Jennifer Piepszak, co-head of JPMorgan’s giant consumer bank, will now became co-head of the firm’s commercial and investment bank along with Troy Rohrbaugh, a veteran leader of the bank’s trading operations.
Piepszak’s former partner, Marianne Lake, will transition from consumer banking co-head to being its sole CEO, JPMorgan said. The business includes some of the country’s largest operations in retail banking, credit cards and small business lending.
The moves should give Piepszak and Lake more experience as the long-running succession race atop the nation’s largest bank drags on. When they were made co-heads of consumer banking in 2021, Piepszak and Lake were considered favorites to eventually succeed Dimon, who is now 67 years old. That year, the bank’s board gave Dimon a special bonus to retain his services for a “significant number of years.”
It wasn’t clear if there is a frontrunner for the job after the latest set of changes, or if Dimon intends to leave anytime soon.
The running joke within JPMorgan is that for Dimon, considered the top banker of his generation, retirement is always five years away. 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 short list of potential successors along with Lake and Piepszak, who have both served as CFO before their current assignments, said a person with knowledge of the bank’s planning.
As part of the changes, the bank’s new commercial and investment bank run by Piepszak and Rohrbaugh now includes operations that had been a separate division run by Doug Petno. And Daniel Pinto, who had been CEO of the corporate and investment bank for a decade, relinquishes that title while remaining the bank’s president and chief operating officer.