce, currently COO of GEICO, steps into Combs’s shoes running the insurance unit—continuity over chaos. Elsewhere, Berkshire is solidifying its leadership: Michael O’Sullivan becomes the firm’s first general counsel next month; Marc Hamburg (longtime CFO) is exiting in 2027 with Charles Chang from Berkshire Energy replacing him; and Adam Johnson, CEO of NetJets, will oversee the consumer products division without abandoning his current post.

What This Means for the Investment World

The reshuffling reveals two competing narratives. Berkshire is executing a carefully choreographed generational handoff, ensuring stability. JPMorgan, conversely, is making bold bets on growth and consolidating firepower by recruiting proven operators like Todd Combs. For investors watching both firms, the message is clear: big capital is increasingly concentrated, strategic priorities are shifting toward tech, energy security, and geopolitics, and top-tier talent now commands premium moves.