JPMorgan Chase shuffles top leaders as race to succeed Jamie Dimon drags on

Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, talking 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 a number of executives thought-about frontrunners to sooner or later take over for CEO Jamie Dimon had new or expanded roles.

Jennifer Piepszak, co-head of JPMorgan’s large shopper financial institution, will now grew to become co-head of the agency’s industrial and funding financial institution together with Troy Rohrbaugh, a veteran chief of the financial institution’s buying and selling operations.

Piepszak’s former associate, Marianne Lake, will transition from shopper banking co-head to being its sole CEO, JPMorgan stated. The enterprise contains a few of the nation’s largest operations in retail banking, bank cards and small enterprise lending.

The strikes ought to give Piepszak and Lake extra expertise as the long-running succession race atop the nation’s largest financial institution drags on. When they had been made co-heads of shopper banking in 2021, Piepszak and Lake had been thought-about favorites to ultimately succeed Dimon, who’s now 67 years outdated. That 12 months, the financial institution’s board gave Dimon a special bonus to retain his companies for a “important variety of years.”

It wasn’t clear if there’s a frontrunner for the job after the most recent set of modifications, or if Dimon intends to go away anytime quickly.

The working joke inside JPMorgan is that for Dimon, thought-about the top banker of his technology, retirement is all the time five years away. Over the years, a number of of his deputies have moved on to lead different organizations after dropping persistence that the top job would ever turn out to be out there.

Rohrbaugh and international funds chief Takis Georgakopoulos spherical out the brief record of potential successors together with Lake and Piepszak, who’ve each served as CFO earlier than their present assignments, stated an individual with information of the financial institution’s planning.

As a part of the modifications, the financial institution’s new industrial and funding financial institution run by Piepszak and Rohrbaugh now contains operations that had been a separate division run by Doug Petno. And Daniel Pinto, who had been CEO of the company and funding financial institution for a decade, relinquishes that title whereas remaining the financial institution’s president and chief working officer.

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