JPMorgan Chase CEO Jamie Dimon has held the top spot at the largest U.S. bank by assets for almost two decades, making him the longest-serving CEO on Wall Street today. And the bank just announced his leading successor’s own retirement.
Daniel Pinto, JPMorgan’s president and chief operating officer, will be stepping down from the role on June 30. Pinto, who has climbed the ranks at the bank for decades, was flagged by the bank’s board “as a key executive who is immediately ready to fulfill the responsibilities of the CEO.” He even briefly ran the bank when Dimon had emergency heart surgery in 2020.
With Pinto out of the picture, there’s an even bigger question mark when it comes to who could be next to lead America’s biggest bank as the 68-year-old veteran chief hints at an impending retirement. Dimon said at the company’s annual investor day last year that his timetable for retirement is now less than five years away.
Last year, the bank’s board of directors indicated that it’s going full steam ahead on its hunt for a successor. In its annual proxy statement in April, the board said it’s focused on future planning, “spending significant time on developing Operating Committee members who are well known to shareholders as strong potential CEO candidates.”
The bank underwent some major senior leadership reshuffling at the start of 2024, giving a number of key executives “new and increased responsibilities” and installing new leadership in key divisions — many of whom have stood out as potential replacements for Dimon.
Of the senior leaders, there are four leading candidates who could be tapped to fill Dimon’s shoes. Click through to see who could be next in line to helm the global bank.
After being tapped to replace Pinto as president and COO starting June 30, Jennifer Piepszak has received new speculation as a potential top successor to Dimon.
But Piepszak “does not want to be considered for the CEO position at this time,” spokesperson Joe Evangelisti told Bloomberg. “Her clear preference is for a senior operating role working closely with Jamie and in support of top leadership going forward.”
Nonetheless, her new position and long history with the bank still makes her a leading candidate.
Piepszak has climbed the ranks at JPMorgan in her nearly three decades with the bank, playing a key role in integrating First Republic. She took over as CFO from Marianne Lake in May 2019, and stayed in the role for two years before being promoted to co-CEO of consumer and community banking alongside Lake. She currently co-leads the newly-merged commercial and investment bank with Troy Rohrbaugh.
Marianne Lake has served as JPMorgan’s CEO of consumer and community banking since April 2019. She’s been with the bank for 20 years, and has served in c-suite roles across the company, including as finance chief from 2013 to 2019.
She oversaw much of JPMorgan’s acquisition of First Republic Bank, which JPMorgan scooped up after it failed in May 2023, and has grown the consumer business into the bank’s largest revenue source. The division alone brought in $17.6 billion in revenues during the first quarter of this year. As a whole, the firm made $41.9 billion in revenues last quarter.
Mary Erdoes, who has served as JPMorgan’s CEO of asset and wealth management since 2009, has been floated as a potential successor to Dimon. Erdoes, who joined the firm in 1996, has seen her public presence grow considerably over the past few years, including high-profile meetings with world leaders.
Her star power within the banking giant has also risen substantially, especially considering her unit’s performance last year. In 2023, the asset and wealth management division saw a record $18.7 billion in revenue, and a whopping $3.4 trillion in assets under management and $5 trillion in client assets.
Troy Rohrbaugh was named as one of the newly appointed co-CEOs of the bank’s expanded commercial and investment bank in January, making him a surprise contender as Dimon’s successor. Together with Jennifer Piepszak, Rohrbaugh is jointly responsible for all of the unit, which encompasses global investment banking, commercial banking and corporate banking, as well as markets and securities services and global payments.
Rohrbaugh has been at JPMorgan since 2005, starting out as a managing director and global head of foreign exchange derivatives. He has served in several roles in the markets realm during his nearly two-decade tenure at the bank.
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