JPMorgan Chase COO Daniel Pinto to step down in June

JPMorgan Chase said Tuesday that chief operating officer and president Daniel Pinto He will step down from those roles in the coming months, triggering an executive shakeup with implications for CEO succession planning. Jaime Dimon.

Pinto, who has worked at JPMorgan and predecessor firms for more than four decades, will step down as chief operating officer and president in June and will retire at the end of 2026. said the bank.

The company’s new chief operating officer is Jennifer Piepszak, co-head of the commercial and investment bank who, along with consumer banking head Marianne Lake, was seen as a leading candidate to succeed Dimon.

In his new role, Piepszak will oversee the expanding financial giant’s technology, operations, data and analytics operations, as well as its overseas businesses.

But as part of the announcement, the company took the unusual step of stating that Piepszak’s intention was to remain in a supporting role to the CEO, rather than compete for the top job.

“Jenn has made clear her preference for a senior operational role, working closely with Jamie and supporting the senior leadership team, and does not want to be considered for the CEO position at this time,” a company spokesperson said. company. “She is deeply committed to the future of the company and wants to help in any way she can.”

Last year, Dimon, 68, implied that his tenure as CEO could end within five years. That ignited speculation about who could take over the largest and most profitable U.S. bank by assets.

With Piepszak apparently bowing out of the race, that leaves Lake, as well as Troy Rohrbaugh, who is co-head of the Commercial and Investment Bank along with Doug Petno, as the likely top contenders for JPMorgan’s next CEO. They run the company’s most important businesses in Main Street and Wall Street finance.

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 praised his former No. 2, who started at a predecessor firm to JPMorgan in 1983 as a currency trader in Buenos Aires. Pinto rose through the ranks of Wall Street, eventually becoming sole head of the company’s powerful corporate and investment bank in 2014, and then chief operating officer in 2018.

“Daniel is a first-class person who I am proud to call a friend, and he has had a truly significant impact on our company for more than 40 years,” Dimon said. “I cannot thank him enough for his partnership and outstanding stewardship as president and chief operating officer, and for building the best and most respected corporate and investment bank in the world.”