An executive shuffle at JPMorgan Chase Friday could provide clues about the succession plan of longtime CEO Jamie Dimon.
Marianne Lake, who has been with the bank for roughly two decades, was appointed as sole head of the bank’s consumer and community banking division after previously sharing the role with Jennifer Piepszak. Piepszak will now instead become co-CEO of JPMorgan’s expanded commercial and investment bank, alongside Troy Rohrbaugh, who was previously co-head of markets and securities services.
"The expansion of Jennifer Piepszak's role in commercial banking and investment banking gives her an edge in the succession planning," Stephen Biggar, a banking analyst at Argus Research, told Reuters. In her new role, she’ll gain broader experience, he noted.
Piepszak and Rohrbaugh, veterans of the bank for roughly 30 and 20 years respectively, will together take on the role previously held by President and COO Daniel Pinto, who is handing off control of the commercial and investment bank in favor of overseeing all of JPMorgan’s lines of business.
JPMorgan Commercial Bank CEO Doug Petno will now lead an expanded commercial banking business, which will also include the global corporate banking group.
Viswas Raghavan, who has co-led the firm’s global investment banking arm with Jim Casey since 2020, will remain in the business’ top spot solo as Casey takes on a new yet-to-be-announced role.
Jason Sippel and Pranav Thakur will co-lead the bank’s markets trading business.
Dimon said in a prepared statement that JPMorgan is in a stronger position than it’s ever been in, sharing praise of the bank’s senior executives and singling out Pinto.
“Daniel and his team have built the finest Corporate and Investment Bank in the world, and now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company, with his focus on the execution of our lines-of-business priorities,” he said.
“Looking back on the past two decades, it’s remarkable to see how our businesses have significantly grown revenue, increased market share, delivered outstanding products and services to our customers and expanded into new markets – all while serving our employees and shareholders and lifting up our communities,” Dimon said.
The shuffle comes at a time succession is a hot topic on Wall Street, following James Gorman’s retirement from – and Ted Pick’s elevation to – Morgan Stanley CEO. Investment bank Lazard, too, tapped Peter Orszag as the new CEO in October.
At 67 years old and with 18 years at the helm under his belt, Dimon’s succession plans are a point of industry curiosity. He told investors in May that he planned to retire in three-and-a-half years, which if true, puts his exit at the end of 2026.
“I'm not going to change, I'm not going to play golf, I love my country, my company, my family,” said Dimon while at the bank’s investor day, according to Reuters. “I can't do this forever, I know that, but my intensity is the same. When I don't have this kind of intensity, I should leave.”
The timeline aligns with a one-off retention incentive the board awarded him in 2021: Stay for five more years, and we’ll give you $50 million.