NEW YORK - JPMorgan Chase & Co. (NYSE: NYSE:JPM) has revealed a series of executive role shifts following Daniel Pinto's decision to retire as President and Chief Operating Officer at the end of 2026. Pinto will step down from his current roles on June 30, 2025, and transition to Vice Chairman, where he will continue to advise CEO Jamie Dimon and other senior executives.
Jennifer Piepszak, previously Co-Chief Executive Officer of the Commercial & Investment Bank (CIB), has been appointed as the new Chief Operating Officer, effective immediately. Piepszak will assume responsibility for Technology, Operations, Chief Administrative Office, Data & Analytics, Corporate Strategy, and Diversity, Equity & Inclusion. She will also oversee the firm's Global Corporate Centers in India and the Philippines.
Doug Petno, formerly Co-head of Global Banking, is set to replace Piepszak as Co-CEO of the CIB, alongside Troy Rohrbaugh. John Simmons will step into Petno's previous position and join Filippo Gori as the new Co-head of Global Banking.
Marianne Lake and Mary Erdoes will maintain their current roles as CEO of Consumer and Community Banking and CEO of Asset & Wealth Management, respectively. All Corporate functions will be jointly managed by Piepszak and Dimon.
Jamie Dimon praised Pinto for his "exceptional job" and "outstanding stewardship" during his tenure, which spans over 40 years. Pinto expressed pride in the team and the company's achievements, committing to support JPMorgan Chase in the future.
This executive reshuffle comes as the financial services firm continues to lead in various sectors, including investment banking and asset management. The company reported $4.2 trillion in assets and $346 billion in stockholders' equity as of September 30, 2024, serving a broad spectrum of customers under the J.P. Morgan and Chase brands. With a P/E ratio of 13.5 and impressive revenue growth of 13.9% over the last twelve months, JPM has demonstrated strong performance. InvestingPro analysis reveals 8 additional key insights about JPM's financial health and growth prospects, including its 14-year streak of dividend increases and strong analyst support, with 9 analysts recently revising earnings estimates upward. Get the complete picture with InvestingPro's comprehensive research report, available along with detailed financial metrics and expert analysis.
The information is based on a press release statement from JPMorgan Chase & Co.
In other recent news, JPMorgan Chase & Co. has seen several significant developments. Keefe, Bruyette & Woods analyst David Konrad raised the price target for the bank to $257, citing higher net interest income and capital markets revenues. Meanwhile, Truist Securities initiated coverage of JPMorgan with a Hold rating, recognizing the bank's financial performance and robust balance sheet.
Additionally, BofA Securities raised its price target for JPMorgan to $280, expecting a resurgence in net interest income growth due to anticipated higher interest rates. Wolfe Research analyst Steven Chubak upgraded JPMorgan's stock rating from Peer Perform to Outperform, emphasizing the bank's strength in the Universal Broker and Trust sector.
In operational news, JPMorgan is reportedly preparing to end its hybrid work option and return to full-time office work. This move indicates the bank's belief in the effectiveness of in-person work.
In legal matters, JPMorgan has been sued by the Consumer Financial Protection Bureau over alleged failure to protect consumers from fraud on the Zelle network. However, the bank has resolved its dispute with Tesla (NASDAQ:TSLA) Inc., with both parties agreeing to drop their claims. Furthermore, Michele G. Buck, the CEO of The Hershey Company (NYSE:HSY), has been elected to JPMorgan's board of directors.
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