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Daniel Pinto, president and chief operating officer of JPMorgan Chase, speaks during the Semafor 2024 World Economic Summit in Washington, DC on April 18, 2024.
Sol Loeb AFP | Getty Images
JPMorgan Chase said Tuesday that the chief operating officer and president Daniel Pinto will step down from those roles in the coming months, which will begin a reshuffle of executives with implications for CEO succession planning Jamie Dimon.
Pinto, who worked at JPMorgan and its predecessor firms for more than four decades, will step down as chief operating officer and president in June and retire at the end of 2026. – said the bank.
The company’s new chief operating officer is Jennifer Piepszak, co-head of commercial and investment banking, who, along with consumer banking chief Marianne Lake, was considered a frontrunner to replace Dimon.
In his new role, Piepsak will oversee the broad financial giant’s technology, operations, data and analytics, as well as its overseas business.
But as part of the announcement, the company took the unusual step of saying that Piepsak intends to remain in a supporting role to the CEO rather than compete for the top role.
“Jenna has made it clear that she prefers a senior operational role working closely with Jamie and supporting the senior management team and does not wish to be considered for the role of CEO at this time,” a company spokesperson said. “She is deeply committed to the future of the company and wants to help in any way she can.”
Last year Dimon, 68, hinted that his tenure as CEO may expire within five years. That fueled speculation about who might take over the largest and most profitable U.S. bank by assets.
With Piepszak seemingly out of contention, Lake, along with Troy Rohrbaugh, who co-heads the Commercial and Investment Bank with Doug Petna, are emerging as the likely frontrunners to be JPMorgan’s next CEO. They operate the firm’s largest financial services businesses on Main Street and Wall Street.
Lake, Pinto, Piepsak, Petno and Rohrbaugh, as well as Mary Erdos, the bank’s head of asset and wealth management, report directly to Dimon.
This story is evolving. Check for updates.
