JPMorgan reshuffle drops hints about who will replace Jamie Dimon as CEO
The line-up for who may fill the impressive shoes of Jamie Dimon at JPMorgan is becoming clearer. In a statement released this week, the banking giant announced a reshuffle of top executives to “position the firm for the future.”
Dimon, who is approaching his 68th birthday, has had one of the most successful tenures in modern-day banking.
In 2023 JPMorgan Chase confirmed it had raked in the highest revenue figure–$49.6 billion—in U.S. banking history. JPMorgan remains comfortably America’s biggest bank, with $3.7 trillion in assets as of March 2023, and $303 billion in stockholders’ equity.
But like every boss in a major company, Dimon and the board at JPMorgan need to have some options lined up for who may take the reins when he steps down.
Currently the self-professed “red-blooded, patriotic, unwoke, capitalist CEO” is halfway through an agreement to stay with the financial giant until at least 2026, though whether he will leave when that contract ends remains to be seen.
JPMorgan reshuffle
In an update published this week, JPMorgan confirmed a reshuffle of a handful of executives to more senior positions to “further develop the company’s most senior leaders.”
Jennifer Piepszak, co-CEO of consumer and community banking (CCB), and Troy Rohrbaugh, co-head of markets and securities services, have been moved to jointly run the expanded commercial and investment bank division.
This remit will oversee global investment banking, commercial banking, corporate banking as well as markets, securities services and global payments.
Marianne Lake, the second co-CEO of CCB, will become the sole leader of the division overseeing 80 million consumers and six million small businesses.
Elsewhere Doug Petno, CEO of the commercial bank, will lead an expanded commercial banking business, while Viswas Raghavan, co-head of global investment banking will now solely lead the team.
Jason Sippel and Pranav Thakur will become co-heads of the company’s markets trading business, with Mary Erdoes remaining CEO of asset and wealth management.
Meanwhile, Marc Badrichani, co-head of markets and securities services will be leaving the business after assisting the transition process, with JPMorgan adding: “Marc is an exceptional business leader, and the company is immensely grateful for his outstanding efforts.”
Tim Fitzgerald and Takis Georgakopoulos will stay in their current positions, leading securities services and head of global payments respectively, with Mary Erdoes remaining CEO of asset and wealth management.
In the announcement Dimon thanked his “superb” management team and COO Daniel Pinto, adding: “Daniel and his team have built the finest corporate and investment bank in the world, and now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company, with his focus on the execution of our lines-of-business priorities.”
JPMorgan Chase did not immediately respond to Fortune’s request for further comment.
Who will replace Dimon as CEO?
The frontrunners to replace Dimon are widely reported to be Piepszak and Lake, though sources told Bloomberg in December the pair would have to widen their remit before being ready to run the whole company.
The January rejig may certainly be a move to answer some of those questions, though the question of when a successor might be named still looms large.
While Bob Iger has earned criticism for his apparent resistance to leave the corner office at Disney—a claim he categorically denies—Dimon’s retirement from the CEO position has become something of an in-joke.
It may be no surprise that the board—which paid him a record salary of $36 million in 2023—is in no rush to see him go.
Announcing Dimon’s salary package in an SEC filing earlier this year, the board wrote: “The annual compensation for 2023 reflects Mr. Dimon’s stewardship of the firm, with growth across all of its market-leading lines of business, record financial results and a fortress balance sheet.”
Dimon also seems in no rush to hurry off, long responding “five more years” if asked when he may move on.
Indeed, during the bank’s investor relations day in May, Dimon said: “I’m not going to change, I’m not going to play golf, I love my country, my company, my family.
“I can’t do this forever, I know that, but my intensity is the same. When I don’t have this kind of intensity, I should leave.”
