JPMorgan CEO Daniel Pinto will step down as chief operating officer in June

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JPMorgan Chase announced that Daniel Pinto, a top aide to CEO Jamie Dimon, will relinquish his responsibilities as chief operating officer at the end of June and retire by the end of 2026.

Pinto will be replaced as chief operating officer by Jane Piepszak, co-chief executive of the commercial and investment bank, effective immediately, Dimon wrote in a memo to employees on Tuesday, seen by the Financial Times.

Dimon said that Pinto, who worked at the bank for more than 40 years, informed him of his decision to retire at the end of next year, but that he would transfer his responsibilities in the coming months.

The move comes several months after Damon Restructuring senior leadership At the bank, which led to the departure of several prominent executives close to Pinto.

JPMorgan did not immediately respond to a request for comment.

This is a developing story