© Reuters. The final beam is raised during a ceremony for JPMorgan Chase’s new global headquarters building at 270 Park Avenue in New York City, U.S., November 20, 2023. REUTERS/Brendan McDermid/File Photo
By Nupur Anand and Lananh Nguyen
NEW YORK (Reuters) – JPMorgan Chase (NYSE:) shuffled executives on Thursday to give them more experience running different businesses as Wall Street focuses on succession plans for CEO Jamie Dimon.
The changes were announced in a filing.
Here are biographies of the bank’s key leaders, based on company documents, statements and Reuters reports.
JAMIE DIMON, CEO
Dimon has been at the helm for 18 years, steering the lender through the 2008 financial crisis before playing another major role last year as the industry was roiled by bank failures.
Arguably Wall Street’s most prominent executive, the CEO is also a leading voice in corporate America. He is often asked to weigh in on economic, business and public policy issues and presents his views in an annual letter, which ran to 43 pages last year.
Dimon is known for being a larger-than-life personality who occasionally curses during public appearances. He also has a reputation for being meticulous and setting a high bar for performance among the company’s employees.
During his time at the helm, several executives who were viewed as potential successors have left for other opportunities.
Dimon, whose pay rose 4% to $36 million for 2023, also has a financial incentive to stay. The bank’s board awarded him a retention bonus of 1.5 million in stock options in 2021 that can only be exercised in 2026.
DANIEL PINTO, PRESIDENT AND CHIEF OPERATING OFFICER
Pinto has spent his entire four-decade career at JPMorgan or its predecessor companies. He was promoted to president and COO in 2018 and ran the bank when Dimon had emergency heart surgery in 2020.
Pinto will “continue to jointly manage the company” with Dimon, according to the filing on Thursday.
The executive rose through the trading business, running emerging markets, credit and fixed income. He became the head of its corporate and investment banking unit in 2014.
MARIANNE LAKE, CEO OF CONSUMER AND COMMUNITY BANKING
Lake will become the sole CEO of the consumer and community bank after jointly leading it with Jennifer Piepszak. Lake previously served as finance chief from 2013 to 2019.
The consumer division accounts for the bank’s largest chunk of revenue, bringing in $18 billion in the fourth quarter.
Lake, a two-decade veteran of the firm, “has all of the qualities of a great leader,” Dimon has said. Those include being demanding, drawing information out of people, recognizing talent and also challenging Dimon when she believes he is wrong, he said.
JENNIFER PIEPSZAK, CO-CEO OF COMMERCIAL & INVESTMENT BANK
Piepszak will jointly lead a newly-merged commercial and investment banking unit with Troy Rohrbaugh.
In her nearly three decades at JPMorgan, she has served as its finance chief from 2019 to 2021 and CEO of card services and business banking. Piepszak also spent 17 years climbing the ranks in investment banking.
Lake and Piepszak were among the executives in charge of integrating failed First Republic Bank (OTC:) after JPMorgan bought it last year. The company had not made acquisitions of this scale since its financial crisis-era takeovers of Bear Stearns and Washington Mutual.
TROY ROHRBAUGH, CO-CEO OF COMMERCIAL & INVESTMENT BANK
Rohrbaugh will jointly lead the newly-merged commercial and investment banking unit alongside Piepszak.
The executive, who traded currency options earlier in his career, was given a bigger remit to oversee markets, sales, research and securities services last year.
JPMorgan’s trading business boomed as the Federal Reserve raised interest rates, fueling market volatility and client activity.
“If you went to any one of our traders right now in any asset class – equities, mortgages, commodities – they would tell you they are trading U.S. interest rates,” Rohrbaugh told Reuters last year.
DOUG PETNO, CEO OF COMMERCIAL BANKING
Petno will lead an expanded commercial banking business that includes global corporate banking.
He has been at the bank for more than three decades, running a unit that has more than 18,000 clients, including mid-sized businesses and corporations, government entities and non-profits and more than 33,000 real estate investors or owners.
He previously led JPMorgan’s investment banking group covering natural resources.