JPMorgan Chase CEO Daniel Pinto is stepping down in June

JPMorgan Chase Chief Operating Officer and President said Tuesday Daniel Pinto An executive will step down from those positions in the coming months and begin an executive shakeup that will affect CEO succession planning. Jamie Dimon.

Pinto, who spent more than four decades at JPMorgan and its predecessor firms, will step down as COO and president in June and retire at the end of 2026. the bank said.

The company’s new COO is commercial and investment banking co-head Jennifer Piepszak, who, along with consumer banking head Marianne Lake, was seen as a front-runner to replace Dimo.

In his new role, Piepszak will oversee the expanding financial giant’s technology, operations, data and analytics operations, as well as its overseas business.

But as part of the announcement, the company took the unusual step of stating that Piepszak intended to remain in a supporting role to the CEO rather than compete for the top job.

“Jenn has made it clear that she prefers a senior operational role working closely with Jamie and supporting the senior management team and is not currently seeking to be considered for the role of CEO,” a company spokesperson said. “He is deeply committed to the future of the company and wants to do everything he can.”

Last year, Dimon, 68, hinted his CEO tenure could end in five years. That has fueled speculation about who might take over the largest and most profitable U.S. bank by assets.

If Piepszak appears to remove himself from contention, that leaves Troy Rohrbaugh, who co-chairs the Trade and Investment Bank with Lake as well as Doug Petno, as the leading candidate to be the next JPMorgan CEO. They lead the firm’s largest businesses in Main Street and Wall Street finance.

Lake, Pinto, Piepszak, Petno and Rohrbaugh, as well as Mary Erdoes, the bank’s head of asset and wealth management, report directly to Dimon.

Dimon praised the longtime No. 2, who started as a currency trader in Buenos Aires in 1983 at JPMorgan’s predecessor firm. Pinto rose through the Wall Street ranks, eventually becoming sole head of the firm’s strong corporate and investment bank in 2014, and then COO in 2018.

“Daniel is a first-class person I’m proud to call a friend, and he’s had a truly significant impact on our company for more than 40 years,” Dimon said. “I cannot thank him enough for his partnership and outstanding leadership as President and COO, and for building the best, most respected Corporate and Investment Bank in the world.”

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