The biggest succession drama on Wall Street in the United States has reached a new turning point. Daniel Pinto, president and chief operating officer (COO) of JP Morgan Chase, known as the 'right-hand man' of Jamie Dimon, the 'Emperor of Wall Street,' announced his resignation. Following this, the new second-in-command unusually expressed that he is not aiming for the chief executive officer (CEO) position. Evaluations suggest that the succession competition for Chairman Dimon has become even more complicated.
On the 14th (local time), JP Morgan announced that President and COO Pinto will step down from his current position on June 30 and retire from JP Morgan by the end of next year.
Pinto, 63 years old this year, joined the company in 1984 and has long been considered Dimon's right-hand man and a candidate for succession. Originally from Argentina, he previously led JP Morgan stably in emergency situations such as Dimon's emergency heart surgery in early 2020. However, in recent years, with generational changes taking place, he has been increasingly seen as falling behind in the succession race.
Jennifer Piepszak, co-head of the Commercial and Investment Bank (CIB) division, who has led the commercial and investment banking sectors, was immediately appointed as the new COO, the bank's second-in-command. Piepszak, the next COO, is one of the emerging candidates for Dimon's succession in recent years, along with Marianne Lake, head of the Consumer & Community Banking (CCB) division, and Troy Rohrbaugh, co-head of the CIB division. At 54 years old, she has held key positions such as chief financial officer (CFO), head of the card services division, and head of corporate lending. She also led the acquisition of First Republic Bank together with her 'competitor,' Lake.
However, Piepszak has publicly expressed reluctance to be considered the next CEO at this time. JP Morgan stated on the day, "Piepszak does not want to be considered for the CEO position currently. What she prefers is the COO role, working closely with Jamie (Dimon) and supporting the CEO." Economic media CNBC noted that explicitly stating this is an unusual move. Some analysts interpret that both Pinto and Piepszak have been excluded from the succession candidate pool.
The Wall Street Journal (WSJ) reported, "The biggest succession drama on Wall Street has reached another turning point," adding, "Neither is considered a potential successor to Dimon, and while the candidate pool has narrowed, the competition remains open." Mike Mayo, senior analyst at Wells Fargo, pointed out, "Many things will change before Dimon retires," emphasizing that the succession structure cannot be determined from this announcement alone. A senior Wall Street official also told the Financial Times (FT), "Do you think Dimon is clearing the deck to make Marianne Lake the next CEO instead of Pinto and Piepszak? I don't think so," adding, "Dimon does not want to leave (JP Morgan)." FT evaluated, "Dimon's succession competition has become more complicated."
Dimon, a long-serving CEO on Wall Street, has so far been reluctant to make specific comments about his retirement timing or successor issues. However, last year, regarding his remaining term, he said, "It is no longer the (always mentioned) five years," leading to speculation on Wall Street that the succession process had begun in earnest. Recently, he mentioned that he would step down from the CEO position by 2029. WSJ reported, "Many senior executives who seemed ready to take the helm of JP Morgan after years of speculation have left the company. And Dimon remains," conveying the atmosphere that "succession is not just gossip. Investors are concerned about JP Morgan without Dimon."
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