JPMorgan Chase executive shifts as succession race for Jamie Dimon’s successor continues

JPMorgan Chase announced on Thursday that several top executives likely to succeed CEO Jamie Dimon have taken on new or expanded roles. Jennifer Piepszak, the co-head of JPMorgan’s consumer bank, has been appointed as co-head of the firm’s commercial and investment bank, alongside Troy Rohrbaugh, a seasoned leader of the bank’s trading operations. Marianne Lake, Piepszak’s former co-head, will now serve as the sole CEO of the consumer banking division, which encompasses retail banking, credit cards, and small business lending. These changes are intended to provide Piepszak and Lake with more experience as the competition to succeed Dimon, now 67, continues. In 2021, Piepszak and Lake were viewed as leading candidates to eventually take over from Dimon, who was granted a special bonus that year to retain his services for the foreseeable future. It remains uncertain whether a frontrunner has emerged following the recent shake-up, or if Dimon plans to step down in the near future. There is a prevailing notion within JPMorgan that Dimon, widely regarded as the top banker of his era, is always “five years away” from retirement. Many of his deputies have departed over the years, having grown impatient with the limited prospects of assuming the top role at the bank. Alongside Lake and Piepszak, Takis Georgakopoulos, the global payments chief, and Rohrbaugh are among the short-listed potential successors. According to a source familiar with the bank’s plans, Lake and Piepszak, both of whom have previously served as CFO, are joined by Rohrbaugh in the race for the top position. As part of the restructuring, Piepszak and Rohrbaugh’s commercial and investment bank now encompasses operations that were previously managed by Doug Petno, and Daniel Pinto, the former CEO of the corporate and investment bank, has stepped down from that role but continues to serve as the bank’s president and chief operating officer.

Author: OpenAI