JPMorgan’s leadership shuffle positions potential Dimon successors

Unlock the Editor’s Digest for free

JPMorgan Chase chief executive Jamie Dimon has shuffled his leadership team and consolidated some of the bank’s businesses, grooming potential candidates who could eventually take over from him.

The leadership changes give new responsibilities to Jennifer Piepszak, Marianne Lake and Troy Rohrbaugh, who are among the top internal candidates to succeed Dimon at JPMorgan, which he has run since 2005.

JPMorgan, the largest US bank by assets, said on Thursday that Piepszak and Rohrbaugh would take over as co-heads of an expanded commercial and investment banking division. They replace Daniel Pinto, Dimon’s main deputy, who will remain the bank’s president and chief operating officer.

Piepszak was previously co-head of JPMorgan’s consumer business alongside Lake. Lake will now become the division’s sole head.

“JPMorgan Chase is stronger today than it has ever been, and this is thanks to our hundreds of thousands of employees and our superb senior management team,” Dimon said in a statement announcing the changes.

Dimon, 67, is the longest-serving chief executive among the largest US banks. How much longer he will continue to run the bank is a subject of regular speculation on Wall Street. In 2021, JPMorgan’s board of directors awarded Dimon a retention bonus that would tie him to the bank until at least the middle of 2026.

The latest reshuffle elevates Rohrbaugh, most recently co-head of JPMorgan’s trading business, as one of the leading candidates to eventually take over from Dimon, alongside Piepszak and Lake, who were already mentioned as potential successors.

Piepszak and Rohrbaugh will run what was formerly its corporate and investment bank, which was led by Pinto. That division will now be known as the commercial and investment bank after Dimon merged it with JPMorgan’s commercial banking division. Doug Petno will remain chief executive of the commercial bank.

“The company continues to evolve its management structure by strengthening its bench and further aligning its businesses that have significant adjacencies as it brings its major wholesale units together,” said Jason Goldberg, analyst at Barclays.

JPMorgan reported record profits of almost $50bn last year, making it significantly more profitable than its peers.

Dimon promoted Viswas Raghavan to be sole head of global investment banking. His former co-head Jim Casey will take on an as-yet unspecified new role at JPMorgan.

Dimon also said Takis Georgakopoulos would continue to lead JPMorgan’s global payments business, while Mary Erdoes will remain as chief executive of the bank’s asset and wealth management.

Articles You May Like

Kyiv has right to strike Russian targets ‘outside Ukraine’, says Nato chief
EQT raises €22bn for private equity deals
Russia jails activist as Kremlin widens crackdown on critics
Israel plans $60bn debt raising and tax rises to fuel defence spending
European banks promise €120bn of shareholder returns on interest rate gains