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Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, talking on CNBC’s Squawk Field on the World Financial Discussion board Annual Assembly in Davos, Switzerland on Jan. seventeenth, 2024.
Adam Galici | CNBC
JPMorgan Chase on Thursday mentioned a number of executives thought-about front-runners to in the future take over for CEO Jamie Dimon had new or expanded roles.
Jennifer Piepszak, co-head of JPMorgan’s big shopper financial institution, will now turned co-head of the agency’s industrial and funding financial institution together with Troy Rohrbaugh, a veteran chief of the financial institution’s buying and selling operations.
Piepszak’s former companion, Marianne Lake, will transition from shopper banking co-head to being its sole CEO, JPMorgan mentioned. The enterprise contains a few of the nation’s largest operations in retail banking, bank cards and small enterprise lending.
The strikes ought to give Piepszak and Lake extra expertise because the long-running succession race atop the nation’s largest financial institution drags on. Once they had been made co-heads of shopper banking in 2021, Piepszak and Lake had been thought-about favorites to finally succeed Dimon, who’s now 67 years previous. That yr, the financial institution’s board gave Dimon a particular bonus to retain his companies for a “important variety of years.”
It wasn’t clear if there’s a front-runner for the job after the newest set of adjustments, or if Dimon intends to depart anytime quickly.
The working joke inside JPMorgan is that for Dimon, thought-about the highest banker of his technology, retirement is all the time 5 years away. Over time, a number of of his deputies have moved on to steer different organizations after dropping persistence that the highest job would ever develop into obtainable.
Rohrbaugh and world funds chief Takis Georgakopoulos spherical out the quick record of potential successors together with Lake and Piepszak, who’ve each served as CFO earlier than their present assignments, mentioned an individual with information of the financial institution’s planning.
As a part of the adjustments, the financial institution’s new industrial and funding financial institution run by Piepszak and Rohrbaugh now contains operations that had been a separate division run by Doug Petno. And Daniel Pinto, who had been CEO of the company and funding financial institution for a decade, relinquishes that title whereas remaining the financial institution’s president and chief working officer.
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