Factbox: The key executives at JPMorgan setting bank strategy after First Republic takeover

First Republic Bank

22/05/2023 14:26

(Adds details on Lori Beer and Mary Callahan Erdoes)
    By Nupur Anand
       NEW YORK, May 22 (Reuters) - JPMorgan Chase & Co  JPM.N 
executives expect the bank's net interest income to rise by $3
billion this year on its takeover of failed First Republic Bank,
which has made the biggest U.S. bank even bigger. 
    CEO Jamie Dimon and other top executives are presenting
their strategies at an investor day at its headquarters in New
York on Monday. The gathering comes at a time when investors are
concerned about an economic slowdown, and the possibility the
debt ceiling will not be lifted and the U.S. unable to pay all
of its debts.
    Here are biographies of key leaders, based on company
documents, statements and Reuters reports.
    
    JAMIE DIMON, CEO
    Dimon has been at the helm for 17 years, steering the bank
through the 2008 financial crisis before playing another major
role in the industry this year as it was roiled by bank
failures. 
    Arguably Wall Street's most prominent executive, the
67-year-old 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 this year.  
    Dimon is known for being a larger-than-life personality who
occasionally curses during public appearances. He has a
meticulous attention for detail and sets a high bar for
performance among the company's employees.
    Throughout his tenure, Dimon has repeatedly said he would
hand over the reins in five years, but several executives who
were viewed as potential successors have left for other
opportunities. 
    Dimon, who earned $34.5 million in 2022, 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.
    Analysts' questions about the company's succession plans may
become more pointed after Morgan Stanley  MS.N  CEO James Gorman
said on Friday he would step down within a year.
    
    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 was identified "as a key executive who is immediately
ready to step into the role of sole CEO, should the need arise
in the near-term," according to a company filing. 
    The executive rose through the trading business, running
emerging markets, credit and fixed income. He became the head of
its corporate and investment bank in 2014.     

    MARIANNE LAKE, CO-CEO OF CONSUMER AND COMMUNITY BANKING
    Lake jointly leads the consumer and community bank 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 $16.5 billion in the first quarter. 
    Lake, a two-decade veteran of the firm, "has all of the
qualities of a great leader," Dimon has said, such as being
demanding, drawing information out of people, recognizing talent
and also challenging Dimon when she believes he is wrong.
 
    JENNIFER PIEPSZAK, CO-CEO OF CONSUMER AND COMMUNITY BANKING
    Piepszak, who has been with the bank for nearly three
decades, was its chief financial officer from 2019 to 2021. She
has held leadership roles across major units, including CEO of
its card services and business banking divisions.
    Lake and Piepszak are among the executives in charge of
integrating First Republic Bank after it was shuttered by
authorities on May 1. JPMorgan agreed to undertake $173 billion
of the failed bank's loans, $30 billion of securities and $92
billion of deposits.
    JPMorgan has not made acquisitions of this scale since its
crisis-era takeovers of Bear Stearns and Washington Mutual.
    
    JEREMY BARNUM, CHIEF FINANCIAL OFFICER
    Barnum was promoted to CFO in 2021 after leading global
research. Dimon has described Barnum as an "extraordinary
talent" known for his "deep intellect and integrity." 
    The finance chief joined JPMorgan in 1994, serving in
various roles including CFO and chief of staff for the
investment bank.
    In 2005 he was let go in a broader restructuring of the
credit-trading business, which had a difficult previous year. He
then headed the London office of hedge fund Blue Mountain
Capital Management before returning to JPMorgan as a trader in
2007.
    
    DOUG PETNO, CEO OF COMMERCIAL BANKING
    Doug Petno has been at the bank for more than three decades.
He runs 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.
    
    LORI BEER, GLOBAL CHIEF INFORMATION OFFICER
    Lori Beer is the bank's global chief information officer, a
role she took up in September 2017. She managers 57,000
technologists overseeing the lender's technology systems and
infrastructure worldwide. She joined the bank in 2014.
    
    MARY CALLAHAN ERDOES, CEO OF ASSET AND WEALTH MANAGEMENT
    Mary Callahan Erdoes leads JPMorgan's asset and wealth
management (AWM) business, a unit that oversees over $4.3
trillion of assets for clients that include corporations,
governments and others. During her 25 year-stint at the bank,
she held several senior roles in the AWM division before
becoming its CEO in 2009.

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 (Reporting by Nupur Anand in New York; Editing by Lananh
Nguyen, Chris Reese and Lisa Shumaker)
 ((Nupur.Anand@thomsonreuters.com; +1 646 240 2975;))