Investing.com — JPMorgan Chase (NYSE:JPM) has named Jennifer Piepszak, the current co-CEO of its commercial and investment bank, as its new chief operating officer, effective immediately. This announcement coincides with the news that Daniel Pinto, the current president and chief operating officer of the largest U.S. bank, will retire at the end of 2026.
Pinto, who has served JPMorgan Chase for over 40 years, will step down from his role as president and COO on June 30, 2025. This will allow him to transition his responsibilities over the coming months. After stepping down, he will continue to serve the company as Vice Chairman of JPMorgan Chase, advising the CEO and other senior executives on key projects and client relationships.
As the new COO, Piepszak will manage and coordinate all Technology, Operations, Chief Administrative Office, Data & Analytics, Corporate Strategy and Diversity, Equity & Inclusion across the company. She will also oversee the firm’s Global Corporate Centers in India and the Philippines, which employ more than 80,000 professionals.
Doug Petno, co-head of Global Banking, will succeed Piepszak as co-CEO of the Commercial & Investment Bank (CIB), partnering with current CIB co-CEO, Troy Rohrbaugh. John Simmons, head of Commercial Banking, will succeed Petno and join Filippo Gori as the new co-head of Global Banking.
Marianne Lake, CEO of Consumer and Community Banking, and Mary Erdoes, CEO of Asset & Wealth Management, will continue in their roles. They, along with Pinto, Piepszak, Petno, and Rohrbaugh, will report directly to Jamie Dimon, Chairman and CEO of JPMorgan Chase. All Corporate functions will be jointly managed by Piepszak and Dimon.
In a statement, Dimon expressed his gratitude to Pinto for his exceptional service to the firm and his excitement about the future of the company, particularly due to the efforts of the newly appointed leaders. Pinto also expressed his pride in the team at JPMorgan Chase and his anticipation for the firm’s bright future.
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