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The race to succeed America's top banker is on.
As if to leave no doubt about his intentions. Dimon Thursday also announced that Marianne Lake, one of the highest-ranking women on Wall Street who had been seen as a frontrunner to succeed Dimon, "has decided to retire" from the bank.
Lake, a longtime executive who was head of the firm's powerful consumer. community banking division, is said to be "not too happy" about being passed over for the top job. One indication was the absence of a statement from Lake in the press release, said people close to the bank. A JPM spokesperson had no immediate comment.
JAMIE DIMON REVEALS WHAT HE TOLD MAMDANI AFTER PRIVATE MEETING, SAYS IDEOLOGY CAN LEAD MAYORS TO FAIL
JPMorgan Chase's new global headquarters at 270 Park Ave. in New York City.(JPMorgan Chase / Fox News)
Jenn Piepszak,JPM's chief operating officer,is also no longer considered a possible replacement for Dimon, people inside the bank say. Also out of the running is Mary Erdoes, the head of JPM's asset management. wealth management business, On The Money has learned.
"The changes announced today mark an important step in our board’s thoughtful process around succession planning. development of our top leaders," Dimon said in a press release. "We are fortunate to have in place an exceptional group of senior leaders, not only at our operating committee level. across our organization."
DOJ PROBES JPMORGAN, CITIGROUP TRANSACTIONS TIED TO IRAN SUPREME LEADER'S BUSINESS NETWORK
Jamie Dimon. chief executive officer of JPMorgan Chase & Co., during the 2026 Reagan National Economic Forum on Friday, May 29, 2026.(Caroline Brehman/Bloomberg via Getty Images / Getty Images)
Petno. Rohrbaugh had jointly run the firm's powerful consumer and investment bank, and were considered top contenders to replace Dimon when he is expected to begintransitioning out of his role as CEOas early as this year, though he has always been obtuse about the timing of his decision and has left open the possibility to remain as chairman indefinitely.
That said, inside JPM headquarters in Midtown Manhattan, there was nothing obtuse about the elevation of Petno and Rohrbaugh. Dimon created the co-president position precisely to set up a horse race between the two to take over as CEO sometime soon. these people say.
Marquee at the main entrance to the JPMorgan Chase Headquarters Building in Manhattan.(Erik McGregor/LightRocket via Getty Images / Getty Images)
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Both will have big shoes to fill. Since taking over as CEO of JPM in 2006, Dimon has emerged as the most important banker in the country. maybe its most important CEO. JPM is a sprawling "systemically important" institution that does everything from consumer lending to mergers. acquisitions to trading complex derivatives that are the plumbing of the global financial system.
He has successfully led the big bank through financial crises, small. large, such as the 2008 implosion and jostled with presidents from Barack Obama to Donald Trump over economic and banking policy. He is known for his shoot-from-the-hip public presence, and for his management acumen. JPM has been highly profitable and largely free of scandal during his reign.
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