Daniel Pinto, president and chief operating officer of JPMorgan Chase, speaks during the Semaphore 2024 Global Economic Summit in Washington, D.C., on April 18, 2024.
Saul Loeb | AFP | Getty Images
JPMorgan Chase He said on Tuesday that the chief operating officer and president Daniel Pinto He will step down from these roles in the coming months, triggering an executive shake-up that has implications for CEO succession planning Jamie Damon.
Pinto, who has worked at JPMorgan and predecessor companies for more than four decades, will step down from his roles as chief operating officer and president in June and retire at the end of 2026. The bank said.
The company's new chief operating officer is Jennifer Piepszak, co-president of the commercial and investment bank who along with consumer banking chief Marian Lake were widely viewed as top contenders to succeed Dimon.
In her new role, Piepszak will oversee the technology, operations, data and analytics operations of the sprawling financial giant, as well as its external businesses.
But as part of that announcement, the company took the unusual step of announcing that Piepszak's intention is to remain in a supporting role to the CEO, rather than competing for the top role.
A spokesperson for the company said: “Jane has made clear her preference for a senior operating role working closely with Jamie and supporting the senior leadership team, and does not want to be considered for the CEO role at this time.” “She is deeply committed to the future of the company and wants to help in any way she can.”
Last year, Damon, 68, Hint His term as CEO may end within five years. This has raised speculation about who could take charge of the largest and most profitable US bank by assets.
With Piepszak seemingly taking herself out of the running, that leaves Lake, as well as Troy Rohrbaugh, who serves as co-chairman of the commercial and investment bank alongside Doug Petno, as the top potential contenders for JPMorgan's next CEO job. They lead the firm's largest businesses across Main Street and Wall Street financing.
Lake, Pinto, Bebczak, Pitno and Rohrbaugh, as well as Marie Erdos, the bank's head of asset and wealth management, report directly to Dimon.
This story is evolving. Please check back for updates.
