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Jamie Dimon, Chairman and CEO, JPMorgan Chase, speaking on CNBC’s Squawk Box at the World Economic Forum annual meeting in Davos, Switzerland on January 17, 2024.
Adam Galisi | cnbc
JPMorgan Chase Several executives considered frontrunners to one day take over for CEO Jamie Dimon were said to have new or expanded roles.
Jennifer Piepszak, co-head of JPMorgan’s massive consumer bank, will now co-head the firm’s commercial and investment bank alongside Troy Rohrbaugh, a veteran leader of the bank’s trading operations.
Piepszak’s former partner, JPMorgan said Marian Lake will transition from consumer banking co-head to its sole CEO. The business includes some of the nation’s largest operations in retail banking, credit card and small business lending.
The move should give Piepszak and Lake more experience as the long-running succession race at the top of the country’s largest bank continues. When they were named co-heads of consumer banking in 2021, Piepszak and Lake were considered favorites to ultimately succeed Dimon, now 67. That year, the bank’s board gave Dimon a special bonus for retaining his service “for a significant number of years”.
It was unclear whether there is a contender for the job following the latest changes or whether Dimon intends to leave any time soon.
The running joke within JPMorgan is that for Dimon, considered the top banker of his generation, retirement is always five years away. Over the years, many of their representatives have moved on to lead other organizations after losing patience that the top job would ever become available.
A person with knowledge of the bank’s planning said Rohrbaugh and global payments chief Takis Georgakopoulos have drawn up a short list of potential successors along with Lake and Piepszak, both of whom served as CFOs before their current assignments.
As part of the changes, the bank’s new commercial and investment bank run by Piepszak and Rohrbaugh now includes operations that were a separate division run by Doug Patno. And Daniel Pinto, who served as CEO of the corporate and investment bank for a decade, relinquished that title while remaining president and chief operating officer of the bank.
