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JPMorgan Chase & Co. has announced that Jen Piepszak will replace Daniel Pinto as chief operating officer in a major shakeup at the top leadership of America’s largest bank.
Chief Executive Jamie Dimon will step down by the end of next year, the Financial Times has confirmed, after Pinto, JPMorgan’s president and chief operating officer, will relinquish his responsibilities at the end of June. This is planned, the company said in a memo to employees. Piepszak has been appointed COO effective immediately, the memo said.
The move comes a year after Mr. Dimon shuffled the bank’s senior leadership and sparked the high-profile resignations of several executives close to Mr. Pinto.
The changes had already sparked speculation that Mr. Piepszak was the front-runner to eventually succeed Mr. Dimon. However, JPMorgan told the FT that Piepszak was not seeking the chief executive role.
JPMorgan said: “Jen has made it clear that she would like to work closely with Jamie and in a senior operational role to support the future management team, and has indicated that she does not intend to take on the CEO role at this time.” Ta.
In a series of moves in January 2024, Piepszak became co-head of JPMorgan’s expanded commercial and investment banking division with Troy Rohrbaugh. Mr. Piepszak and Mr. Rohrbaugh took over responsibility for the division from Mr. Pinto, who led the corporate and investment bank.
The bank on Tuesday promoted Doug Petno to replace Mr. Piepszak as co-head of commercial and investment banking alongside Mr. Rohrbaugh.
The bank said Marianne Lake, one of Mr. Dimon’s potential successors, will continue in her current role, as will Mary Erdoes, head of wealth and asset management.
JPMorgan has provided few clues about when Mr. Dimon plans to step down as chief executive, a position he has held for 15 years by the end of 2025. “The timetable is not five years,” Dimon said at the annual investment meeting in May. When asked about the bank’s succession plan, he said “more.”
