The battle to be JPMorgan’s next CEO is heating up. Here are 5 people in the running to succeed Jamie Dimon.

Jamie Dimon

The succession race for the next leader of JPMorgan is heating up.

Jamie Dimon, Wall Street’s longest-running CEO, has often said he has five more years when asked about retirement. He said that in 2018 and again in 2020. Dimon has been in the position since 2005, and was named chairman in 2006.

The bank this week promoted two of Dimon’s likeliest successors, consumer-lending chief Marianne Lake and chief financial officer Jennifer Piepszak, to co-lead the massive consumer and community banking business.

The news comes alongside the surprise retirement of Gordon Smith, the now ex-consumer bank head, as well as co-president and co-COO at the bank. Prior to announcing he’d be retiring at the end of the year, leaving Daniel Pinto to be sole president and COO, Smith was seen as another potential contender for the CEO job.

When Pinto and Smith were promoted to their roles in 2018, Dimon said they both "possess the capabilities, character, and intellect that exemplify great leadership."

Dimon’s eventual retirement — and who will take over as JPMorgan’s next CEO — has for years fueled massive speculation on Wall Street, especially as he underwent emergency heart surgery last year and left Pinto and Smith in charge of the bank in the interim.

The promotion of Lake and Piepszak offer new clues about who is likely to replace Dimon, but that doesn’t mean either of them are the de facto heir apparent.

Here are some of the bank’s most powerful people who are also in the running to become JPMorgan’s next CEO. The list includes four women.

J.P. Morgan CFO Marianne Lake

Marianne Lake, co-head of consumer and community banking

Marianne Lake has long been pegged as a frontrunner to succeed Dimon, and she has been at JPMorgan for nearly 20 years.

Lake, 51, transitioned from CFO to head of consumer lending during an April 2019 leadership shuffle, her first time running the business line. Her rise at JPMorgan has taken her all over the bank’s different businesses, including the investment-banking arm. 

In May 2021, she was promoted to co-lead consumer and community banking with former CFO Jen Piepszak, who’s also said to be vying for Dimon’s job.

In a press release announcing her latest promotion, Dimon called Lake and Piepszak "superb executives" with "proven track records of working successfully across the firm."

Dimon has previously characterized Lake as "a deeply knowledgeable and trusted partner to me and my colleagues."

Jenn Piepszak Chase

Jennifer Piepszak, co-head of consumer and community banking

Jennifer Piepszak, 51, became CFO of the bank when Marianne Lake left the role in 2019 to take over the consumer lending business, and after her move to CFO has also been tagged as a possible successor whenever Dimon steps down.

Her promotion to co-lead consumer and community banking alongside Lake puts the two women head-to-head for the first time. The two are both "well known and respected within the financial industry for their exceptional character and capabilities," Dimon said in a press release about their promotions.

Previously, Dimon said in a press release about her CFO appointment that Piepszak is a "first-class leader and partner who has excelled over the past 25 years in increasingly critical business and finance roles."

Piepszak has been at JPMorgan for over 25 years, and before her move to CFO in 2019 was leading the bank’s credit-card business.

Daniel Pinto

Daniel Pinto, copresident and co-COO

Daniel Pinto, 58, leads JPMorgan’s corporate and investment banking arm, which is responsible for M&A, advisory services, and trading. Pinto has spent his entire career at JPMorgan and its predecessor firms.

Although many see the promotion of Lake and Piepszak as a clear sign the two are a likely pick for the CEO job, Oden analyst Dick Bove said in a May 19 note that competition between the two could ultimately hurt the consumer business and pave the way for Pinto to be  "clear successor" to Dimon.

Pinto has been in his current role since 2019, and after Gordon Smith retires at the end of the year, he will be the firm’s sole president and COO. In his role, he is responsible for helping JPMorgan deploy its massive $11.4 billion technology budget across the firm.

Mary Callahan Erdoes of JPMorgan

Mary Callahan Erdoes, head of asset and wealth management

Mary Callahan Erdoes, 53, oversees JPMorgan’s asset and wealth management arm, which is where the bank manages the money for the world’s ultrarich, among other things.

Under Callahan Erdoes asset and wealth management has become a hotbed for growth.

A few days after Morgan Stanley announced its acquisition of online broker E-Trade, Dimon said JPMorgan would be more "aggressive" across the board on acquisitions. While Dimon didn’t explicitly comment on what type of business he was looking to add, the bank’s presentation deck said it was looking to boost its wealth and asset management business.

Callahan Erdoes joined the bank over 20 years ago and has spent her entire career within the wealth-management space.

Lori Beer CIO JP Morgan Chase

Lori Beer, CIO

Lori Beer, 54, is the chief information officer of JPMorgan, a role she took after working as the CIO of the investment banking arm.

As CIO, Beer oversees JPMorgan’s tech efforts, which includes deploying over $11 billion in annual spend. It’s no secret that Wall Street is leaning more toward tech, with some of the world’s largest banks positioning themselves as "tech companies."

JPMorgan has made a few key tech moves this year, including hiring a former Lyft executive to be CIO of the corporate investment bank and appointing two CIOs to lead newly-formed groups focusing on improving employees’ experience using the bank’s tech.

Historically, big bank CEOs came from trading or banking backgrounds. But Beer as CEO could signal a shift toward the prominence of technology in finance.

Beer joined JPMorgan in 2014 from healthcare company WellPoint, where she led information technology and specialty products.

SEE ALSO: We identified the 70 most powerful people at JPMorgan. Here’s our exclusive org chart.

SEE ALSO: JPMorgan’s succession plans are in the spotlight after CEO Jamie Dimon’s emergency heart surgery. Here’s everything you need to know about how he’s been running the firm.

Join the conversation about this story »

NOW WATCH: How waste is dealt with on the world’s largest cruise ship

Samantha Stokes and Shannen Balogh May 20, 2021 at 10:27PM

  • Share this post

Leave a Comment