Daniel Pinto, president and chief working officer of JPMorgan Chase, speaks throughout the Semafor 2024 World Economy Summit in Washington, DC, on April 18, 2024.
Saul Loeb | AFP | Getty Images
JPMorgan Chase mentioned Tuesday that Chief Operating Officer and President Daniel Pinto will step down from these roles within the coming months, setting off an government shuffle with implications for succession planning for CEO Jamie Dimon.
Pinto, who has labored at JPMorgan and predecessor companies for greater than 4 many years, will stop being COO and president in June and retire on the finish of 2026, the bank said.
The firm’s new COO is Jennifer Piepszak, the co-head of the industrial and funding financial institution who together with shopper banking chief Marianne Lake was broadly seen as a high contender to succeed Dimon.
In her new position, Piepszak will oversee the sprawling monetary big’s know-how, operations, information and analytics operations, in addition to its abroad enterprise.
But as a part of the announcement, the corporate took the weird step of stating that Piepszak’s intention was to stay in a assist position to the CEO, relatively than vying for the highest position.
“Jenn has made clear her desire for a senior working position working shut with Jamie and in assist of the highest management group , and doesn’t need to be thought of for the CEO place right now,” an organization spokesman mentioned. “She is deeply dedicated to the way forward for the corporate and needs to assist in any means she will.”
Last yr, Dimon, 68, hinted that his CEO tenure might finish inside 5 years. That ignited hypothesis about who might take over for the most important and most worthwhile U.S. financial institution by belongings.
With Piepszak apparently taking herself out of competition, that leaves Lake, in addition to Troy Rohrbaugh, who’s co-head of the Commercial & Investment Bank together with Doug Petno, because the seemingly high contenders for subsequent JPMorgan CEO. They lead the agency’s greatest companies throughout Main Street and Wall Street finance.
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