JPMorgan management rejig: JPMorgan & Chase's Jennifer Piepszak, long seen as a strong contender to succeed chief executive officer (CEO) Jamie Dimon, exited the race on Tuesday, January 14, and opted to become the chief operating officer (COO) of the biggest US bank instead. Piepszak will succeed Daniel Pinto, a four-decade veteran at the investment bank. He will relinquish his role as president and COO on June 30, 2025, and retire at the end of 2026.
Piepszak’s decision is the latest twist in the long-running question of who will succeed Dimon, the longest-serving major US bank CEO. Dimon, 68, has built JPMorgan into the biggest US bank in his nearly two decades at the helm. Piepszak had been considered one of the leading contenders to take over from Dimon, who in 2024 announced he could step down in as soon as two and a half years.
Piepszak gained momentum in recent years driven by a series of promotions, though Bloomberg reported that she had expressed reticence about taking the top job. She held major roles in her three decades at JPMorgan. She was the finance chief from 2019 to 2021 and also ran card services and business banking after spending 17 years climbing the ranks in investment banking.
"Piepszak has made clear her preference for a senior operating role, working closely with Jamie and in support of the top leadership, and she doesn't want to be considered for the CEO position at this time," said a bank spokesperson.
In another leadership move, Doug Petno, currently co-head of global banking, will succeed Piepszak as co-CEO of the commercial and investment banking division. The shift is part of JPMorgan's strategy to maintain a robust leadership pipeline. The biggest US bank has rotated executives across divisions in recent years to give them more experience.
According to its proxy statement, JPMorgan plans to split Dimon's current CEO and chairman jobs after he eventually steps down. Dimon is credited with steering the bank through the 2008 financial crisis and regional bank turmoil in 2023. During his tenure, JPMorgan became the largest bank in the US, far surpassing its rivals.
COO Daniel Pinto was previously cited by the board as the executive who could step in for the CEO on short notice, as he did in 2020 when Dimon had to undergo an emergency heart surgery. CEO Dimon said Pinto had done a "truly exceptional job" in every role he played at the firm.
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