The slow-moving race to succeed Jamie Dimon at the helm of JPMorgan Chase has lost another entrant.
The bank said on Tuesday that Jennifer Piepszak a longtime investment banker, would become chief operating officer this summer, succeeding Daniel Pinto, who is planning to retire. After the announcement, a bank spokesman said that Ms. Piepszak, 54, had notified JPMorgan she would not seek to seek the C.E.O. job in the near future.
Ms. Piepszak did not respond to a request for comment.
Tuesday’s announcement amounted to an annual update to one of Wall Street’s favorite parlor games: Speculating on who will be the next chief executive of the nation’s largest bank. Mr. Dimon, 68, has held the job for nearly two decades — a period that has coincided with the bank’s growth and Mr. Dimon’s ascension into the top echelon of public prominence among corporate public leaders.
He has continued to say that he plans to stick around for years to come, and has recently begun to tease an even longer tenure that would have him remain chairman of JPMorgan’s board even after he steps down as C.E.O. That’s an arrangement that has produced mixed results for other large corporations, perhaps most prominently at Disney, where Bob Iger’s shadow power as chairman frustrated his successor and eventually led to his return as chief executive.
Though a steady stream of potential successors have left JPMorgan, some to run rivals, several longtime bank executives remain in the hunt. They include Marianne Lake, 55, who now runs JPMorgan’s consumer and community banking; Troy Rohrbaugh, 54, the co-head of the investment bank; and, Douglas Petno, 59, the co-head of global banking.
Mr. Dimon has said he’s been observing his potential successors interact with both top clients and the bank’s rank-and file during business trips, amounting to a yearslong audition for his recommendation.
Although Mr. Pinto had been described by Mr. Dimon as someone who would take over in an emergency — the “hit by a bus” scenario, as Mr. Dimon put it — he was not considered a contender for the top job. Mr. Pinto will step out of the C.O.O. role in late June, and retire from the bank in 2026, JPMorgan said.
Analysts at Truist Securities summed up Tuesday’s announcement as a shuffling of the ranks, pointing out that the bank was “no closer to succession answers” for Mr. Dimon.
