Factbox: Key executives at JPMorgan taking on new roles

First Republic Bank

26/01/2024 24:32

By Nupur Anand and Lananh Nguyen
       NEW YORK, Jan 25 (Reuters) - JPMorgan Chase  JPM.N 
shuffled executives on Thursday to give them more experience
running different businesses as Wall Street focuses on
succession plans for CEO Jamie Dimon.
    The changes were announced in a filing.
    Here are biographies of the bank's key leaders, based on
company documents, statements and Reuters reports.
    
    JAMIE DIMON, CEO
    Dimon has been at the helm for 18 years, steering the lender
through the 2008 financial crisis before playing another major
role last year as the industry was roiled by bank failures. 
    Arguably Wall Street's most prominent executive, the CEO is
also a leading voice in corporate America. He is often asked to
weigh in on economic, business and public policy issues and
presents his views in an annual letter, which ran to 43 pages
last year.  
    Dimon is known for being a larger-than-life personality who
occasionally curses during public appearances. He also has a
reputation for being meticulous and setting a high bar for
performance among the company's employees.
    During his time at the helm, several executives who were
viewed as potential successors have left for other
opportunities. 
    Dimon, whose pay rose 4% to $36 million for 2023, also has a
financial incentive to stay. The bank's board awarded him a
retention bonus of 1.5 million in stock options in 2021 that can
only be exercised in 2026.
    
    DANIEL PINTO, PRESIDENT AND CHIEF OPERATING OFFICER
    Pinto has spent his entire four-decade career at JPMorgan or
its predecessor companies. He was promoted to president and COO
in 2018 and ran the bank when Dimon had emergency heart surgery
in 2020.
    Pinto will "continue to jointly manage the company" with
Dimon, according to the filing on Thursday.
    The executive rose through the trading business, running
emerging markets, credit and fixed income. He became the head of
its corporate and investment banking unit in 2014.     

    MARIANNE LAKE, CEO OF CONSUMER AND COMMUNITY BANKING
    Lake will become the sole CEO of the consumer and community
bank after jointly leading it with Jennifer Piepszak. Lake
previously served as finance chief from 2013 to 2019. 
    The consumer division accounts for the bank's largest chunk
of revenue, bringing in $18 billion in the fourth quarter. 
    Lake, a two-decade veteran of the firm, "has all of the
qualities of a great leader," Dimon has said. Those include
being demanding, drawing information out of people, recognizing
talent and also challenging Dimon when she believes he is wrong,
he said.
 
    JENNIFER PIEPSZAK, CO-CEO OF COMMERCIAL & INVESTMENT BANK 
    Piepszak will jointly lead a newly-merged commercial and
investment banking unit with Troy Rohrbaugh. 
    In her nearly three decades at JPMorgan, she has served as
its finance chief from 2019 to 2021 and CEO of card services and
business banking. Piepszak also spent 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 bought it
last year. The company had not made acquisitions of this scale
since its financial crisis-era takeovers of Bear Stearns and
Washington Mutual.    

    TROY ROHRBAUGH, CO-CEO OF COMMERCIAL & INVESTMENT BANK 
    Rohrbaugh will jointly lead the newly-merged commercial and
investment banking unit alongside Piepszak.
    The executive, who traded currency options earlier in his
career, was given a bigger remit to oversee markets, sales,
research and securities services last year. 
    JPMorgan's trading business boomed as the Federal Reserve
raised interest rates, fueling market volatility and client
activity.
    "If you went to any one of our traders right now in any
asset class – equities, mortgages, commodities - they would tell
you they are trading U.S. interest rates," Rohrbaugh told
Reuters last year.
        
    DOUG PETNO, CEO OF COMMERCIAL BANKING
    Petno will lead an expanded commercial banking business that
includes global corporate banking. 
    He has been at the bank for more than three decades, running
a unit that has more than 18,000 clients, including mid-sized
businesses and corporations, government entities and non-profits
and more than 33,000 real estate investors or owners.
    He previously led JPMorgan's investment banking group
covering natural resources.

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 (Reporting by Nupur Anand and Lananh Nguyen in New York,
editing by Deepa Babington)
 ((Nupur.Anand@thomsonreuters.com; +1 646 240 2975;))