JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon moved some of his top lieutenants into new senior roles, positioning them for more experience running the firm's operations as he prepares potential successors.
The shuffle, halfway through Dimon's five-year retention package, places Jenn Piepszak and Troy Rohrbaugh atop an expanded commercial and investment bank, according to a statement Thursday.
Marianne Lake, who has co-led the consumer and community bank alongside Piepszak since 2021, will get sole control of the segment, overseeing more of its business lines.
It's a high-stakes maneuver: JPMorgan just achieved the largest annual profit of any bank in U.S. history and its shares are up almost a quarter in the past year. But as Bloomberg reported last month, insiders have been predicting it would need to rotate bosses to give them new challenges in the search for Dimon's eventual successor.
The question of who might steward the firm is one that looms over the industry — offering its most prominent perch as well as responsibility for a $3.9 trillion balance sheet.
"JPMorgan Chase is stronger today than it has ever been, and this is thanks to our hundreds of thousands of employees and our superb senior management team," Dimon, 67, said in the statement.
Details on the Moves
The changes also mean that Daniel Pinto, the sole head of the corporate and investment bank since 2014, will ease his grip on the division and focus on his broader role as president of the New York-based company.
"We can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company," Dimon said. Pinto, 61, will "focus on the execution of our lines-of-business priorities," the CEO added.
