JPMorgan promotes bankers in succession planning

JPMorgan has named two senior bankers as co-presidents, the strongest signal yet of who might replace Jamie Dimon as CEO.

On Thursday, the bank said Doug Petno and Troy Rohrbaugh, currently co-heads of the investment bank, will take on the new roles immediately. Petno will also become sole CEO of the investment banking division, while Rohrbaugh will lead commercial and community banking. The bank framed the promotions as part of a broader process to ensure leadership continuity at the highest levels, emphasizing the need for exceptional leadership as Dimon’s tenure progresses.

The moves are part of JPMorgan’s succession planning, according to a company statement. Dimon called the changes an important step in developing the bank’s next generation of leaders, praising both executives for their leadership capabilities and contributions to the firm.

Succession talk has followed Dimon for years. The 70-year-old has led the bank since 2006, guiding it through the financial crisis and expanding its influence across global markets. His potential departure gained urgency when Daniel Pinto, long seen as his likely successor, announced plans to retire at the end of this year. Pinto had been viewed as the most probable emergency replacement, given his deep experience and proximity to Dimon’s leadership style.

Both Petno and Rohrbaugh have been on the shortlist for the top job. Rohrbaugh, a former risk manager, was profiled in 2024 by Business Insider as a dark horse candidate for the role. Wall Street recruiters highlighted his risk management background as a potential asset in the C-Suite, suggesting his operational expertise could appeal to the board.

At the same time, the bank announced that Marianne Lake, head of commercial banking, will retire. Lake, a 25-year veteran of JPMorgan, was named one of the most powerful women in corporate America by Fortune earlier this year. Her departure further narrows the field of internal candidates, as she had been considered a serious contender for the CEO role.

Other once-possible successors have stepped back. Chief Operating Officer Jennifer Piepszak publicly stated she wasn’t interested in the job, removing another high-profile name from consideration. Mary Erdoes, CEO of Asset & Wealth Management, will keep her current position, ending speculation about her potential candidacy.

Dimon has said he wants to stay for at least five more years but insists the decision is up to the board. He’s made no secret of his ambition to leave a mark beyond finance, recently launching initiatives like the Security & Resiliency Program, aimed at bolstering industries critical to U.S. economic and national security. In March, the bank introduced the American Dream Initiative, a wide-ranging effort targeting six key areas to address economic and social challenges.

None of the changes guarantee who will take over. But the promotions put Petno and Rohrbaugh in the spotlight as the race narrows, signaling their growing influence within the bank’s leadership structure.