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JPMorgan Chase said Gene Piepszak will replace Daniel Pinto as chief operating officer but will not seek the CEO job, complicating the race to one day succeed Jamie Dimon at the helm of the largest U.S. bank.
Pinto, president and chief operating officer of JPMorgan, will relinquish his responsibilities at the end of June and retire by the end of next year, the bank said on Tuesday.
Piepszak has been appointed to the position of Chief Operating Officer with immediate effect.
These moves come a year after former JPMorgan CEO Jamie Dimon Restructuring senior leadership At the bank, which led to the departure of several prominent executives close to Pinto.
In a A series of moves In January 2024, Bebczak and Troy Rohrbaugh took over JPMorgan's expanded commercial and investment banking division from Pinto, where they served as co-presidents.
These changes have raised speculation that Piepszak is the most likely candidate among those competing to succeed Damon, one of the most powerful figures on Wall Street.
but, JP Morgan She told the Financial Times on Tuesday that Piepszak was not seeking the top job, citing her “preference for a senior operating role working closely with Jimmy.”
JPMorgan also promoted Doug Pitno on Tuesday to replace Piepszak as co-head of the commercial and investment bank, alongside Rohrbaugh.
The promotion raises Pitno to the top of the list of potential replacements for Damon, 68. Other contenders include Rohrbaugh, Marian Lake, head of JPMorgan's sprawling consumer bank, and Mary Erdos, head of asset and wealth management.
Lake and Erdoz will continue in their current roles, the bank said.
There has long been speculation about who will succeed Damon, with Pinto himself once considered a candidate for the top job.
Although no timetable has been set for Dimon's departure, the bank in 2021 gave Dimon a retention bonus that will tie him to the bank until at least mid-2026.
Last May, Damon He told the investorThe search for his eventual successor was also “on the way”, and the timeline for stepping down as CEO was less than the five-year period he had previously touted.
However, Dimon may remain as president, even after he relinquishes his executive responsibilities.
The latest adjustment comes just one day before JPMorgan announces its fourth-quarter earnings.
The bank's net profits are expected to rise by about a third to $11.7 billion in the last three months of 2024 compared to the same period of the previous year.
That number is expected to be boosted by strength in investment banking and markets revenues, but will also be affected by the big hit in late 2023 when banks had to make payments to the Federal Deposit Insurance Fund to cover the costs of regional bank failures that year.
(Additional reporting by Peter Wells, Adam Samson, Joshua Franklin and Brooke Masters in New York and Urtenka Aliaj in London)
