Jamie Dimon, Chairman and CEO, President and CEO of JPMorgan Chase, speaking on CNBC's Squawk Box at the World Economic Forum annual meeting in Davos, Switzerland, on January 17, 2024.
Adam Galici | CNBC
JPMorgan Chase on Thursday said several executives considered frontrunners to one day replace CEO Jamie Dimon had new or expanded roles.
Jennifer Piepszak, co-head of JPMorgan's consumer banking giant, will now become co-head of the firm's commercial and investment bank alongside Troy Rohrbaugh, a veteran leader of the bank's commercial operations.
Piepszak's former partner, Marianne Lake will move from co-head of consumer banking to its sole chief executive, JPMorgan said. The business includes some of the country's largest operations in retail banking, credit cards and small business lending.
The moves should give Piepszak and Lake more experience as the long race for succession atop the country's largest bank drags on. When they were named co-heads of consumer banking in 2021, Piepszak and Lake were considered favorites to succeed Dimon, now 67. That year, the bank's board of directors gave Dimon a special bonus to retain his services for a “significant number of years.”
It was unclear if there is a favorite for the job after the latest series of changes, or if Dimon intends to leave soon.
The recurring joke within JPMorgan is that for Dimon, considered the best banker of his generation, he is always five years away from retirement. Over the years, several of his deputies went on to lead other organizations after losing patience with the prospect of the top job becoming available.
Rohrbaugh and global payments chief Takis Georgakopoulos round out the short list of potential successors along with Lake and Piepszak, who served as chief financial officers before their current assignments, a person with knowledge of the bank's planning said.
As part of the changes, the bank's new commercial and investment bank led by Piepszak and Rohrbaugh now includes operations that had been a separate division led by Doug Petno. And Daniel Pinto, who had been CEO of the corporate and investment bank for a decade, is relinquishing that title while continuing to serve as the bank's president and chief operating officer.
