JPMorgan Chase Chairman and Chief Operating Officer Daniel Pinto speaks during the Semaphore 2024 World Economy Summit in Washington, DC on April 18, 2024.
Saul Loeb AFP | getty images
JPMorgan Chase Said Tuesday that the chief operating officer and president Daniel Pinto They will step down from those roles in the coming months, triggering an executive shuffle with implications for succession planning for CEOs jamie dimon,
Pinto, who has worked at JPMorgan and predecessor companies for more than four decades, will cease to be COO and chairman in June and will retire at the end of 2026. The bank said.
The company’s new COO is Jennifer Piepszak, co-head of the commercial and investment bank, who was widely seen as a top contender to replace Dimon, along with consumer banking head Marian Lake.
In her new role, Piepszak will oversee the financial giant’s technology, operations, data and analytics operations as well as its overseas business.
But as part of the announcement, the company took the unusual step of saying that Piepszak intended to remain in a supporting role to the CEO rather than compete for the top role.
A company spokesperson said, “Jane has made clear her preference for a senior operating role working alongside Jamie and supporting the top leadership team, and she does not wish to be considered for the CEO position at this time.” “She is deeply committed to the future of the company and wants to help in any way she can.”
Last year, Dimon, 68, indicated That his CEO tenure may end within five years. That sparked speculation about who might take charge of the largest and most profitable US bank by assets.
Piepszak has apparently taken himself out of contention, making Lake, as well as Troy Rohrbaugh, who co-heads the commercial and investment bank with Doug Patno, as potential top contenders for the next JPMorgan CEO. He leads the firm’s largest businesses in Main Street and Wall Street finance.
Lake, Pinto, Piepszak, Patno and Rohrbaugh, as well as Mary Erdoz, head of the bank’s asset and wealth management division, report directly to Dimon.
Dimon greatly admired his longtime No. 2, who had started at JPMorgan’s predecessor firm in 1983 as a currency trader in Buenos Aires. Pinto rose through the ranks of Wall Street, eventually becoming sole head of the firm’s powerful corporate and investment bank in 2014, and then COO in 2018.
“Daniel is a first-class individual, someone I’m proud to call a friend, and he has made a really significant impact on our company for more than 40 years,” Dimon said. “I cannot thank him enough for his partnership and outstanding leadership as President and COO and for building one of the best, most respected corporate and investment banks in the world.”
This story is developing. Please check back for updates.