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© Reuters. The remaining beam is raised throughout a ceremony for JPMorgan Chase’s new international headquarters constructing 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 offer them extra expertise working totally different companies as Wall Street focuses on succession plans for CEO Jamie Dimon.
The modifications had been introduced in a submitting.
Here are biographies of the financial institution’s key leaders, based mostly on firm paperwork, statements and Reuters stories.
JAMIE DIMON, CEO
Dimon has been on the helm for 18 years, steering the lender by means of the 2008 monetary disaster earlier than taking part in one other main function final 12 months because the business was roiled by financial institution failures.
Arguably Wall Street’s most distinguished govt, the CEO can be a number one voice in company America. He is usually requested to weigh in on financial, enterprise and public coverage points and presents his views in an annual letter, which ran to 43 pages final 12 months.
Dimon is understood for being a larger-than-life character who often curses throughout public appearances. He additionally has a status for being meticulous and setting a excessive bar for efficiency among the many firm’s workers.
During his time on the helm, a number of executives who had been seen as potential successors have left for different alternatives.
Dimon, whose pay rose 4% to $36 million for 2023, additionally has a monetary incentive to remain. The financial institution’s board awarded him a retention bonus of 1.5 million in inventory choices in 2021 that may solely be exercised in 2026.
DANIEL PINTO, PRESIDENT AND CHIEF OPERATING OFFICER
Pinto has spent his total four-decade profession at JPMorgan or its predecessor corporations. He was promoted to president and COO in 2018 and ran the financial institution when Dimon had emergency coronary heart surgical procedure in 2020.
Pinto will “continue to jointly manage the company” with Dimon, in accordance with the submitting on Thursday.
The govt rose by means of the buying and selling enterprise, working rising markets, credit score and stuck earnings. He turned the top of its company and funding banking unit in 2014.
MARIANNE LAKE, CEO OF CONSUMER AND COMMUNITY BANKING
Lake will turn out to be the only real CEO of the patron and neighborhood financial institution after collectively main it with Jennifer Piepszak. Lake beforehand served as finance chief from 2013 to 2019.
The shopper division accounts for the financial institution’s largest chunk of income, bringing in $18 billion within the fourth quarter.
Lake, a two-decade veteran of the agency, “has all of the qualities of a great leader,” Dimon has mentioned. Those embrace being demanding, drawing info out of individuals, recognizing expertise and in addition difficult Dimon when she believes he’s flawed, he mentioned.
JENNIFER PIEPSZAK, CO-CEO OF COMMERCIAL & INVESTMENT BANK
Piepszak will collectively lead a newly-merged industrial and funding banking unit with Troy Rohrbaugh.
In her almost three a long time at JPMorgan, she has served as its finance chief from 2019 to 2021 and CEO of card providers and enterprise banking. Piepszak additionally spent 17 years climbing the ranks in funding banking.
Lake and Piepszak had been among the many executives accountable for integrating failed First Republic Bank (OTC:) after JPMorgan purchased it final 12 months. The firm had not made acquisitions of this scale since its monetary crisis-era takeovers of Bear Stearns and Washington Mutual.
TROY ROHRBAUGH, CO-CEO OF COMMERCIAL & INVESTMENT BANK
Rohrbaugh will collectively lead the newly-merged industrial and funding banking unit alongside Piepszak.
The govt, who traded forex choices earlier in his profession, was given a much bigger remit to supervise markets, gross sales, analysis and securities providers final 12 months.
JPMorgan’s buying and selling enterprise boomed because the Federal Reserve raised rates of interest, fueling market volatility and consumer exercise.
“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 advised Reuters final 12 months.
DOUG PETNO, CEO OF COMMERCIAL BANKING
Petno will lead an expanded industrial banking enterprise that features international company banking.
He has been on the financial institution for greater than three a long time, working a unit that has greater than 18,000 shoppers, together with mid-sized companies and firms, authorities entities and non-profits and greater than 33,000 actual property buyers or house owners.
He beforehand led JPMorgan’s funding banking group overlaying pure sources.