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
Jennifer Piepszak, co-head of JPMorgan’s big shopper financial institution, will now grew to become 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 shopper banking co-head to being its sole CEO, JPMorgan mentioned. The enterprise contains among 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 had been made co-heads of shopper banking in 2021, Piepszak and Lake had been thought of favorites to ultimately succeed Dimon, who’s now 67 years previous. That yr, the financial institution’s board gave Dimon a special bonus to retain his providers for a “important variety of years.”
It wasn’t clear if there’s a frontrunner for the job after the newest set of modifications, or if Dimon intends to go away anytime quickly.
The operating joke inside JPMorgan is that for Dimon, thought of the highest banker of his technology, retirement is at all times five years away. Through the years, a number of of his deputies have moved on to guide different organizations after dropping endurance that the highest job would ever change into 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 modifications, the financial institution’s new business 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.