Jamie Dimon, President and CEO, Chairman and CEO of JPMorgan Chase, speaks on CNBC's Squawk Box at the World Economic Forum's annual meeting in Davos, Switzerland, January 17, 2024.
Adam Galici | CNBC
JPMorgan Chase said Thursday that several executives considered top candidates to take over from CEO Jamie Dimon had new or expanded roles.
Jennifer Piepszak, co-head of JPMorgan's massive consumer bank, will now co-head the company's commercial and investment bank alongside Troy Rohrbaugh, a veteran head of the bank's trading operations.
Piepszak's former partner, Marianne Lake will move from co-head of consumer banking to sole CEO, JPMorgan said. The company includes some of the country's largest businesses in retail banking, credit cards and small business lending.
The moves were intended to give Piepszak and Lake more experience as the long-running race to succeed them at the helm of the country's largest bank drags on. When they were named co-heads of consumer banking in 2021, Piepszak and Lake were considered favorites to succeed Dimon, now 67. This year, the bank's board gave Dimon a special bonus to retain his services for a “significant number of years.”
It was not clear whether there is a leading candidate for the job after the recent changes or whether Dimon plans to leave office any time soon.
The common joke at JPMorgan is that Dimon, considered the top banker of his generation, will always retire in five years. Over the years, several of his deputies have moved on to lead other organizations after losing patience that the top job would ever become available.
Rohrbaugh and global payments chief Takis Georgakopoulos round out the shortlist of potential successors, along with Lake and Piepszak, both of whom served as CFO before their current roles, a person with knowledge of the bank's planning said.
As part of the changes, the bank's new commercial and investment bank, led by Piepszak and Rohrbaugh, now includes divisions that were previously a separate division led by Doug Petno. And Daniel Pinto, who was CEO of the corporate and investment bank for a decade, is giving up that title but remaining the bank's president and chief operating officer.