JPMorgan Chase announced on Tuesday that Chief Operating Officer and President Daniel Pinto will be stepping down from his positions in the upcoming months. This move will trigger an executive reorganization that has implications for the succession planning of CEO Jamie Dimon.
Pinto, who has been with JPMorgan and its predecessor firms for over four decades, will no longer hold the roles of COO and president starting in June. He is set to retire by the end of 2026, according to the bank.
The new COO of the company will be Jennifer Piepszak, who currently serves as the co-head of the commercial and investment bank. Piepszak, along with Marianne Lake, the chief of consumer banking, was considered a top candidate to succeed Dimon.
In her new position, Piepszak will be responsible for overseeing various functions of the financial giant, including technology, operations, data and analytics, as well as its international operations.
In an unusual move, the company clarified that Piepszak’s focus is on supporting the CEO rather than pursuing the top leadership role. A spokesman for the bank stated that Piepszak intends to work closely with Jamie and the leadership team, emphasizing her commitment to the company’s future.
Last year, Dimon hinted that his tenure as CEO could end within five years, sparking speculation about his successor at the largest and most profitable U.S. bank by assets.
With Piepszak seemingly removing herself from consideration, potential candidates for the next CEO of JPMorgan include Lake, Troy Rohrbaugh, and Doug Petno, who co-head the Commercial & Investment Bank. They oversee the firm’s major businesses in both Main Street and Wall Street banking.
Dimon expressed admiration for Pinto, his long-time second-in-command, who began his career at a predecessor firm to JPMorgan in 1983 as a currency trader in Buenos Aires, Argentina. Pinto climbed the ranks on Wall Street, eventually leading the firm’s corporate and investment bank in 2014 before becoming the companywide COO in 2018.
Dimon praised Pinto for his significant contributions to the company over more than 40 years, highlighting his role in building the world’s most respected Corporate & Investment Bank.
