Jamie Dimon is reshuffling the management team at JPMorgan
JPMorgan Chase is reshuffling its leadership team, a move many see as a succession plan, even though longtime CEO Jamie Dimon has indicated he will stay put.
Mr. Dimon, 67, has been head of what is now the largest bank in the United States for nearly two decades and has repeatedly rejected suggestions that he might step aside. The specter of his eventual departure hangs over JPMorgan, however, as outsiders wonder whether he could run for public office or serve in a presidential administration.
In a memo to employees on Thursday, JPMorgan further muddied the waters. It said Daniel Pinto, the bank's chief operating officer and Mr. Dimon's deputy, would no longer handle the bank's day-to-day operations. Mr. Dimon said he and Mr. Pinto “would continue to jointly manage the company.”
Mr. Pinto's former responsibilities will be split by Jennifer Piepszak and Troy Rohrbaugh, who will serve as co-chief executives of a comprehensive commercial and investment bank that brings together several parts of the company into one unit. Ms. Piepszak, who co-heads JPMorgan's massive consumer banking business, has long been seen as a potential candidate for the top job. Mr. Rohrbaugh was one of the co-heads of the bank's markets and securities businesses.
The reshuffle will result in the departure of a number of executives. Others at the bank will see their roles redefined or promoted to new ones.
Another senior executive, Marianne Lake, who led the consumer and community banking unit with Ms. Piepszak, will now become the sole head of that business. Wall Street analysts have also long viewed Ms. Lake as a potential successor to Mr. Dimon.
Mary Erdoes, who runs JPMorgan's wealth management business and is perhaps the bank's most public face after Mr. Dimon, will continue in her current role.
Mr Dimon has a financial incentive to stay in his post for much longer. In addition to his annual salary ($36 million in 2023), he is expected to receive an additional bonus if he is still CEO in 2026.