Piepszak, an
Piepszak, who has
"Jenn has made clear her preference for a senior operating role working closely with Jamie and in support of the top leadership team going forward," the spokesperson said. "She is deeply committed to the future of the firm and our people, and wants to help in any way she can."
Piepszak, the former chief financial officer and a 30-year employee of the company, has been considered a
The role is slimmed down from Pinto's duties. Piepszak as COO will not oversee
Pinto — who has been the firm's sole president and COO since his former colleague, Gordon Smith,
Though he will give up his responsibilities as president and COO on June 30 of this year, Pinto will remain the bank's vice chair, working with and advising Dimon and other top leaders on "key projects, client relationships and complex issues facing the firm," the company said.
On Tuesday, Dimon praised Pinto for doing "a truly exceptional job in every role he has played" during his 40-plus year tenure at the bank. Calling him a friend and "a first-class person," Dimon said in the release that Pinto "has been an outstanding business leader who has nurtured many of [the bank's] top senior leaders and contributed to the success of businesses across the firm."
As part of the changes, Doug Petno,
John Simmons, the head of commercial banking, will take Petno's spot and join Filippo Gori to run global banking. Both Simmons and Gori will report to Petno and Rohrbaugh.
At
"If you look at our company, a lot of these folks have been all over the company now," Dimon responded. "They've been in CFO jobs and in the consumer side, the investment banking side. So they have deep knowledge of the whole company."
Dimon, who has often joked that he would stick around for another five years, said at the meeting that the timeline "is not five years anymore."
Some analysts noted that the latest announcement did little to clarify the future CEO question.
"This keeps the issue about the next CEO at the fore, but without much clarity," Mayo wrote in a research note Tuesday.
John McDonald, an analyst at Truist Securities, said in a separate research note that the announcement "seems more about the Pinto retirement than any intent to clarify the timeline or plan for Dimon's retirement.
"That said, we would expect that when it is time for Dimon's announcement, there will likely be a comfortable transition period, the naming of a president … and a period of time afterward (perhaps a few years) where Dimon remains as non-executive chairman," he wrote.
Shareholders at America's largest bank voted against requiring an independent board chair, though the proposal drew more support than similar measures did recently at other megabanks. The vote came just one day after Dimon signaled that his departure as CEO may be on the horizon.
Piepszak's apparent exit from the race to succeed Dimon makes more room for other potential candidates, including Marianne Lake,
Other contenders, according to analysts, include Rohrbaugh, who has been leading the commercial and investment bank with Piepszak since January 2024, and Mary Callahan Erdoes, head of
Lake and Erdoes will remain in their current roles, the company said.
For those hoping to get a glimpse anytime soon into the board's decision, it may simply be too early to tell, analyst Stephen Biggar of Argus Research told American Banker.
"I think we'd all be surprised if the board came out and said, 'We've selected someone [to be CEO starting in] 2029,'" Biggar said. "It's too far ahead. Careers change, people change, the world changes."
