JPMorgan Chase, one of the largest banks in the United States, has announced executive role changes in the ongoing succession race for CEO Jamie Dimon. The move comes as Dimon, who is now 67 years old, continues to lead the bank but with speculation about his eventual retirement.
Jennifer Piepszak, the co-head of JPMorgan’s consumer bank, has been appointed as the co-head of the firm’s commercial and investment bank, alongside Troy Rohrbaugh, a veteran leader of the bank’s trading operations. This new role will provide Piepszak with valuable experience and further establish her as a frontrunner in the succession race.
Meanwhile, Marianne Lake, Piepszak’s former partner and co-head of consumer banking, will transition to become the sole CEO of the consumer banking division. This division encompasses retail banking, credit cards, and small business lending, making it a crucial part of JPMorgan’s operations.
These changes are aimed at giving both Piepszak and Lake more experience and exposure as they vie for the top position at JPMorgan. When they were appointed as co-heads of consumer banking in 2021, they were already considered favorites to eventually succeed Dimon. However, with the succession race dragging on, these new roles will allow them to further prove their capabilities and leadership skills.
It remains unclear if there is a clear frontrunner for the CEO position after these latest changes. Additionally, it is uncertain when Dimon intends to retire. There is a running joke within JPMorgan that retirement is always five years away for Dimon, who is widely regarded as the top banker of his generation. Over the years, several of his deputies have left the bank to lead other organizations due to impatience over the lack of opportunity for advancement.
Apart from Piepszak and Lake, two other executives are also considered potential successors: Takis Georgakopoulos, the global payments chief, and Troy Rohrbaugh, who will now co-head the commercial and investment bank with Piepszak. Both Piepszak and Lake have previously served as CFO before their current assignments, showcasing their financial expertise and leadership capabilities.
As part of the executive role changes, the bank’s commercial and investment bank, now led by Piepszak and Rohrbaugh, will incorporate operations that were previously a separate division run by Doug Petno. Additionally, Daniel Pinto, who had been the CEO of the corporate and investment bank for a decade, will relinquish that title but continue to serve as the bank’s president and chief operating officer.
These changes reflect JPMorgan’s ongoing efforts to ensure a smooth transition of leadership when Dimon eventually steps down. By providing key executives with new roles and responsibilities, the bank is preparing them for the challenges and demands of leading one of the largest financial institutions in the world. The succession race continues, and only time will tell who will ultimately take the reins from Jamie Dimon.