J.P. Morgan Chase President and Chief Operating Officer Daniel Pinto is retiring and will be replaced by Jennifer Piepszak, co-CEO of commercial and investment banking.
Pinto, who has served the banking giant for 40 years, will relinquish his role June 30 and then retire next year, according to a Tuesday (Jan. 14) press release.
Piepszak will take on the role immediately, working with Pinto in the coming months as she oversees a range of areas, including technology, operations and data and analytics, the release said.
“I am very proud of the team here at J.P. Morgan Chase, the company we have built and all we have achieved along the way,” Pinto, who has been chief operating officer since 2022, said in the release. “I will continue to support our company in any way I can and am excited about the firm’s bright future.”
Doug Petno, co-head of global banking, will succeed Piepszak in leading the commercial and investment banking office alongside current co-CEO Troy Rohrbaugh, per the release. John Simmons, head of commercial banking, will succeed Petno and join Filippo Gori as the new co-head of global banking, both reporting to Petno and Rohrbaugh.
Meanwhile, Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, will continue in their roles, with all corporate functions managed jointly by Piepszak and CEO Jamie Dimon, the release said.
The leadership changes came amid the bank’s many expansion plans. Dimon, for example, is planning to develop a digitally-centered consumer bank outside the United States, an effort that includes launching a Chase bank in Germany.
It was reported last year that J.P. Morgan was plotting expansions in Europe’s Scandinavian countries, as well as parts of Africa. The bank also aims to open 500 U.S. branches by 2027 and remodel another 1,700 locations.
Meanwhile, PYMNTS examined J.P. Morgan’s digital efforts Monday (Jan. 13) as it and other major banks prepare their quarterly earnings. In the third quarter, active mobile customers were up 7% year over year to 57 million.
“The convergence between digital enablement via in-branch settings will be a feature, as financial institutions have been revisiting the role of technology in re-fashioning their physical footprints,” PYMNTS wrote.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More