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Written by Saeed Azhar and Ranan Nguyen
NEW YORK (Reuters) – JPMorgan Chase & Co. on Thursday shuffled executives across its investment banking and consumer divisions as Wall Street focused on the bank’s plans to replace Chief Executive Jamie Dimon. , gained experience in running a variety of businesses.
The largest U.S. lender has appointed Marianne Lake as sole CEO of its consumer division, which was previously co-run by Lake and Jennifer Piepszak, according to filings.
Mr. Piepszak will become co-CEO of the combined commercial and investment bank, along with Troy Rohrbaugh, who previously led trading and securities services.
All eyes on Wall Street are focused on finding a successor. Morgan Stanley’s new CEO, Ted Pick, took over at the beginning of the year from James Gorman, who ran the bank for 14 years. Peter Orszag took over the reins at Lazard in October. Other banks also rotate executives from department to department to give them more experience.
“The senior management changes and new positions announced today will help the company better serve its clients and further develop its most senior executives,” JPMorgan said in a filing. said.
Mr. Dimon’s succession plans have long been the subject of speculation. He suggested in May that he could step down within three-and-a-half years. Mr. Dimon remained in power longer than expected, and several executives who had been seen as potential successors over the past 18 years left to run other companies.
JPMorgan announced a number of other management changes in Thursday’s filing.
Viswas Raghavan will become sole head of global investment banking, and co-head Jim Casey will take up an unspecified new role at JPMorgan, to be announced soon.
Jason Sippel and Pranav Thakur will be co-heads of trading.
Mark Badrichani, co-head of markets and securities services, is leaving the bank.
(Reporting by Saeed Azhar and Ranan Nguyen in New York; Editing by Deepa Babington)
Copyright 2024 Thomson Reuters.
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