The executive reshuffling led by Jamie Dimon has resumed at JPMorgan Chase.
On Thursday, several key lieutenants were reassigned to new roles, prompting speculation about the succession plan for the renowned chief executive, although his departure isn’t expected in the near future.
Daniel Pinto, Dimon’s close ally serving as president and chief operating officer, is relinquishing day-to-day oversight of the corporate and investment bank. Dimon stated that he and Pinto would continue to “jointly manage our company.” This move was anticipated as many executives below Pinto had already ascended to JPMorgan’s top echelons and required increased responsibilities.
The surprising development involves the successors to Pinto: Jennifer Piepszak, transitioning from the consumer banking division, and Troy Rohrbaugh, who has overseen the markets division. Their roles will expand beyond Pinto’s, as the bank merges divisions and incorporates the commercial bank into the corporate and investment bank.
Piepszak, formerly the chief financial officer, is viewed as a leading candidate for Dimon’s position. This change separates her from another contender, Marianne Lake, who will now lead the extensive consumer bank independently.
Rohrbaugh is also touted as a potential contender for the top position in the future. Marc Badrichani, the other co-head of markets, previously expected to ascend to Pinto’s role eventually, has opted to depart from the bank.
As part of the expanded corporate and investment bank, Doug Petno, who currently leads the commercial bank, will assume leadership of a broader division encompassing all lending to corporate and commercial clients.
Meanwhile, Viswas Raghavan will assume the sole leadership of the dealmaking division.
Dimon has implemented such changes regularly during his tenure at the helm of the nation’s largest bank, explaining to investors that it’s how he ensures his leadership team is prepared to manage the entire bank in his absence. In part, it reflects his own experiences growing up in banking alongside Sandy Weill, who entrusted him with running various businesses as they struck deals and acquired assets to build up Citigroup.
Dimon, aged 67 and serving as the bank’s leader since 2005, has indicated he intends to continue for several more years before retiring. In 2021, he received a bonus of approximately $50 million contingent on his remaining with the bank until 2026.
JPMorgan will now operate with three business lines instead of four: the newly rebranded commercial and investment bank; Chase consumer and community banking; and asset and wealth management.