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JPMorgan CEO Jamie Dimon at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Lima, Peru, on Nov. 14, 2024Key Takeaways
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JPMorgan Chase announced a flurry of executive changes Tuesday that raised new questions about who could succeed CEO Jamie Dimon.
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Jennifer Piepszak, co-chief executive officer of the firm's Commercial and Investment Bank, is set to replace Daniel Pinto as the bank's chief operating officer, after informing the bank she doesn't want to be considered as a potential replacement for Dimon.
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The news comes ahead of the banking giant's earnings report Wednesday.
JPMorgan Chase (JPM) announced a flurry of executive role changes Tuesday that raised new questions about who could succeed CEO Jamie Dimon in the bank's top job.
One executive who had been seen as a contender, Jennnifer Piepszak, co-chief executive officer of the firm's Commercial and Investment Bank, is set to become its chief operating officer after informing the bank she doesn't want to be considered as a potential replacement for Dimon. The bank's current COO, Daniel Pinto, will step down from the role at the end of June.
"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, and has said she does not want to be considered for the CEO position at this time," JPMorgan spokesperson Brian Marchiony told Investopedia in a statement Tuesday.
JPMorgan's Announcement Comes Ahead of Earnings Wednesday
The bank also announced new roles for co-head of Global Banking Doug Petno as the successor to Piepszak, leading JPMorgan's Commercial and Investment Bank along with current Co-CEO Troy Rohrbaugh. The head of Commercial Banking, John Simmons, will succeed Petno.
The moves could put more focus on Petno, Rohrbaugh, and Consumer and Community Banking CEO Marianne Lake as potential successors to Dimon, Yahoo! Finance and Bloomberg reported Tuesday.
The banking giant is set to report fourth-quarter earnings Wednesday morning.
JPMorgan shares edged 1.3% higher Tuesday to finish at $247.47. They've gained about 47% in the past 12 months.
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