© Reuters. FILE PHOTO: Jamie Dimon, Chairman of the Board and Chief Government Officer of JPMorgan Chase & Co., pauses as he speaks throughout an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello
By Nupur Anand
NEW YORK (Reuters) – JPMorgan Chase & Co (NYSE:) executives will replace traders on its takeover of failed First Republic Financial institution (OTC:), which has made the largest U.S. financial institution even greater.
CEO Jamie Dimon and different prime executives will current their methods at an investor day at its headquarters in New York on Monday. The gathering comes at a time when traders are involved about an financial slowdown, and the likelihood the debt ceiling won’t be lifted and the U.S. unable to pay all of its money owed.
Listed here are biographies of key leaders, based mostly on firm paperwork, statements and Reuters studies.
JAMIE DIMON, CEO
Dimon has been on the helm for 17 years, steering the financial institution via the 2008 monetary disaster earlier than enjoying one other main position within the business this yr because it was roiled by financial institution failures.
Arguably Wall Avenue’s most outstanding govt, the 67-year-old CEO can be a number one voice in company America. He’s usually requested to weigh in on financial, enterprise and public coverage points and presents his views in an annual letter, which ran to 43 pages this yr.
Dimon is understood for being a larger-than-life persona who often curses throughout public appearances. He has a meticulous consideration for element and units a excessive bar for efficiency among the many firm’s staff.
All through his tenure, Dimon has repeatedly stated he would hand over the reins in 5 years, however a number of executives who have been seen as potential successors have left for different alternatives.
Dimon, who earned $34.5 million in 2022, additionally has a monetary incentive to remain. The financial institution’s board awarded him a retention bonus of 1.5 million in inventory choices in 2021 that may solely be exercised in 2026.
Analysts’ questions in regards to the firm’s succession plans might turn out to be extra pointed after Morgan Stanley (NYSE:) CEO James Gorman stated on Friday he would step down inside a yr.
DANIEL PINTO, President and Chief Working Officer
Pinto has spent his complete four-decade profession at JPMorgan or its predecessor corporations. He was promoted to president and COO in 2018 and ran the financial institution when Dimon had emergency coronary heart surgical procedure in 2020.
Pinto was recognized “as a key govt who is instantly able to step into the position of sole CEO, ought to the necessity come up within the near-term,” based on an organization submitting.
The manager rose via the buying and selling enterprise, operating rising markets, credit score and stuck earnings. He grew to become the top of its company and funding financial institution in 2014.
MARIANNE LAKE, CO-CEO OF CONSUMER AND COMMUNITY BANKING
Lake collectively leads the buyer and neighborhood financial institution with Jennifer Piepszak. Lake beforehand served as finance chief from 2013 to 2019.
The buyer division accounts for the financial institution’s largest chunk of income, bringing in $16.5 billion within the first quarter.
Lake, a two-decade veteran of the agency, “has the entire qualities of an important chief,” Dimon has stated, similar to being demanding, drawing info out of individuals, recognizing expertise and likewise difficult Dimon when she believes he’s improper.
JENNIFER PIEPSZAK, CO-CEO OF CONSUMER AND COMMUNITY BANKING
Piepszak, who has been with the financial institution for practically three a long time, was its chief monetary officer from 2019 to 2021. She has held management roles throughout main models, together with CEO of its card companies and enterprise banking divisions.
Lake and Piepszak are among the many executives accountable for integrating First Republic Financial institution after it was shuttered by authorities on Might 1. JPMorgan agreed to undertake $173 billion of the failed financial institution’s loans, $30 billion of securities and $92 billion of deposits.
JPMorgan has not made acquisitions of this scale since its crisis-era takeovers of Bear Stearns and Washington Mutual.
JEREMY BARNUM, CHIEF FINANCIAL OFFICER
Barnum was promoted to CFO in 2021 after main international analysis. Dimon has described Barnum as an “extraordinary expertise” recognized for his “deep mind and integrity.”
The finance chief joined JPMorgan in 1994, serving in numerous roles together with CFO and chief of workers for the funding financial institution.
In 2005 he was let go in a broader restructuring of the credit-trading enterprise, which had a troublesome earlier yr. He then headed the London workplace of hedge fund Blue Mountain Capital Administration earlier than returning to JPMorgan as a dealer in 2007.
DOUG PETNO, CEO OF COMMERCIAL BANKING
Doug Petno has been on the financial institution for greater than three a long time. He runs a unit that has greater than 18,000 purchasers, together with mid-sized companies and firms, authorities entities and non-profits and greater than 33,000 actual property traders or homeowners.
He beforehand led JPMorgan’s funding banking group masking pure sources.