Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, speaking on CNBC’s Squawk Box on the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. seventeenth, 2024.
Adam Galici | CNBC
JPMorgan Chase on Thursday said several executives considered front-runners to at some point take over for CEO Jamie Dimon had latest or expanded roles.
Jennifer Piepszak, co-head of JPMorgan’s giant consumer bank, will now became co-head of the firm’s business and investment bank together with Troy Rohrbaugh, a veteran leader of the bank’s trading operations.
Piepszak’s former partner, Marianne Lake, will transition from consumer banking co-head to being its sole CEO, JPMorgan said. The business includes a number of the country’s largest operations in retail banking, bank cards and small business lending.
The moves should give Piepszak and Lake more experience because the long-running succession race atop the nation’s largest bank drags on. After they were made co-heads of consumer banking in 2021, Piepszak and Lake were considered favorites to eventually succeed Dimon, who’s now 67 years old. That yr, the bank’s board gave Dimon a special bonus to retain his services for a “significant variety of years.”
It wasn’t clear if there’s a front-runner for the job after the newest set of changes, or if Dimon intends to go away anytime soon.
The running joke inside JPMorgan is that for Dimon, considered the highest banker of his generation, retirement is all the time five years away. Over time, several of his deputies have moved on to steer other organizations after losing patience that the highest job would ever change into available.
Rohrbaugh and global payments chief Takis Georgakopoulos round out the short list of potential successors together with Lake and Piepszak, who’ve each served as CFO before their current assignments, said an individual with knowledge of the bank’s planning.
As a part of the changes, the bank’s latest business and investment bank run by Piepszak and Rohrbaugh now includes operations that had been a separate division run by Doug Petno. And Daniel Pinto, who had been CEO of the company and investment bank for a decade, relinquishes that title while remaining the bank’s president and chief operating officer.
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