Daniel Pinto, JPMorgan Chase’s chief operating officer, will step down in June

JPMorgan Chase He said on Tuesday that the chief operating officer and president Daniel Pinto He will step down from these roles in the coming months, triggering an executive shake-up that has implications for CEO succession planning Jamie Damon.

Pinto, who has worked at JPMorgan and predecessor companies for more than four decades, will step down from his roles as chief operating officer and president in June and retire at the end of 2026. The bank said.

The company’s new CEO will be Jennifer Piepszak, co-president of the commercial and investment bank, who along with consumer banking chief Marian Lake were widely seen as top contenders to succeed Dimon.

In her new role, Piepszak will oversee the technology, operations, data and analytics functions of the sprawling financial giant, as well as its overseas operations.

But as part of that announcement, the company took the unusual step of announcing that Piepszak’s intention is to remain in a supporting role to the CEO, rather than compete for the top job.

“Jen has made clear her preference for a senior operating role working closely with Jimmy and supporting the senior leadership team, and does not want to be considered for the CEO position at this time,” spokesman Joe Evangelisti told CNBC. “She is deeply committed to the future of the company and our team and wants to help in any way she can.”

Last year, Damon, 68, Hint His term as CEO may end within five years. This has raised speculation about who will take over the management of the largest and most profitable US banks by assets.

With Piepszak seemingly taking herself out of contention, that leaves Lake, as well as Troy Rohrbaugh, who serves as co-chairman of the commercial and investment bank alongside Doug Petno, as the top potential contenders to be JPMorgan’s next CEO. They lead the company’s largest businesses across Main Street and Wall Street banking.

Lake, Pinto, Bebczak, Pitno and Rohrbaugh, as well as Marie Erdos, the bank’s head of asset and wealth management, report directly to Dimon.

Damon praised his long-time number two I started He worked at a predecessor company of JP Morgan in 1983 as a currency trader in Buenos Aires. Pinto rose through the Wall Street ranks, eventually becoming sole head of the firm’s powerful corporate and investment bank in 2014, and then chief operating officer of company-wide operations in 2018.

“Daniel is a first-class person who I am proud to call a friend, and who has had a truly significant impact on our company for over 40 years,” Damon said in a statement.

“I cannot thank him enough for his outstanding partnership and stewardship as President and Chief Operating Officer, and for building the best and most respected corporate and investment bank in the world,” Dimon said.