JPMorgan Shuffles Top Managers as Jamie Dimon Prepares Successors

(Bloomberg) -- JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon moved some of his top lieutenants into new senior roles, positioning them for more experience running the firm’s operations as he prepares potential successors.

The shuffle, halfway through Dimon’s five-year retention package, places Jenn Piepszak and Troy Rohrbaugh atop an expanded commercial and investment bank, according to a statement Thursday. Marianne Lake, who has co-led the consumer and community bank alongside Piepszak since 2021, will get sole control of the segment, overseeing more of its business lines.

It’s a high-stakes maneuver: JPMorgan just achieved the largest annual profit of any bank in US history. But as Bloomberg reported last month, insiders have been predicting it would need to rotate bosses to give them new challenges in the search for Dimon’s eventual successor.

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“JPMorgan Chase is stronger today than it has ever been, and this is thanks to our hundreds of thousands of employees and our superb senior management team,” Dimon, 67, said in the statement.

The changes also mean that Daniel Pinto, the sole head of the corporate and investment bank since 2014, will ease his grip on the division and focus on his broader role as president of the New York-based company.

“We can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company,” Dimon said. Pinto, 61, will “focus on the execution of our lines-of-business priorities,” the CEO added.

Among other moves: Vis Raghavan will be sole head of the global investment banking franchise. His former co-head, Jim Casey, will get a new role that will be announced soon, the company said. Marc Badrichani, co-head of markets and securities services alongside Rohrbaugh, will leave.

JPMorgan also simplified some segments. 

The commercial bank, run by Doug Petno, will move under Piepszak and Rohrbaugh. The pair will also oversee global investment banking, corporate banking, markets, securities services and global payments. 

The changes shine a spotlight on a trio of JPMorgan veterans who have charted different paths through the ranks. Lake, 54, has been well-known to investors since she was named chief financial officer in 2013. She held that position until 2019, when she was assigned to oversee consumer lending. Her new post gives her oversight of a sprawling unit that itself would be the sixth-largest US bank by assets. 

Piepszak, 53, succeeded Lake as CFO, capping a relatively quick ascent into the realm of potential Dimon successors, and she has gained momentum as the top candidate in the years since. Her new role broadens her experience on the Wall Street side of the house, where she started her career before making a rare leap to the consumer side more than a decade ago. 

Rohrbaugh, 53, rose through JPMorgan’s bond-trading apparatus to become global head of markets in 2019. His latest promotion expands his remit to include wider swaths of the bank’s wholesale business. 

--With assistance from Steve Dickson.

(Updates with additional context and details starting in ninth paragraph.)

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