June 21, 2024

JPMorgan Forms Expanded Commercial & Investment Bank

JPMorgan Chase has made several changes to its leadership and organizational structure as it works to “position the firm for the future.”

“The senior management changes and new alignments announced today will help the company serve clients even better as well as further develop the company’s most senior leaders,” the financial services firm said in a Thursday (Jan. 25) press release.

In one move, JPMorgan Chase has combined its major wholesale businesses of Global Investment Banking, Commercial Banking, Corporate Banking, and Markets, Securities Services and Global Payments in an expanded Commercial & Investment Bank.

The expanded unit will be led by two co-CEOs: Jennifer Piepszak, co-CEO of Consumer and Community Banking (CCB), and Troy Rohrbaugh, co-head of Markets and Securities Services.

“Combining these efforts will enhance and deepen the way the company can seamlessly deliver the world’s most complete set of wholesale banking products and solutions,” the press release said.

Marianne Lake, who has been co-CEO of CCB together with Piepszak, will become sole CEO of that business.

Mary Erdoes remains CEO of Asset & Wealth Management.

JPMorgan also announced several other leadership changes.

Doug Petno will lead an expanded Commercial Banking business that will also include the Global Corporate Banking Group.

Viswas Raghavan will become sole head of Global Investment Banking.

Jim Casey, who has been co-head of Global Investment Banking along with Raghavan, will take on a new role that will be announced shortly.

Marc Badrichani, who has been co-head of Markets and Securities Services along with Rohrbaugh, will leave the firm.

Jason Sippel and Pranav Thakur will become co-heads of Markets Trading.

Tim Fitzgerald will continue to lead Securities Services.

Takis Georgakopoulos will continue to head Global Payments.

The company’s firm-wide Operating Committee remains unchanged “at this time.”

Jamie Dimon, chairman and CEO of JPMorgan Chase, said in the release that the company is “stronger today than it has ever been.”

“I am also particularly blessed to have an exceptional partner in Daniel Pinto, our president and chief operating officer,” Dimon said. “Daniel and his team have built the finest corporate and investment bank in the world, and now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company, with his focus on the execution of our lines-of-business priorities.”

These changes are aimed at giving executives more experience running different businesses as JPMorgan prepares succession plans for Dimon, Reuters reported Friday.

Dimon has headed the firm for 18 years and signaled in May that he may leave in three and a half years, according to the report.

Other banks, too, have rotated executives through their organization as they form their own succession plans, the report said.

Dimon told Bloomberg Television in May that he loves his job but has considered running for public office.

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