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JPMorgan Chase has said Daniel Pinto, a top lieutenant to chief executive Jamie Dimon, will be replaced as chief operating officer by Jenn Piepszak in a shake-up to the top ranks of the biggest US bank.
Pinto, JPMorgan president and chief operating officer, will relinquish his responsibilities at the end of June and retire by the end of next year, Dimon said in a memo to employees, which was seen by the Financial Times. Piepszak will take the reins as COO effective immediately, the memo said.
The move comes a year after Dimon reshuffled senior leaders at the bank, sparking several high-profile departures of executives close to Pinto.
Those changes had already prompted speculation that Piepszak was the frontrunner among the contenders to eventually succeed Dimon. However, JPMorgan told the FT that Piepszak was not seeking the chief executive role.
“Jenn has made clear her preference for a senior operating role working closely with Jamie and in support of the leadership team going forward and said she does not want to be considered for the CEO position at this time,” JPMorgan said.
In a series of moves in January 2024, Piepszak was made co-head of JPMorgan’s expanded commercial and investment banking division with Troy Rohrbaugh. Piepszak and Rohrbaugh took over responsibility for the division from Pinto, who had headed the corporate and investment bank.
The bank on Tuesday also elevated Doug Petno to replace Piepszak as co-head of the commercial and investment bank, alongside Rohrbaugh.
One of the other high-profile contenders to succeed Dimon, Marianne Lake, would continue in her current role, the bank said, as would its asset and wealth management chief Mary Erdoes.
JPMorgan has provided few clues as to when Dimon plans to step down as chief, a role he will have held for 15 years by the end of 2025. At an annual investment meeting in May, Dimon said “the timetable isn’t five years any more” when asked about succession planning at the bank.