As part of combining the commercial banking and corporate and investment banking units, Daniel Pinto,
Pinto has been juggling multiple roles for several years. He became CEO of the corporate and investment bank in 2012 and then was named co-president of the firm in 2018. He has been the sole president and COO since his former colleague, Gordon Smith, retired at the end of 2021.
Pinto is "an exceptional partner" who with his team has "built the finest corporate and investment bank in the world," Dimon said in the release. "Now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company."
The newly formed commercial and investment bank — which includes global investment banking, commercial banking, corporate banking, markets, securities services and global payments — will be run by two high-level executives: Jennifer Piepszak, who was most recently the co-chief of consumer and community banking along with Marianne Lake, and Troy Rohrbaugh, who was the co-head of markets and securities services, the company said.
Piepszak, who
Lake will now be the sole CEO of consumer and community banking, which includes consumer banking, credit cards, small business, home lending, auto finance and U.S. wealth management. Lake was
Mary Callahan Erdoes will remain CEO of
As part of the changes, other leaders have been placed in revamped roles. Doug Petno, CEO of the commercial bank, will oversee an expanded commercial banking business, which now includes the global corporate banking group, according to the release. Meanwhile, Viswas Raghavan, co-head of global investment banking, will become the sole leader of that group, the bank said; his partner, Jim Casey, will take a new job in the bank, the release said.
Marc Badrichani, co-head of markets and securities services along with Rohrbaugh, plans to "pursue outside opportunities."
Meanwhile, Jason Sippel and Pranav Thakur will become co-heads of
All of the changes are effective immediately, according to a
The consumer and community banking unit of the nation's largest bank will be run by Jennifer Piepszak and Marianne Lake, two would-be contenders for the CEO role when Jamie Dimon retires. The company also named a new chief financial officer.
Before Thursday,
Pinto, Piepszak and Lake are each viewed by industry observers as potential contenders for the CEO job when Dimon steps down from the role. Management changes such as the ones announced Thursday are often viewed as ways for potential successors to gain experience.
