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With JPMorgan boss Jamie Dimon announcing a step down from the top job<\/a> at America\u2019s biggest bank sometime in the next five years, speculation is rife about what he\u2019ll do next.<\/p>\n Wherever he goes\u2014whether it\u2019s to chairman of the board at JPMorgan<\/a> or a much-speculated career in politics<\/a>\u2014Dimon may have added \u201cSir\u201d to the front of his name. <\/p>\n That\u2019s because the prime minister of the U.K., Rishi Sunak, has reportedly put the Wall Street veteran<\/a> forward for honors. The U.K. honors system consists of three types of awards, recognizing merit or service across a range of industries and endeavors.<\/p>\n The three types of award comprise of orders, decorations and medals\u2014forming a tradition dating back to the 12th century. <\/p>\n A knighthood, which the Financial Times<\/a><\/em> reported Dimon is likely to have been nominated for, is the highest ranking under the \u2018Most Excellent Order of the British Empire\u2019.<\/p>\n If the 68-year-old chose to accept the title, he could add a \u201cSir\u201d to the front of his name. The female equivalent is a damehood, among them are actors Dame Maggie Smith, Dame Helen Mirren and Dame Judi Dench.<\/p>\n Dimon, who was paid a record $36 million for his work in 2023<\/a>, isn\u2019t the only American who\u2019s potentially up for an honor. <\/p>\n Billionaire Eric Schmidt, the former CEO of Google, is also reportedly on Sunak\u2019s nomination list.<\/p>\n Schmidt\u2014who is worth $25 billion according to Forbes<\/a><\/em>\u2014led Google from 2001 to 2011 and was on the board of the Big Tech giant\u2019s parent company, Alphabet, from 2001 to 2019.<\/p>\n Both Dimon and Schmidt are U.S. citizens and as a result, the nominations by Sunak\u2014who is currently fighting an election to stay on<\/a> at number 10 Downing Street\u2014have been routed through the Foreign, Commonwealth and Development Office (FDOC), per the FT<\/em>. <\/p>\n The process reportedly began back in mid-May.<\/p>\n Additions to the honors list fall under three categories: New Years honous, the sovereign\u2019s birthday honors and resignation honors from departing prime ministers.<\/p>\n The FDOC, the cabinet office, the Conservative Party and U.K. honors system did not immediately respond to Fortune\u2019s<\/em> request for comment. JPMorgan declined to comment.<\/p>\n Characteristically, for British politics, sources also provide a counter-briefing of the nomination report. <\/p>\n One of Sunak\u2019s ministers told the FT<\/em> Dimon is a \u201cstrong candidate\u201d for a knighthood, while another individual close to the Conservative leader denied the reports and said no such process had begun.<\/p>\n While Sunak can put forward nominees for the honors list, the appointments will still have to be approved by King Charles.<\/p>\n Nominations filter through a series of independent committees within the honors system infrastructure<\/a>. <\/p>\n Anyone can be put forward by a member of the public for an award, though a \u201csteer\u201d is given by the prime minister about the direction the list takes.<\/p>\n In 2023, Sunak set out what he would like to see the system focus on, which included \u201centrepreneurs and innovators who create thriving businesses and deliver growth across the country.\u201d <\/p>\n Focus was also put on philanthropy, education, crime reduction and healthcare.<\/p>\n While the prime minister and sovereign have a seminal role in the process, there are also a series of sub-committees<\/a> tasked with oversight in various categories.<\/p>\n These bodies are split into a main committee, as well as 10 groups focused on everything from services to the arts, to the economy to parliamentary and public work.<\/p>\n Once an individual is approved for an honor, they still don\u2019t necessarily have to accept it. <\/p>\n Irish DJ and broadcaster Annie Mac, for example, turned down an MBE in 2022. <\/p>\n Speaking to Patrick Kielty on \u2018The Late Late Show\u2019<\/a><\/em> earlier this year, Mac explained: \u201cIt was lovely to be recognized for services to broadcasting\u2014I don\u2019t want to sit here and sound all pompous\u2014it was really nice.<\/p>\n \u201cBut the language of that I had an issue with. It\u2019s quite mad, it\u2019s like something from another century\u2026 it\u2019s like: \u2018We want to submit your name to be an honourary Member of the Excellent Order of British Empire.\u2019 It\u2019s 2022 lads, what is this language? And also I don\u2019t want to be associated with the British Empire, I did history in school, I know about that. If they changed the language, I\u2019d be happy to receive it.\u201d<\/p>\n The honors tradition in its earliest form began in 1328<\/a>, 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.<\/p>\n Honors can also be stripped from individuals<\/a>, for reasons such as criminal convictions and \u201cbringing the honors system into disrepute.\u201d<\/p>\n<\/div>\n\nAn honor for ex-Google boss Eric Schmidt?<\/h2>\n
About the system<\/h2>\n