(Reuters) -JPMorgan Chase on Tuesday promoted insider Jennifer Piepszak, seen as a strong contender to succeed CEO Jamie Dimon, as its chief operating officer in a sweeping executive reshuffle.
Piepszak will succeed Daniel Pinto, who will relinquish his role as president and COO on June 30, the bank said. He will retire at the end of 2026.
Pinto was previously cited by the board as the executive who could step in for the CEO in the near term, like he did in 2020 when Dimon had an emergency heart surgery.
“Daniel Pinto has done a truly exceptional job in every role he has played at our firm,” Dimon said in a statement.
Succession planning is in focus across Wall Street, with JPMorgan at the center as Dimon approaches two decades in the top job. The bank has rotated top executives across divisions to provide them with more well-rounded experience.
Piepszak has handled several roles in her three decades at the largest U.S. bank and is currently the co-CEO of its commercial and investment bank. She was its finance chief from 2019 to 2021.
Besides Piepszak, the top contenders for the CEO job include Troy Rohrbaugh, head of the commercial and investment bank, Marianne Lake, CEO of consumer and community banking and Mary Erdoes, CEO of asset and wealth management.
The bank also said Doug Petno, co-head of global banking, will succeed Piepszak as co-CEO of the commercial and investment banking business.
(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Arun Koyyur)
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