(25 January 2024 – United States) JPMorgan has announced a reshuffling of its executive team with new roles and reporting lines for senior leaders
The country’s largest bank by assets reported that it has consolidated commercial banking with corporate and investment banking into what the group is labelling its commercial and investment bank. The move brings several divisions under a single management remit.
The newly formed commercial and investment bank will be run by Jennifer Piepszak, previously co-chief of consumer and community banking with Marianne Lake who becomes sole CEO of consumer and community banking, and Troy Rohrbaugh, previously co-head of markets and securities services.
As part of combining the commercial banking and corporate and investment banking units, Daniel Pinto, JPMorgan's COO and President, delegates his longtime role as CEO of the former corporate and investment bank to overseeing all JPMorgan's business lines. Pinto, Piepszak and Lake are viewed as potential successors to the CEO role when Dimon eventually retires following almost two decades in the role.
“Pinto is an exceptional partner who with his team has built the finest corporate and investment bank in the world. Now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company” JPMorgan CEO Jamie Dimon commented.