JPMorgan Chase has announced that its second most senior executive will end a career of more than 40 years at the banking giant by retiring at the end of 2026.
JPMorgan Chase said Daniel Pinto would relinquish his responsibilities as President and Chief Operating Officer (COO) on 30 June 2025, to allow him to effectively transition them in the coming months.
It said Co-Chief Executive Officer of the Commercial & Investment Bank (CIB) Jennifer Piepszak had been named COO effective immediately, working closely with Pinto over the next few months.
Piepszak would manage and coordinate technology, operations, chief administrative office, data and analytics, corporate strategy and diversity, equity and inclusion and oversee global corporate centres in India and the Philippines, which employ more than 80,000 people.
Co-head of Global Banking Doug Petno would succeed Piepszak as Co-Chief Executive Officer of the CIB, partnering with current CIB Co-CEO Troy Rohrbaugh to manage the business.
Head of Commercial Banking John Simmon would succeed Petno and join Filippo Gori as the new Co-head of Global Banking, reporting to Petno and Rohrbaugh.
President and Chief Operating Officer Jamie Dimon said Pinto had done an exceptional job in every role he had at the firm.
“I can’t thank him enough for his partnership and outstanding stewardship as President and COO, and for building the best, most respected Corporate & Investment Bank in the world,” Dimon said in a media release.
Pinto said he was proud of team at JPMorgan Chase, the company they had built and all achievements.
“I will continue to support our company in any way I can and am excited about the firm’s bright future,” he said.
JPMorgan Chase (NYSE: JPM) shares closed on Tuesday at US$247.47, up $3.26 or 1.33%, which capitalises the bank at $696.7 billion.