JPMorgan Chase COO Daniel Pinto stepping down in June

JPMorgan Chase stated Tuesday that Chief Working Officer and President Daniel Pinto will step down from these roles within the coming months, setting off an govt shuffle with implications for succession planning for CEO Jamie Dimon.

Pinto, who has labored at JPMorgan and predecessor companies for greater than 4 a long time, will stop being COO and president in June and retire on the finish of 2026, the bank said.

The corporate’s new COO is Jennifer Piepszak, the co-head of the business and funding financial institution who together with shopper banking chief Marianne Lake was broadly seen as a prime contender to succeed Dimon.

In her new position, Piepszak will oversee the sprawling monetary big’s know-how, operations, information and analytics capabilities, in addition to its abroad operations.

However as a part of the announcement, the corporate took the weird step of stating that Piepszak’s intention was to stay in a help position to the CEO, fairly than vying for the highest position.

“Jenn has made clear her desire for a senior working position working intently with Jamie and in help of the highest management staff, and doesn’t need to be thought-about for the CEO place at the moment,” spokesman Joe Evangelisti instructed CNBC. “She is deeply dedicated to the way forward for the corporate and our staff and desires to assist in any means she will.”

Final 12 months, Dimon, 68, hinted that his CEO tenure might finish inside 5 years. That ignited hypothesis about who would take over for the most important and most worthwhile U.S. financial institution by property.

With Piepszak apparently taking herself out of competition, that leaves Lake, in addition to Troy Rohrbaugh, who’s co-head of the Business & Funding Financial institution together with Doug Petno, because the possible prime contenders for subsequent JPMorgan CEO. They lead the agency’s greatest companies throughout Important Avenue and Wall Avenue banking.

Lake, Pinto, Piepszak, Petno, and Rohrbaugh, in addition to Mary Erdoes, head of the financial institution’s asset and wealth administration division, report on to Dimon.

Dimon lavished reward on his longtime No. 2, who started out at a predecessor agency to JPMorgan in 1983 as a foreign money dealer in Buenos Aires. Pinto rose via the ranks of Wall Avenue, finally turning into sole head of the agency’s highly effective company and funding financial institution in 2014, after which companywide COO in 2018.

“Daniel is a first-class one that I’m proud to name a good friend, and he has made a very important influence on our firm for greater than 40 years,” Dimon stated. “I am unable to thank him sufficient for his partnership and excellent stewardship as President and COO, and for constructing one of the best, most revered Company & Funding Financial institution on the planet.”