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Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, talking on CNBC’s Squawk Field on the World Financial Discussion board Annual Assembly in Davos, Switzerland on Jan. seventeenth, 2024.
Adam Galici | CNBC
JPMorgan Chase on Thursday mentioned a number of executives thought of front-runners to sooner or later take over for CEO Jamie Dimon had new or expanded roles.
Jennifer Piepszak, co-head of JPMorgan’s large client financial institution, will now turned co-head of the agency’s business and funding financial institution together with Troy Rohrbaugh, a veteran chief of the financial institution’s buying and selling operations.
Piepszak’s former accomplice, Marianne Lake, will transition from client banking co-head to being its sole CEO, JPMorgan mentioned. The enterprise consists of a number 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 because the long-running succession race atop the nation’s largest financial institution drags on. Once they have been made co-heads of client banking in 2021, Piepszak and Lake have been thought of favorites to ultimately succeed Dimon, who’s now 67 years previous. That yr, the financial institution’s board gave Dimon a particular bonus to retain his companies for a “vital variety of years.”
It wasn’t clear if there’s a front-runner for the job after the most recent set of adjustments, or if Dimon intends to go away anytime quickly.
The working joke inside JPMorgan is that for Dimon, thought of the highest banker of his era, retirement is at all times 5 years away. Over time, a number of of his deputies have moved on to steer different organizations after dropping persistence that the highest job would ever turn out to be obtainable.
Rohrbaugh and international funds chief Takis Georgakopoulos spherical out the brief listing of potential successors together with Lake and Piepszak, who’ve each served as CFO earlier than their present assignments, mentioned an individual with information of the financial institution’s planning.
As a part of the adjustments, the financial institution’s new business and funding financial institution run by Piepszak and Rohrbaugh now consists of 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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