JPMorgan Chase COO Daniel Pinto stepping down in June

JPMorgan Chase said on Tuesday that Chief Operating Officer and President Daniel Pinto will step down from those roles in the coming months, setting off an executive shuffle with implications for succession planning for the CEO Jamie Dimon.

Pinto, who has worked at JPMorgan and predecessor firms for more than four decades, will step down as COO and president in June and retire at the end of 2026. the bank said.

The company’s new COO will be Jennifer Piepszak, the co-head of commercial and investment banking, who along with consumer banking head Marianne Lake was widely seen as a top candidate to succeed Dimon.

In his new role, Piepszak will oversee the sprawling financial giant’s technology, operations, data and analytics functions, and its overseas operations.

But as part of the announcement, the company took the unusual step of stating that Piepszak’s intention was to remain in a support role to the CEO, rather than compete for the top job.

“Jenn has made clear her preference for a senior operating role working closely with Jamie and in support of the senior leadership team, and does not wish to be considered for the CEO position at this time,” spokesman Joe Evangelisti said. on CNBC. “She is deeply committed to the future of the company and our team and wants to help in any way she can.”

Last year, Dimon, 68, insinuated that his CEO tenure could end in five years. That has fueled speculation about who will take over the largest and most profitable US bank for assets.

With Piepszak seemingly out of contention, this leaves Lake, as well as Troy Rohrbaugh, who is co-head of the Commercial & Investment Bank along with Doug Petno, as the likely top contenders to be JPMorgan’s next CEO. They lead the firm’s largest businesses in Main Street and Wall Street banking.

Lake, Pinto, Piepszak, Petno and Rohrbaugh, as well as Mary Erdoes, head of the bank’s asset and wealth management division, report directly to Dimon.

Dimon lavished praise on his long No. 2, which started in a predecessor firm of JPMorgan in 1983 as a currency trader in Buenos Aires. Pinto rose through the ranks of Wall Street, eventually becoming the sole head of the firm’s powerful corporate and investment bank in 2014, and then COO across the company in 2018.

“Daniel is a first-class person that I am proud to call a friend, and he has made a truly significant impact on our company for more than 40 years,” Dimon said in a statement.

“I can’t thank him enough for his outstanding partnership and management as President and COO, and for building the best, most respected Corporate & Investment Bank in the world,” said Dimon.