JPMorgan named CEO Jennifer Piepszak as chief operating officer

(Reuters) – JPMorgan Chase on Tuesday upgraded its chief operating officer to CEO Jennifer Piepszak, seen as a strong contender to replace CEO Jamie Dimon.

He replaces Daniel Pinto, who will step down from the role of president and COO of the bank on June 30. He will retire at the end of 2026.

Pinto has been mentioned by the board as a possible replacement for CEO in the near future, as he did in 2020 when Dimon underwent emergency heart surgery.

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

A comprehensive plan is in focus on Wall Street, with JPMorgan at the center as Dimon nears two decades in the top job. The bank has rotated senior executives across departments to provide them with a better experience.

Pipszak has held several positions at a major US bank over three decades and is currently the CEO of Commercial and Investment Banking. She was the Chief Financial Officer from 2019 to 2021.

In addition to Pipszak, the main contenders for CEO include Troy Rohrbaugh, head of commercial and investment banking, Marianne Lake, CEO of consumer and community banking, and Mary Erdos, CEO of assets and wealth management.

The bank will also replace Doug Petno, head of international banking, as chief executive of the commercial and investment banking business.

(Reporting by Niket Nishant and Manya Sani in Bengaluru; Editing by Arun Koyur)