Jamie Dimon's top deputy to retire next year as race to lead biggest US bank heats up

Core Insights - Jennifer Piepszak has decided to step away from the CEO succession race at JPMorgan Chase and will take on the role of chief operating officer, succeeding Daniel Pinto, who will retire at the end of 2026 [1][7] - Succession planning is a significant focus for JPMorgan as CEO Jamie Dimon approaches two decades in his position, with various senior executives being rotated to gain broader experience [3][4] - The current contenders for the CEO position include Marianne Lake, Troy Rohrbaugh, and Mary Erdoes, as speculation continues regarding Dimon's future steps [4][5] Company Developments - Piepszak has expressed a preference for a senior operating role rather than pursuing the CEO position at this time, indicating her desire to work closely with the top leadership [2] - Daniel Pinto, who has been a key figure at JPMorgan for four decades, will relinquish his role as president and COO on June 30, 2023 [1][7] - Doug Petno, co-head of global banking, will succeed Piepszak as co-CEO of the commercial and investment banking business, and he is also considered a potential candidate for the CEO role [7] Industry Context - The leadership transition at JPMorgan is part of a broader trend on Wall Street, where succession planning is becoming increasingly critical as long-serving CEOs approach retirement [3][5] - The challenge of following a long-standing CEO like Jamie Dimon is acknowledged, with concerns that potential successors may prefer to retire rather than take on a demanding role [5]