In this article, JPMorgan Chase announced that Chief Operating Officer and President Daniel Pinto will be stepping down from his roles in the upcoming months, leading to an executive reorganization that will impact the succession planning for CEO Jamie Dimon. Pinto, who has been with JPMorgan and its predecessor firms for over four decades, will no longer hold the positions of COO and president starting in June and will retire by the end of 2026, as per the bank’s statement.
The new COO of the company will be Jennifer Piepszak, who currently serves as the co-head of the commercial and investment bank. Piepszak, along with Marianne Lake, the chief of consumer banking, was considered a top candidate to succeed Dimon. In her new role, Piepszak will be responsible for overseeing the technology, operations, data and analytics functions, as well as the overseas operations of the financial giant.
Despite her new position, the company made an unusual announcement stating that Piepszak intends to remain in a supportive role to the CEO and is not seeking the CEO position at this time. According to spokesman Joe Evangelisti, Piepszak is dedicated to the company’s future and team and is willing to assist in any way possible.
Last year, Dimon hinted that his tenure as CEO could end within five years, sparking speculation about his successor at the largest and most profitable U.S. bank by assets. With Piepszak seemingly removing herself from consideration, potential candidates for the next CEO of JPMorgan include Lake, Troy Rohrbaugh, co-head of the Commercial & Investment Bank, and Doug Petno, who also holds the same position. They oversee the firm’s major businesses in Main Street and Wall Street banking.
Lake, Pinto, Piepszak, Petno, Rohrbaugh, and Mary Erdoes, head of the bank’s asset and wealth management division, all report directly to Dimon. Dimon expressed his appreciation for Pinto, his long-time second-in-command, who began his career at a predecessor firm to JPMorgan in 1983 as a currency trader in Buenos Aires, Argentina. Pinto progressed through the ranks of Wall Street, eventually leading the firm’s corporate and investment bank in 2014 and becoming the companywide COO in 2018.
Dimon praised Pinto for his significant contributions to the company over more than 40 years, highlighting his partnership, stewardship as President and COO, and his role in building the world’s best and most respected Corporate & Investment Bank.
