Jamie Dimon, president, CEO, chairman and CEO of JPMorgan Chase, speaks on CNBC's Squawk Box at the World Economic Forum's annual meeting in Davos, Switzerland, on January 17, 2024.
Adam Galese | CNBC
JPMorgan Chase on Thursday He said Many executives were considered front-runners to one day take over the CEO role, and Jamie Dimon had new or expanded roles.
Jennifer Bebczak, co-head of JPMorgan's consumer banking giant, will now become co-head of the firm's commercial and investment bank alongside Troy Rohrbaugh, the veteran leader of the bank's trading operations.
Bebzak's former partner, JPMorgan said Marian Lake will move from co-head of consumer banking to its sole CEO role. The business includes some of the nation's largest operations in consumer banking, credit cards and small business lending.
The moves would give Piepszak and Lek more experience as the long-running succession race for the country's largest bank continues. When they were named co-heads of consumer banking in 2021, Piepszak and Lake were considered the favorites to succeed Dimon, who is now 67. That year, the bank's board gave Dimon a special bonus to retain his services “for a significant number of years.”
It was not clear whether there was a front-runner for the position after the latest set of changes, or whether Dimon intends to leave anytime soon.
The running joke inside JPMorgan is that for Dimon, the greatest banker of his generation, retirement is always five years away. Over the years, many of his deputies moved on to lead other organizations after becoming impatient that the top job would ever become available.
Rohrbaugh and global payments head Takis Georgakopoulos shortlisted potential successors along with Lake and Bepczak, who served as CFOs before their current appointments, a person familiar with the bank's planning said.
As part of the changes, the new commercial and investment bank run by Bebczak and Rohrbaugh now includes operations that were a separate division run by Doug Pitno. And Daniel Pintowho had been CEO of the Corporate and Investment Bank for a decade, relinquished that title while remaining the bank's president and chief operating officer.
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