JPMorgan’s Jennifer Piepszak Exits CEO Race, Set to Become COO Next Year

New York: So, here’s the scoop. Jennifer Piepszak, who many thought would take over as CEO of JPMorgan Chase, has decided to step back from that race. Instead, she’s going to be the chief operating officer of the bank. Pretty interesting move, right?

She’ll be taking over from Daniel Pinto, who’s been with the bank for a long time and is set to retire at the end of 2026. It seems like Piepszak prefers to work closely with Jamie Dimon and focus on operations rather than the top job.

Succession planning is a hot topic on Wall Street, especially with Dimon nearing two decades as CEO. The bank is mixing things up, giving senior executives a chance to gain experience across different areas.

Piepszak has been with JPMorgan for about 30 years and has held various roles, including co-CEO of the commercial and investment bank. Now, the race for CEO includes some big names like Marianne Lake and Troy Rohrbaugh.

Dimon has been leading the bank for over 19 years, and there’s been a lot of chatter about what’s next for him. It’s tough to follow someone like him, as noted by David Warner, a portfolio manager.

Pinto was once seen as the likely successor, especially after stepping in during Dimon’s emergency heart surgery in 2020. But now, he’s set to retire soon, and the bank is looking at other potential leaders.

In the meantime, Doug Petno will take over Piepszak’s current role, and he might also be in the running for the CEO position. It’s all quite the shake-up at JPMorgan!