Jamie Dimon reportedly considered for knighthood by Rishi Sunak

As JPMorgan chief Jamie Dimon announces he will step down from the top job at America’s largest bank sometime in the next five years, speculation is rife about what he will do next.

Wherever he goes, whether as chairman of JPMorgan’s board of directors or in a highly speculated political career, Dimon may have added “Sir” in front of his name.

This is because UK Prime Minister Rishi Sunak has reportedly put forward the Wall Street veteran for honours. The UK honors system consists of three types of awards, recognizing merit or service in a variety of industries and endeavours.

The three types of awards include orders, decorations and medals, forming a tradition that dates back to the 12th century.

A knighthood, which the Financial times Dimon is reportedly likely to have been nominated, it is the highest rank under the ‘Most Excellent Order of the British Empire’.

If the 68-year-old decided to accept the title, he could add a “Sir” in front of his name. The female equivalent is a lady, these include actresses Dame Maggie Smith, Dame Helen Mirren and Dame Judi Dench.

An honor for former Google boss Eric Schmidt?

Dimon, who was paid a record $36 million for his work in 2023, is not the only American potentially up for an honor.

Billionaire Eric Schmidt, former Google chief executive, is also reportedly on Sunak’s nomination list.

Schmidt, who is worth $25 billion according to Forbes—headed Google from 2001 to 2011 and was on the board of directors of the tech giant’s parent company, Alphabet, from 2001 to 2019.

Both Dimon and Schmidt are US citizens and, as a result, nominations for Sunak, who is currently contesting an election to remain in 10 Downing Street, have been routed through the Foreign, Commonwealth and Development Office (FDOC). for its acronym in English), according to the report. FOOT.

The process reportedly began in mid-May.

Additions to the honors list are divided into three categories: New Year honours, birthday honors of the sovereign and resignation honors of outgoing prime ministers.

The FDOC, the Cabinet Office, the Conservative Party and the UK honors system did not immediately respond to the Fortune request for comment. JPMorgan declined to comment.

It is characteristic of British politics that the sources also provide a counter-report on the nomination report.

One of Sunak’s ministers told FOOT Dimon is a “strong candidate” for a knighthood, while another individual close to the Conservative leader denied the reports and said no such process had begun.

About the system

While Sunak can put forward nominees for the honors list, appointments will still have to be approved by King Charles.

Nominations are filtered through a series of independent committees within the infrastructure of the honors system.

Anyone can be nominated by a member of the public for an award, although the Prime Minister gives “guidance” on the direction the shortlist takes.

In 2023, Sunak set out what he would like the system to focus on, which included “entrepreneurs and innovators creating thriving businesses and driving growth across the country”.

There was also a focus on philanthropy, education, crime reduction, and health care.

While the Prime Minister and the Sovereign play a key role in the process, there are also a number of subcommittees charged with overseeing various categories.

These bodies are divided into a main committee, as well as 10 groups focused on everything from services to the arts, to the economy and public and parliamentary work.

Once a person is approved for an honor, they do not necessarily have to accept it.

Irish DJ and broadcaster Annie Mac, for example, turned down an MBE in 2022.

Speaking with Patrick Kielty at ‘The last show’ Earlier this year, Mac explained: “It was wonderful to be recognized for my broadcasting services; I don’t want to sit here and sound pompous; It was really nice.

“But I had a problem with the language of that. It’s quite crazy, it’s like something from another century… it’s like: ‘We want to put his name forward for honorary membership in the Excellent Order of the British Empire.’ It’s 2022 guys, what is this language? And I don’t want to be associated with the British Empire either, I studied history at school, I know that. If they changed the language, I would be happy to receive it.”

The tradition of the honors in its earliest form began in 1328, founded by King Edward III of England, known as the Order of the Garter. Since then, a number of awards, orders and medals have been added.

Honors can also be stripped from people, for reasons such as criminal convictions and “bringing the honors system into disrepute.”

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