JPMorgan Chase is reshuffling its leadership team, a move many see as a succession plan, although its longtime chief executive, Jamie Dimon, has signaled he is sticking around.
Mr. Dimon, 67, has headed what is now the largest bank in the United States for nearly two decades and has repeatedly dismissed suggestions that he might step down. But the specter of his eventual departure looms over JPMorgan as outsiders wonder whether he might run for public office or serve in a presidential administration.
In a memo to employees on Thursday, JPMorgan further escalated the matter. It said Daniel Pinto, the bank's chief operating officer and Mr. Dimon's deputy, would no longer handle the bank's day-to-day operations. Mr. Dimon said he and Mr. Pinto “will continue to manage the company together.”
Mr. Pinto's previous responsibilities will be shared by Jennifer Piepszak and Troy Rohrbaugh, who will serve as co-managing directors of an expanded commercial and investment bank that combines multiple divisions of the firm into a single entity. Ms. Piepszak, co-head of JPMorgan's extensive consumer banking business, has long been considered a potential candidate for the top job. Mr. Rohrbaugh was a co-head of the bank's markets and securities operations.
The reshuffle will result in the departure of some executives. Others in the bank will redefine their roles or be promoted to new roles.
Another executive, Marianne Lake, who ran the consumer and community banking division with Ms. Piepszak, will now become sole head of that business. Wall Street analysts have also long viewed Ms. Lake as a possible successor to Mr. Dimon.
Mary Erdoes, who heads JPMorgan's wealth management business and is perhaps the bank's most recognizable face after Mr. Dimon, will remain in her current role.
Mr. Dimon has a financial incentive to stay in his position for a while longer. In addition to his annual salary ($36 million in 2023), he is set to receive an additional bonus if he is still CEO in 2026.