Daniel Pinto, chairman and chief operating officer of JPMorgan Chase, speaks during the Semaphore 2024 World Economic Summit in Washington, DC on April 18, 2024.
Saul Loeb | AFP | Getty Images
JPMorgan Chase that chief operating officer and president said Tuesday Daniel Pinto will step down from those roles in the coming months, ushering in an executive shakeup with implications for CEO succession planning Jamie Dimon.
Pinto, who worked at JPMorgan and its predecessor companies for more than four decades, will step down as COO and president in June and retire at the end of 2026. said the bank.
The firm’s new chief operating officer is Jennifer Piepszak, the co-head of the commercial and investment bank who, along with consumer banking chief Marianne Lake, was widely seen as the leading candidate to succeed Dimon.
In his new role, Piepszak will oversee the financial giant’s technology, operations, data and analytics, as well as its overseas operations.
But as part of the announcement, the company took the unusual step of stating that Piepszak’s intention was to remain in a support role to the CEO, rather than compete for the top role.
“Jenn has made it clear that she prefers a more senior operational role working closely with Jamie and supporting the senior management team, and does not wish to be considered for the role of CEO at this time,” a company spokesperson said. “She is deeply committed to the future of the company and wants to help in any way she can.”
Last year Dimon, 68, hinted that his term as executive director could end within five years. That has fueled speculation about who might take over America’s largest and most profitable bank by assets.
With Piepszak apparently out of the running, that leaves Lake, as well as Troy Rohrbaugh, who co-heads the Commercial & Investment Bank with Doug Petna, as the likely frontrunners to be JPMorgan’s next CEO. They run the company’s biggest deals across Main Street and Wall Street finance.
Lake, Pinto, Piepszak, Petno and Rohrbaugh, as well as Mary Erdoes, head of the bank’s asset and wealth management division, report directly to Dimon.
This story is evolving. Check again for updates.
