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 step down from those roles in the coming months, setting off an executive shuffle with implications for succession planning for CEO Jamie Dimon.
Pinto, who has worked at JPMorgan and predecessor firms for more than four decades, will cease being COO and president in June and retire at the end of 2026, the bank said.
The company’s new COO will be Jennifer Piepszak, the co-head of the commercial and investment bank, who along with consumer banking chief Marianne Lake was widely seen as a top contender 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 overseas operations.
But as part of the announcement, the company took the unusual step of stating that Piepszak’s intention was to remain in a support role to the CEO, rather than vying for the top job.
“Jenn has made clear her preference for a senior operating role working closely with Jamie and in support of the top leadership team, and does not want to be considered for the CEO position at this time,” spokesman 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 CEO tenure could end within five years. That ignited speculation about who would take over at the largest and most profitable U.S. bank by assets.
With Piepszak apparently taking herself out of contention, that leaves Lake, as well as Troy Rohrbaugh, who is co-head of the Commercial & Investment Bank along with Doug Petno, as the likely top contenders to be JPMorgan’s next CEO. They lead the firm’s biggest businesses across 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 division, report directly to Dimon.
Dimon lavished praise on his longtime No. 2, who started out at a predecessor firm to JPMorgan in 1983 as a currency trader in Buenos Aires, Argentina. Pinto rose through the ranks of Wall Street, eventually becoming sole head of the firm’s powerful corporate and investment bank in 2014, and then companywide COO in 2018.
“Daniel is a first-class person 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 can’t 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,” Dimon said.