JPMorgan’s Jamie Dimon shuffles top management

JPMorgan Chase’s stock rose 0.4% in premarket trading on Friday.

Among the moves, Jennifer Piepszak will be co-chief executive of an expanded Commercial & Investment Bank, with Troy Rohrbaugh as co-chief executive.

President and Operating Chief Daniel Pinto will no longer have day-to-day control of the corporate and investment bank. In a statement, Dimon said Pinto would continue to jointly manage the company with him. Pinto took over the bank briefly in 2020 when Dimon had heart surgery.

Piepszak has been co-chief executive of Consumer and Community Banking, a title she shared with Marianne Lake, who will now be sole chief executive of the massive business, which counts 80 million consumers and six million small businesses.

Piepszak and Lake has also been working on absorbing First Republic, which JPMorgan Chase acquired last year. The Wall Street Journal earlier this year flagged Lake and Piepszak as potential contenders for Dimon’s job.

Rohrbaugh has been co-head of markets and securities services.

While Dimon, 67, has not announced any immediate plans to step down, he’s the longest-serving chief executive of the country’s largest bank with 18 years in the job.

Another long-time chief executive, James Gorman, has retired from the job this year after 14 years running Morgan Stanley
MS,
+0.51%.

Dimon has a strong incentive to stay at the bank until 2026, as laid out in a 1.5 million share retention bonus he was awarded in 2021.  

The expanded Commercial & Investment bank under Piepsazk and Rohrbaugh will combine its global investment banking, commercial banking and corporate banking, along with markets, securities services and global payments.

Among the other key changes:

Doug Petno, chief executive of the Commercial Bank, will also take over the Global Corporate Banking group.

Viswas Raghavan will become sole head of the Global Investment Banking franchise, while Jim Casey, who was co-head of investment banking with Raghavan, will have a new role to be announced shortly, the bank said.

Marc Badrichani, co-head of Markets and Securities Services, has told the bank he wants to pursue outside opportunities. “He will work with his senior colleagues in the near term on transition plans for the Sales and Research group,” the bank said.

Jason Sippel and Pranav Thakur will become co-heads of the company’s Markets Trading business.

Tim Fitzgerald will continue to lead Securities Services.

Takis Georgakopoulos will continue as head of Global Payments, “through its transformation and growth initiatives – a major strategic imperative for the firm and a critical service for its largest and most complex wholesale clients,” the firm said.

Mary Erdoes will remain as chief executive of Asset & Wealth Management.

The company’s firm-wide operating committee remains unchanged at this time.

“Looking back on the past two decades, it’s remarkable to see how our businesses have significantly grown revenue, increased market share, delivered outstanding products and services to our customers and expanded into new markets – all while serving our employees and shareholders and lifting up our communities,” Dimon said.