JPMorgan CEO Shuffles Top Managers: Details

JPMorgan Chase & Co JPM shuffled the top managerial roles and moved some key executives into new senior roles.

The move marks the company’s aim of positioning these executives for more experience with running the firm’s operations and as CEO Jamie Damon prepares potential successors. 

The bank said that Jennifer Piepszak, Co-Chief Executive Officer of Consumer and Community Banking (CCB), and Troy Rohrbaugh, Co-head of Markets and Securities Services, will become Co-CEOs of the expanded Commercial & Investment Bank segment.

The segment comprises major wholesale businesses of Global Investment Banking, Commercial Banking, Corporate Banking as well as Markets, Securities Services and Global Payments. 

Moreover, Marianne Lake, who used to lead the CCB along with Piepszak, will now become the sole CEO of the business.

Apart from this, Viswas Raghavan will be the sole head of the global investment banking franchise, and his partner, Jim Casey, will pursue a new role that will be announced soon.

On the other hand, Marc Badrichani, co-head of markets and securities services, expressed his desire to leave the company.

Jamie Dimon said, “Daniel and his team have built the finest Corporate and Investment Bank in the world, and now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company, with his focus on the execution of our lines-of-business priorities.”

“Looking back on the past two decades, it’s remarkable to see how our businesses have significantly grown revenue, increased market share, delivered outstanding products and services to our customers and expanded into new markets – all while serving our employees and shareholders and lifting up our communities.”

Also Read: Jamie Dimon’s Pay Soars To $36M In 2023 As JPMorgan Secures Highest-Ever Profit

This month, JPMorgan reported Q4 net revenue (managed) of $39.943 billion, up 12% Y/Y, beating the consensus of $39.778 billion.

Price Action: JPM shares are up 0.44% at $173.70 premarket on the last check Friday. 

Photo by Can Pac Swire via Flickr