Top-level personnel changes at JPMorgan Chase, who will become the next "Wall Street King"?

Zhitong App has learned that there have been personnel changes among the senior management of JPMorgan Chase, known as the "Wall Street King". The investment banking and consumer divisions have undergone adjustments to gain more experience in managing different businesses. This has made the question of who will succeed Jamie Dimon, the CEO of JPMorgan Chase, the focus of attention on Wall Street.

According to a document, JPMorgan Chase has appointed Marianne Lake as the sole CEO of the consumer division, which was previously jointly led by Marianne Lake and Jennifer Piepszak. Jennifer Piepszak will serve as co-CEO of the merged commercial and investment banking division along with Troy Rohrbaugh. Troy Rohrbaugh was previously responsible for the trading and securities services division.

JPMorgan Chase stated in the document, "The senior management changes and new adjustments announced today will help the company better serve its clients and further cultivate the highest level of leaders within the company."

Stephen Biggar, a banking analyst at Argus Research, said, "Jennifer Piepszak's expanded role in the commercial and investment banking business gives her an advantage in succession planning." Analysts believe that after Jennifer Piepszak's involvement in managing the consumer business, the latest move will give her broader management experience.

The entire Wall Street is paying attention to the issue of who will succeed as the CEO of JPMorgan Chase. Earlier this year, Ted Pick took over as the new CEO of Morgan Stanley after James Gorman's 14-year tenure. Peter Orszag took over as the head of investment bank Lazard in October last year. Other banks are also rotating executives in various departments to gain more comprehensive management experience.

In May last year, Dimon hinted that he might step down in three and a half years. During his 18-year tenure at JPMorgan Chase, several executives who were seen as potential successors left the company to run other businesses, and Dimon's term has also exceeded expectations.

Jennifer Piepszak has worked at JPMorgan Chase for nearly 30 years and served as CFO from 2019 to 2021. She has held leadership positions in major divisions and served as CEO of the credit card services and commercial banking divisions after working in investment banking for 17 years. In addition, Jennifer Piepszak and Marianne Lake were responsible for integrating the bankrupt First Republic Bank after its acquisition by JPMorgan Chase last year. Marianne Lake has worked at JPMorgan Chase for 20 years and served as Chief Financial Officer from 2013 to 2019. She will be fully responsible for the Consumer division, which is JPMorgan Chase's largest revenue source, generating $18 billion in revenue in the fourth quarter of last year.

In addition, Troy Rohrbaugh, who started his career in foreign exchange options trading, has been given greater responsibilities.

In the filing submitted on Thursday, JPMorgan Chase also announced a series of leadership changes. Viswas Raghavan will become the sole head of JPMorgan Chase's global investment banking business, while former co-head Jim Casey will take on a new role at JPMorgan Chase, the specific position of which has not been disclosed. Jason Sippel and Pranav Thakur will become co-heads of the trading division. Co-head of Markets and Securities Services, Marc Badrichani, will be leaving the company.