JPMorgan Chase & Co. named Jenn Piepszak its new chief operating officer, as the biggest US bank shuffles its top management for the second time in a year.
While Piepszak, 54, takes the No. 2 role from Daniel Pinto, who’s retiring at the end of next year, she’s ruling herself out as a possible successor to Chief Executive Officer Jamie Dimon.
Piepszak “does not want to be considered for the CEO position at this time,” spokesperson Joe Evangelisti said. “Her clear preference is for a senior operating role working closely with Jamie and in support of top leadership going forward.”
Pinto, the current president and COO, will retire at the end of 2026 after more than four decades at the bank, the company said in a statement Tuesday. Piepszak will take over as COO effective immediately, and Pinto, 62, will relinquish his other responsibilities at mid-year and become vice chairman, according to the statement.
Piepszak’s decision is the latest twist in the long-running question of who will succeed Dimon, the longest-serving major US bank CEO. Dimon, 68, has built JPMorgan into the biggest US bank in his nearly two decades at the helm. Piepszak had been considered one of the leading contenders to take over when Dimon leaves.
She had gained momentum in recent years through a series of quick promotions, though Bloomberg reported in 2023 that she had expressed reticence about taking the top job. The changes Tuesday spotlight three other executives: Marianne Lake, who runs consumer and community banking; Troy Rohrbaugh, 54, co-head of the commercial and investment bank; and Doug Petno, 59, who will succeed Piepszak running the CIB alongside Rohrbaugh.
Lake, 55, and Mary Erdoes, head of asset and wealth management, will continue in their current roles, according to the statement.
The moves mark the latest major shakeup atop JPMorgan, a year after Piepszak and Rohrbaugh were named to co-lead an expanded commercial and investment bank combining the legacy corporate and investment bank and commercial bank last year. Piepszak earlier ran the consumer unit alongside Lake.
Dimon took the reins at JPMorgan in 2006, and long joked that his retirement was five years away, no matter when asked. He’s shifted that stance recently, telling investors in May that the timetable is “not five years anymore.” JPMorgan’s board has indicated that Dimon may stay on as chairman after ceding the reins as CEO.
Pinto, a native of Argentina, embarked on his career with a job at one of JPMorgan’s predecessors in 1983 to help pay for a degree in public accounting and business administration. He never left. Starting as a currency trader in Buenos Aires, he worked his way up through emerging-market desks, navigating financial blow-ups in places from Brazil to Russia.
He climbed the rungs of JPMorgan’s corporate and investment bank, catering to companies and institutional investors, and became sole head of the division in 2014.
Pinto was named sole president and COO three years ago, when his former co-head, Gordon Smith, retired. In late 2021, JPMorgan’s board granted Pinto a special stock award to stick around “for a further significant number of years” — similar to an award Dimon received the same year.
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