Daniel Pinto, President and Chief Operating Officer of JPMorgan Chase & Co., speaks at the Semaphore 2024 World Economic Summit in Washington, DC on April 18, 2024.
Saul Loeb | AFP | Getty Images
JP Morgan Chase announced Tuesday that Chief Operating Officer and President Daniel Pinto will step down from these positions in the coming months, beginning an executive reshuffle that will impact CEO Jamie Dimon’s succession plan.
Pinto, who has worked for JPMorgan and its predecessor companies for more than 40 years, will step down as chief operating officer and president in June and retire at the end of 2026, the bank announced.
The company’s new chief operating officer will be Jennifer Piepszak, co-head of commercial and investment banking, who will replace Dimon along with head of consumer banking Marianne Lake. was widely seen as the most likely candidate.
In his new role, Piepszak will oversee the vast financial giant’s technology, operations, data and analytics functions, as well as its international operations.
However, as part of the announcement, the company took the unusual step of stating that Piepszak’s intention is not to compete for the top position, but to remain in a supporting role to the CEO.
“Jen has made it clear that she is seeking a senior executive role, working closely with Jamie and supporting the top management team, and is not seeking a CEO role at this time,” spokesperson Joe Evange said. Risti told CNBC. “She is deeply committed to the future of the company and our team and looks forward to collaborating in any way she can.”
Mr. Dimon, 68, suggested last year that his tenure as CEO could end within five years. The move sparked speculation about who would take over the nation’s largest and most profitable bank by assets.
With Piepszak apparently out of contention, Lake and Troy Rohrbaugh, who co-chairs the Commercial and Investment Bank with Doug Petno, could be the frontrunners to become JPMorgan’s next CEO. is high. They lead the company’s largest businesses across Main Street and Wall Street banking.
In addition to Mr. Lake, Mr. Pinto, Mr. Piepszak, Mr. Petno and Mr. Rohrbaugh, the bank’s head of asset and wealth management, Mary Erdoes, also reports to Mr. Dimon.
Mr. Dimon lavished praise on his longtime No. 2, who joined J.P. Morgan’s predecessor firm in 1983 as a currency trader in Buenos Aires. Mr. Pinto rose through the ranks on Wall Street, eventually becoming the sole head of the company’s powerful corporate and investment bank in 2014, and became company-wide COO in 2018.
“Daniel is a first-class person whom I am proud to call a friend and who has had a truly significant impact on our company for more than 40 years,” Dimon said in a statement.
“I cannot thank him enough for his partnership and stewardship as president and chief operating officer, and for building one of the most respected corporate and investment banks in the world,” said Mr. Dimon. Ta.
