JPMorgan names CEO candidate Jennifer Piepszak as operations chief

(Reuters) – JPMorgan Chase on Tuesday promoted insider Jennifer Piepszak, seen as a strong contender to succeed CEO Jamie Dimon, to chief operating officer as part of a sweeping executive reshuffle.

Piepszak will succeed Daniel Pinto, who will leave his role as president and COO on June 30, the bank said. He will retire at the end of 2026.

Pinto was previously identified by the board as the executive who could step in for the CEO in the near future, as he did in 2020 when Dimon underwent emergency heart surgery.

“Daniel Pinto has done truly exceptional work in every role he has played in our company,” Dimon said in a statement.

Succession planning is in focus on Wall Street, with JPMorgan taking center stage as Dimon approaches two decades at the helm. The bank has rotated top executives across different business units to provide them with broader experience.

Piepszak has held various roles during her three decades at the largest U.S. bank and is currently co-CEO of the commercial and investment bank. From 2019 to 2021 she was their chief financial officer.

In addition to Piepszak, top contenders for the CEO position include Troy Rohrbaugh, head of commercial and investment banking, Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management.

The bank also announced that Doug Petno, co-head of global banking, will succeed Piepszak as co-CEO of the commercial and investment banking business.

(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Arun Koyyur)