MONEY & BUSINESS: JPMorgan CEO Jamie Dimon shuffles top bosses as Wall Street focuses on succession
JPMorgan Chase shuffled executives in its investment banking and consumer units on Thursday, giving them more experience running different businesses as Wall Street focuses on the bank’s succession plans for CEO Jamie Dimon.
Piepszak will become co-CEO of the company’s merged commercial and investment bank alongside Troy Rohrbaugh, who previously led trading and securities services.
Succession is in focus across Wall Street. Morgan Stanley’s new CEO Ted Pick took over at the start of the year from James Gorman, who had run the bank for 14 years. Peter Orszag took the reins at Lazard in October. And other banks have rotated executives around divisions to give them more well-rounded experience.
“The senior management changes and new alignments announced today will help the company serve clients even better as well further develop the company’s most senior leaders,” JPMorgan said in the filing.
Dimon’s succession plans have long been the subject of speculation. In May, the 67-year-old signaled he could depart in 3-1/2 years. During his 18 years at the helm, several executives who were viewed as potential successors left to run other companies as Dimon stayed longer than expected.
JPMorgan also announced a raft of other leadership changes in the filing on Thursday.
Viswas Raghavan will become sole head of global investment banking, while his co-head Jim Casey will take on an unspecified new role at JPMorgan that will be announced soon.
Jason Sippel and Pranav Thakur will become co-heads of trading.
Marc Badrichani, co-head of markets and securities services, will leave the bank.