NEW YORK (AP) — JPMorgan Chase promoted investment bankers Doug Petno and Troy Rohrbaugh to copresidents of the bank, elevating two additional potential contenders to succeed Jamie Dimon whenever the longtime CEO step downs from running the nation’s largest bank.
The bank also announced Thursday that Marianne Lake, who had held several top positions in the company including chief financial officer and CEO of the consumer banking division, will retire at the end of the year. Lake was long thought to be a potential person to take over the company when Dimon retired.
The promotion of Petno and Rohrbaugh is a sign that JPMorgan’s board is also looking to its commercial and investment banking ranks as it develops the next generation of leadership, even as Rohrbaugh will now move over to run the bank’s giant consumer business. Petno and Rohrbaugh both ascended JPMorgan’s ranks through the company’s investment bank but worked on different sides of the house: much of Petno’s experience has been working with clients and doing advisory work, including natural resources investment banking, while Rohrbaugh came up through the bank’s trading desks, with a background in foreign-exchange derivatives and options trading.
“The changes announced today mark an important step in our Board’s thoughtful process around succession planning and development of our top leaders,” Dimon said in a statement.
There are two other potential successors, both women, who remain on JPMorgan’s operating committee, the group of top management at the bank who report to Dimon. Jennifer Piepszak, 55, is JPMorgan’s chief operating officer, while Mary Erdoes, 58, runs its asset and wealth management division. The bank disclosed Thursday that Piepszak and Erdoes each received $20 million equity-based retention awards, underscoring that the board is trying to preserve a broad bench of senior leaders as it plans for Dimon’s eventual succession.
But even with those retention bonuses for Piepszak and Erdoes, analysts noted that promotion of Petno and Rohrbaugh is a signal that the board is leaning toward them.
“Given that Lake has been viewed as a front-runner, her retirement reshapes the succession field for Jamie Dimon’s CEO role, while elevating Petno and Rohrbaugh into president-level roles that have historically served as the springboard for the CEO job,” said analysts at Keefe, Bruyette & Woods in a note to investors after the announcement.
Further, the retention bonuses mean that the person who takes over for Dimon will have a full slate of senior executives to help them with the transition, analysts said.
Wall Street loves to speculate who will succeed Dimon, who is 70 years old and has been CEO since 2006. Dimon has had several health scares over his 20 years running the bank, including a throat cancer diagnosis in 2014 and emergency heart surgery in 2020. Still, Dimon has repeatedly said he enjoys being chairman and CEO, and has emphasized that JPMorgan’s board of directors will decide the timing of Dimon’s replacement.
Whoever replaces Dimon will inherit one of the most prominent roles on Wall Street and, more broadly, in Corporate America. Dimon is among the last of the generation of Wall Street CEOs who steered their firms through the 2008 financial crisis and is widely seen as the banking industry's elder statesman.
Before joining JPMorgan Chase in 2004, Dimon’s career was rooted more in consumer finance than trading and investment banking. He held leadership roles at American Express, Citigroup and Bank One. JPMorgan Chase acquired Bank One in 2004 in a deal to expand its consumer banking and credit card businesses. Bank One’s credit card division was considered a strategic asset in that deal.
FILE - Jamie Dimon, CEO of JPMorgan Chase, speaks at the America Business Forum, Nov. 6, 2025, in Miami. (AP Photo/Rebecca Blackwell, File)
