JPMorgan Chase CEO Jamie Dimon said Wednesday that the split between chairman and CEO roles in the bank are overstated while adding that he and the board will do the right thing on succession.

Dimon told investors that the bank has an extraordinary management team and reiterated that the timeline was less than five years.

He has run the largest U.S. lender for more than 18 years. As one of the longest tenured bank chiefs on Wall Street, his future plans have long been a subject of speculation.

At its investor day earlier this month, Dimon namechecked senior JPMorgan executives who run major divisions as CEO candidates.

JPMorgan's board has identified Jennifer Piepszak and Troy Rohrbaugh, recently appointed co-CEOs of its expanded commercial and investment bank, as candidates for the top job. Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, are also in the running.

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