JPMorgan Chase President and CEO, Chairman and CEO Jamie Dimon speaks on CNBC’s Squawk Box during the World Economic Forum Annual Meeting in Davos, Switzerland on January 17, 2024.
Adam Garisi | CNBC
JP Morgan Chase On Thursday, several executives considered the top candidates to someday succeed CEO Jamie Dimon said they were taking on new or expanded roles.
Jennifer Piepszak, co-head of JPMorgan’s giant consumer bank, will become co-head of the firm’s commercial and investment bank, along with Troy Rohrbaugh, a veteran leader in the bank’s trading business.
Piepszak’s former partner, JPMorgan said Marian Lake will transition from co-head of consumer banking to sole CEO. The business includes the nation’s largest retail banking, credit card and small business lending businesses.
The move should give Piepszak and Lake more experience as the long-running succession battle at the top of the nation’s largest banks drags on. Mr. Piepszak and Mr. Lake were considered potential successors to Mr. Dimon, now 67, when he became co-head of consumer banking in 2021. That year, the bank’s board awarded Mr. Dimon a special bonus for continuing his service for “a significant number of years.”
It’s unclear if there is a top candidate for the job after the latest round of changes, or if Dimon plans to leave soon.
A common joke within JPMorgan is that Mr. Dimon, considered one of the top bankers of his generation, is always five years away from retirement. Over the years, some of his constituents lost patience with top jobs available and moved on to lead other organizations.
Mr. Rohrbaugh and global payments chief Takis Georgakopoulos were shortlisted to replace him, along with Mr. Lake and Mr. Piepszak, who previously served as CFO, according to a person familiar with the bank’s plans. .
As part of the changes, the bank’s new commercial and investment bank, run by Mr. Piepsack and Mr. Rohrbaugh, now includes operations that were a separate division run by Doug Petno. And Daniel Pinto, who served as the corporate and investment bank’s CEO for 10 years, is relinquishing that title while remaining the bank’s president and chief operating officer.
