JPMorgan shuffles top bosses as Wall Street focuses on Dimon succession

JPMorgan Chase shuffled executives in its investment banking and consumer units on Thursday, giving them more experience running different businesses as Wall Street focuses on succession plans for CEO Jamie Dimon.

JPMorgan Chase shuffled executives in its investment banking and consumer units on Thursday. Image: Reuters

JPMorgan Chase shuffled executives in its investment banking and consumer units on Thursday, giving them more experience running different businesses as Wall Street focuses on succession plans for CEO Jamie Dimon.

The largest US lender appointed Marianne Lake sole CEO of the consumer division, which was previously run together by Lake and Jennifer Piepszak, according to a filing, opens new tab.
Piepszak will become co-CEO of the company's merged commercial and investment bank alongside Troy Rohrbaugh, who previously led trading and securities services.

"The expansion of Jennifer Piepszak's role in commercial banking and investment banking gives her an edge in the succession planning," said Stephen Biggar, a banking analyst at Argus Research. The latest move gives her broader experience after she co-ran the consumer business, he said.

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Succession is in focus across Wall Street. Morgan Stanley's new CEO Ted Pick took over at the start of the year from James Gorman, who had run the bank for 14 years. Peter Orszag took the reins at Lazard in October. And other banks have rotated executives around divisions to give them more well-rounded experience.

"The senior management changes and new alignments announced today will help the company serve clients even better as well further develop the company’s most senior leaders," JPMorgan said in the filing.

Dimon's succession plans have long been the subject of speculation. In May, he signaled he could depart in 3-1/2 years. During his 18 years at the helm, several executives who were viewed as potential successors left to run other companies as Dimon stayed longer than expected.

Piepszak has been with the bank for nearly three decades and was its chief financial officer from 2019 to 2021. She has held leadership roles in major units, serving as CEO of its card services and business banking divisions after spending 17 years climbing the ranks in investment banking.

Lake and Piepszak were among the executives in charge of integrating failed First Republic Bank after JPMorgan acquired it last year. Lake is a two-decade veteran of the firm who was its finance chief from 2013 to 2019. She takes sole responsibility for the consumer division that accounts for JPMorgan's largest chunk of revenue, bringing in $18 billion in the fourth quarter.

Rohrbaugh, who traded currency options earlier in his career, was given a bigger remit last year. The bank's markets business boomed as the Federal Reserve raised interest rates, fueling market volatility and client activity.

JPMorgan also announced a raft of other leadership changes in the filing on Thursday. Viswas Raghavan will become sole head of global investment banking, while his co-head Jim Casey will take on an unspecified new role at JPMorgan that will be announced soon. Jason Sippel and Pranav Thakur will become co-heads of trading. Marc Badrichani, co-head of markets and securities services, will leave the bank.

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