Daniel Pinto, President and Chief Operating Officer of JPMorgan Chase & Co., speaks at the Semaphore 2024 World Economic Summit in Washington, DC on April 18, 2024.
Saul Loeb | AFP | Getty Images
JP Morgan Chase announced Tuesday that Chief Operating Officer and President Daniel Pinto will step down from these positions in the coming months, beginning an executive reshuffle that will impact CEO Jamie Dimon’s succession plan.
Pinto, who has worked for JPMorgan and its predecessor companies for more than 40 years, will step down as chief operating officer and president in June and retire at the end of 2026, the bank announced.
The company’s new COO is Jennifer Piepszak, co-head of commercial and investment banking and widely seen as the front-runner to succeed Dimon, along with Marianne Lake, head of consumer banking.
In his new role, Mr. Piepszak will oversee the vast financial giant’s technology, operations, data and analytics operations and international operations.
However, as part of the announcement, the company took the unusual step of stating that Piepszak’s intention is not to compete for the top position, but to remain in a supporting role to the CEO.
A company spokesperson said: “Jen has made it clear that she would like to work closely with Jamie and in a senior executive role supporting the top management team, and is not seeking a CEO role at this time.” said. “She is deeply committed to the future of the company and wants to help in any way she can.”
Mr. Dimon, 68, suggested last year that his tenure as CEO could end within five years. That prompted speculation about who could take over the nation’s largest and most profitable bank by assets.
This story is developing. Please check back for the latest information.