JPMorgan leaders shaping its strategy as succession comes into focus
May 20 (Reuters) - At JPMorgan Chase's investor day on Monday, shareholders will focus on the bank's growth strategy and succession plans. CEO Jamie Dimon and President Daniel Pinto are among the key executives expected to be present. Dimon has run the largest U.S. lender for more than 18 years, and his next steps have been the subject of speculation for years. Contenders for the top job include Jennifer Piepszak and Troy Rohrbaugh, recently appointed co-CEOs of JPMorgan's expanded commercial and investment bank, Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management. Here are the key leaders to watch:JAMIE DIMON, CHAIRMAN AND CEO: Dimon, 68, is one of the most influential figures in American business. He often comments on the U.S. economy, politics and public policy issues. The investor day comes at a time when succession is in focus across Wall Street, with new CEOs taking over at Morgan Stanley and Lazard in the recent months. Last May, Dimon signaled he could depart in 3-1/2 years. JPMorgan's board said last month it had identified potential successors to Dimon, paving the way for a leadership transition. It raised Dimon's compensation by 4% to $36 million for 2023. In April, the CEO sold some of his stock in the bank worth about $33 million, completing a previously disclosed plan to sell 1 million shares. He offloaded 821,778 shares in February, equating to about $150 million.DANIEL PINTO, PRESIDENT AND CHIEF OPERATING OFFICER Pinto has spent his entire career at JPMorgan and its predecessor companies. He became the sole president and COO in January 2022 after serving as co-president and chief operating officer. In April, Pinto was cited by the JPMorgan board as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had emergency heart surgery. His total compensation for 2023 came in at about $30 million, according to a filing. Pinto rose through JPMorgan's trading business, running emerging markets, credit and fixed income. He became the co-head of its corporate and investment bank in 2012 and sole CEO of the unit in 2014.JEREMY BARNUM, CHIEF FINANCIAL OFFICER Barnum joined JPMorgan in 1994 and has served as the bank's CFO since 2021. The executive previously led global research for the corporate and investment bank, as well as CFO and chief of staff for the unit from 2013 to 2021. In 2005, he was let go in a broader restructuring of the credit-trading business after a lackluster year. He then headed the London office of hedge fund Blue Mountain Capital Management before returning to JPMorgan as a trader in 2007. MARIANNE LAKE, CEO, CONSUMER & COMMUNITY BANKING (CCB) Lake, a two-decade veteran of the bank, was named the sole CEO of the consumer and community banking business in January. The consumer division accounts for the largest share of JPMorgan's revenue, bringing in $17.65 billion in the first quarter. It houses consumer banking, credit cards, home lending and small business. Lake was among the potential successors to Dimon identified by the board in April. She "has all of the qualities of a great leader," Dimon has said, such as being demanding, drawing information out of people, recognizing talent and also challenging Dimon when she believes he is wrong. Lake previously served as CFO from 2013 to 2019. JENNIFER PIEPSZAK, CO-CEO, COMMERCIAL & INVESTMENT BANK (CIB) Piepszak became the co-CEO of a newly merged commercial and investment banking unit with Troy Rohrbaugh in January. She previously ran the CCB business with Lake and served as CFO from 2019 to 2021. Over nearly three decades at the bank, Piepszak has held leadership roles including CEO of its card services and business banking divisions. Piepszak and Lake were among the executives in charge of integrating First Republic Bank after it was shuttered by authorities on May 1 and acquired by JPMorgan. TROY ROHRBAUGH, CO-CEO, COMMERCIAL & INVESTMENT BANK (CIB) Rohrbaugh became the co-CEO of a newly merged commercial and investment banking unit along with Piepszak in January. He previously was co-head of the markets and securities services business and also ran macro markets. JPMorgan's trading business has boomed in recent years as the Federal Reserve raised interest rates, fueling market volatility and client activity. The bank reported markets revenue of about $8 billion in the first quarter, split between $5.3 billion from fixed-income and $2.7 billion from equities. Rohrbaugh joined JPMorgan in 2005 as a managing director and global head of foreign exchange derivatives.MARY CALLAHAN ERDOES, CEO, ASSET & WEALTH MANAGEMENT Erdoes joined JPMorgan more than 25 years ago and held several senior roles across asset and wealth management before becoming its CEO in 2009. The unit had assets under management of roughly $3.6 trillion and client assets of $5.2 trillion at the end of the first quarter. Sources: Company website, documents, filings, statements and Reuters reports (Reporting by Manya Saini in Bengaluru, additional reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Arun Koyyur)
May 20, 2024 | www.marketscreener.com
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