- Two senior JPMorgan executives, Daniel Pinto and Jennifer Piepszak, have seemingly withdrawn from the running to take over the top job from Jamie Dimon.
Two top contenders for the CEO job at JPMorgan have exited the race to succeed current boss Jaime Dimon within 24 hours, reshaping the competition for one of finance’s most coveted roles.
Dimon stunned spectators last year when he announced that his retirement from the financial giant’s corner office was “not five years anymore.”
A host of loyal lieutenants have long been identified and lined up for the role, yet two frontrunners have dropped out of the race within the space of 24 hours.
The first, and most surprising to the outside world, is Daniel Pinto.
Dimon previously named Pinto his “hit by a bus” CEO, meaning the current president and COO of the bank is equipped to step into the leadership role at any time if the current boss was incapacitated for any reason.
However, the man who has served as right-hand for seven years announced yesterday he will be retiring in 2026.
Jennifer Piepszak, also named by JPMorgan as a potential successor for Dimon, will take his place as COO, but claims to have no interest in taking the top job.
“Jenn has made clear her preference for a senior operating role working closely with Jamie and in support of the top leadership team, and does not want to be considered for the CEO position at this time,” JPMorgan spokesman Joe Evangelisti told CNBC.
“She is deeply committed to the future of the company and our team and wants to help in any way she can.”
Piepszak will assume the role of COO effective immediately and will work alongside Pinto until he rescinds the title on June 30, 2025.
Pinto will continue to serve as vice chairman until he retires at the end of 2026.
“Daniel Pinto has done a truly exceptional job in every role he has played at our firm,” Dimon said in a statement. “Professionally, Daniel has been an outstanding business leader, who has nurtured many of our top senior leaders and contributed to the success of businesses across the firm.
“Daniel is a first-class person who I am proud to call a friend, and he has made a truly significant impact on our company for more than 40 years. I’m thrilled he will continue to support and advise us.”
It is not clear who Dimon’s de facto CEO is in the absence of Pinto—JPMorgan did not respond to Fortune’s request for comment on this point.
JPMorgan also did not respond when Fortune asked if Pinto and Piepszak’s moves were to clear the way for the next CEO to be announced.
Who is still in the running to be JPMorgan’s next CEO?
JPMorgan has made no secret of which familiar faces are in the running to succeed Dimon.
In its 2024 proxy statement JPMorgan named its potential successors.
Alongside Pinto and Piepszak are Marianne Lake, CEO of consumer and community banking, as well as Mary Erdoes, CEO of asset and wealth management.
Also on the roster is Troy Rohrbaugh, who leads the commercial and investment bank. He previously did so alongside Piepszak but now has a new partner in Doug Petno.
As part of the reshuffle announced alongside Pinto’s retirement, John Simmons, head of Commercial Banking, has been confirmed to succeed Petno and join Filippo Gori as the new co-head of global banking.
JPMorgan added that Pinto, Piepszak, Petno, and Rohrbaugh will report “solely” to Dimon from now on.
“We are fortunate to have developed an exceptional team of world-class executives, each of whom has contributed significantly to the success of our company. I want to congratulate Jennifer, Doug and John on their expanded roles,” Dimon continued in a statement. “I have never been more proud and optimistic about our company.”
What’s next for 68-year-old Dimon remains unclear, whether that’s leaving JPMorgan entirely or continuing as chairman—an option he says is “likely.”
But stepping away from the corner office doesn’t translate to a slowdown for the billionaire banker, he told CBS in an interview on Sunday.
“When you say ‘retire,’ I’m not going to retire like that,” Dimon explained. “I may write a book. I may teach. I may work with my kids, if they want. I would never pressure them to work with me.”