Many consider the moves a sign of a succession plan at the nation’s largest bank, although the stalwart Mr. Dimon has signaled he’s not going anywhere.
JPMorgan Chase is reshuffling its leadership team, a move that many consider a succession plan even though its longtime chief executive, Jamie Dimon, has signaled he’s staying put.
Mr. Dimon, 67, has been head of what is now the largest bank in the United States for nearly two decades, and repeatedly brushed off suggestions that he might step aside. The specter of his eventual departure, however, hangs over JPMorgan as outsiders question whether he might run for public office or serve in a presidential administration.
In a memo to employees Thursday, JPMorgan muddied the matter further. It said that Daniel Pinto, the bank’s chief operating officer and Mr. Dimon’s deputy, would no longer handle the bank’s daily operations. Mr. Dimon said that he and Mr. Pinto would “continue to jointly manage the company.”
Mr. Pinto’s former responsibilities will be split by Jennifer Piepszak and Troy Rohrbaugh, who will serve as co-chief executives of an expanded commercial and investment bank that brings several lines of the company into one unit. Ms. Piepszak, who co-heads JPMorgan’s massive consumer banking business, has long been seen as a potential candidate for the top job. Mr. Rohrbaugh had been one of the co-heads of the bank’s markets and securities business.
The reshuffle will result in the departure of some executives. Others at the bank will see their roles redefined or be promoted to new ones.
Another senior executive, Marianne Lake, who ran the consumer and community banking unit with Ms. Piepszak, will now become the sole head of that business. Wall Street analysts have long considered Ms. Lake as a potential successor to Mr. Dimon as well.
Mary Erdoes, who runs JPMorgan’s wealth management business and is perhaps the bank’s most public face after Mr. Dimon, will remain in her current role.
Mr. Dimon has a financial incentive to stay in his post a good deal longer. In addition to his annual pay ($36 million in 2023), he is slated to receive an additional bonus if he’s still chief executive in 2026.
Source: Elections - nytimes.com
