The slow-moving race to succeed Jamie Dimon on the helm of JPMorgan Chase has misplaced one other contender.
The financial institution mentioned Tuesday that Jennifer Pipsack, a longtime funding banker, will grow to be chief working officer this summer time, succeeding Daniel Pinto, who plans to retire. After the announcement, a financial institution spokesman mentioned Ms. Piepszak, 54, had knowledgeable JPMorgan that she wouldn’t be looking for a chief government job within the close to future.
Ms. Piepszak didn’t reply to a request for remark.
Tuesday’s announcement quantities to annual update to one in every of Wall Avenue’s favourite parlor video games: Speculating who would be the subsequent CEO of the nation’s largest financial institution. Mr. Dimon, 68, has held the put up for practically 20 years, a interval that has coincided with the financial institution’s development and Mr. Dimon’s elevation to the higher echelon of public prominence amongst company public leaders.
He has continued to say he plans to remain on for years to come back, and just lately started teasing a fair long run that will see him stay chairman of JPMorgan’s board even after he steps down as CEO. It is an association that has had combined outcomes for different main firms, maybe most prominently at Disney, the place Bob Iger’s shadow energy as chairman annoyed his successor and finally led to his return as CEO.
Though a gentle stream of potential successors have left JPMorgan, some to run rivals, a number of longtime financial institution executives stay within the working. They embrace Lake Marian55, who now runs JPMorgan’s shopper and group banking; Troy Rohrbaugh, 54, co-chairman of the funding financial institution; and Douglas Petno, 59, co-head of world banking.
Mr. Dimon mentioned he watched his potential successors work together with each high purchasers and rank-and-file financial institution workers on enterprise journeys that amounted to years of auditioning for his advice.
Though Mr. Pinto was described by Mr. Dimon as somebody who would take over in an emergency — the “hit by a bus” situation, as Mr. Dimon put it — he was not thought-about a contender for the highest job . Mr. Pinto will step down as chief working officer on the finish of June and retire from the financial institution in 2026, JPMorgan mentioned.
Analysts at Truist Securities summed up Tuesday’s announcement as a reshuffle, saying the financial institution was “no nearer to the succession solutions” for Mr. Dimon.
