Daniel Pinto, president and chief operating officer of JPMorgan Chase, speaks during the Semafor 2024 World Economy Summit in Washington, DC, on April 18, 2024.
Saul Loeb | AFP | Getty Images
JPMorgan Chase said Tuesday that Chief Operating Officer and President Daniel Pinto will leave these positions in the coming months, which will cause a change in management with implications for succession planning for CEO Jamie Dimon.
Pinto, who spent more than four decades at JPMorgan and its predecessors, will no longer be COO and president in June and retire at the end of 2026. said the bank.
The company’s new COO will be Jennifer Piepszak, the co-head of its commercial and investment bank, who, along with consumer bank head Marianne Lake, was widely seen as one of the top contenders to succeed Dimon.
In her new role, Piepszak will oversee the sprawling financial giant’s technology, operations, data and analytics functions, as well as its foreign operations.
But as part of the announcement, the company took the unusual step of stating that Piepszak’s intention was to continue in a supporting role to the CEO, rather than compete for the top position.
“Jenn has made clear her preference for a senior operating role in which she works closely with Jamie and supports the top management team, and does not wish to be considered for the CEO position at this time,” spokesperson Joe Evangelisti told CNBC. “She is deeply committed to the future of the company and our team and wants to help in any way she can.”
Last year, Dimon, 68, hinted that his tenure as CEO could end within five years. That led to speculation about who would take control of the largest and most profitable U.S. bank by assets.
With Piepszak apparently taking himself out of contention, Lake and Troy Rohrbaugh, who co-heads the Commercial & Investment Bank with Doug Petno, remain the likely top candidates to become JPMorgan’s next CEO. They run the company’s largest businesses in Main Street and Wall Street banking.
Lake, Pinto, Piepszak, Petno and Rohrbaugh, as well as Mary Erdoes, head of the bank’s asset and wealth management department, report directly to Dimon.
Dimon praised his old number two, who started in 1983 at a predecessor of JPMorgan as a currency trader in Buenos Aires, Argentina. Pinto rose through the ranks of Wall Street, eventually becoming the sole head of the company’s powerful corporate and investment bank in 2014, and then COO for the entire company in 2018.
“Daniel is a first-class individual who I am proud to call a friend, and he has made 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 outstanding stewardship as President and COO, and for building the best, most respected Corporate & Investment Bank in the world,” said Dimon.