On January 17, 2024, Jamie Dimon, the Chairman and CEO of JPMorgan Chase, shared his thoughts on CNBC’s Squawk Box during the World Economic Forum annual meeting in Davos, Switzerland.Thank you for reading this post, don't forget to subscribe!
Adam Galisi | cnbc
JPMorgan Chase announced on Thursday that several executives who were seen as potential successors to CEO Jamie Dimon have taken on new responsibilities or expanded their existing roles.
Jennifer Piepszak, who co-heads JPMorgan’s extensive consumer bank, has now been appointed as co-head of the firm’s commercial and investment bank alongside Troy Rohrbaugh, an experienced leader in the bank’s trading operations.
Marian Lake, the former partner of Piepszak at JPMorgan, will transition from co-head of consumer banking to the sole CEO of the business, which encompasses some of the largest retail banking, credit card, and small business lending operations in the nation.
This move is aimed at providing Piepszak and Lake with additional experience as the ongoing succession race at the helm of the country’s largest bank unfolds. When Piepszak and Lake were appointed as co-heads of consumer banking in 2021, they were viewed as leading contenders to eventually take over from the current 67-year-old Dimon. In that same year, the bank’s board awarded Dimon a special bonus to acknowledge his continued service “for a significant number of years.”
It remains uncertain if there is a front-runner for the CEO position following the recent changes, or if Dimon has any imminent plans to step down.
Internally at JPMorgan, there is a running joke that retirement is always five years away for Dimon, widely regarded as the premier banker of his generation. Over the years, many JPMorgan representatives have departed to assume leadership positions at other firms due to impatience regarding the availability of the top role within the organization.
According to a source familiar with the bank’s strategic planning, Troy Rohrbaugh and global payments chief Takis Georgakopoulos, along with Lake and Piepszak, who both previously served as CFOs, are included in a short list of potential successors.
As part of the recent changes, the bank’s new commercial and investment bank, led by Piepszak and Rohrbaugh, now encompasses operations that were previously part of a separate division overseen by Doug Patno. Additionally, Daniel Pinto, who served as CEO of the corporate and investment bank for a decade, has relinquished that title while continuing in his role as president and chief operating officer of the bank.