JPMorgan Chase CEO Daniel Pinto stepped down in June

JPMorgan Chase Chief Operating Officer and President said Tuesday Daniel Pinto He will step down from those positions in the coming months, creating an executive shuffle that has implications for CEO succession planning. Jamie Dimon.

Pinto, who has worked at JPMorgan and its predecessors for more than four decades, will step down as COO and president in June and retire at the end of 2026. said the bank.

The company’s new COO is Jennifer Piepszak, co-head of commercial and investment banking, who along with consumer banking head Marianne Lake was seen as a leading candidate to succeed Dimon.

In his new role, Piepsza will oversee the technology, operations, data and analytics functions of the sprawling financial giant, as well as its overseas operations.

But as part of the announcement, the company took the unusual step of indicating that Piepszak’s intention was to remain in a supporting role to the CEO, rather than compete in the leading role.

“Jenn has made it clear that her priority is to have a top-level operation working with Jamie and the top leadership team, and she does not want to be considered for the CEO position at this time,” spokesman Joe Evangelisti told CNBC. “He is very committed to the future of the company and our team and wants to help in any way he can.”

Last year, Dimon, 68 years old, he pointed out that his CEO’s term could end within five years. That sparked speculation about who could take over the largest and most profitable U.S. bank by assets.

With Piepszak seemingly taking himself out of contention, it leaves Lake as well as Troy Rohrbaugh, who co-heads the Commercial and Investment Bank with Doug Petno, as top contenders to become the next JPMorgan CEO. Main Street and Wall Street finance run the company’s largest businesses.

Lake, Pinto, Piepszak, Petno and Rohrbaugh, as well as Mary Erdoes, head of the bank’s asset and wealth management division, report directly to Dimon.

Dimon paid tribute to his longtime No. 2, who it started At a previous firm of JPMorgan, in 1983, as a currency trader in Buenos Aires. Pinto rose through the ranks on Wall Street, eventually becoming sole head of the firm’s powerful corporate and investment bank in 2014, and COO in 2018.

“Daniel is a first-rate individual I’m proud to call a friend, and he’s had a significant impact on our company for more than 40 years,” Dimon said. “I cannot thank him enough for his outstanding partnership and stewardship as President and COO, and for building the best and most respected Corporate and Investment Bank in the world.”