Gretchen Ertl/AP
Jamie Dimon, chairman and CEO of JPMorgan
- Jamie Dimon, chairman and CEO of JPMorgan Chase, underwent emergency heart surgery on Thursday morning.
- Daniel Pinto and Gordon Smith, co-presidents and co-COOs of the bank, are leading the firm during Dimon's absence.
- Dimon announced intentions to retire in five years in 2018 and said the same again in 2020.
- Here are six executives that could be potential successors should Dimon step down.
- The list includes four women, one of which could become the first female boss of a Wall Street bank.
- Click here for more BI Prime stories.
Jamie Dimon, JPMorgan Chase's chairman and CEO, underwent emergency heart surgery Thursday, the bank said in a memo to employees, clients, and shareholders.
Dimon, 63, is "awake, alert, and recovering well," according to the memo. In his stead, co-presidents and co-COO's Daniel Pinto and Gordon Smith are in charge.
Wall Street's longest-running CEO of the largest US bank by assets has often said he has five more years when asked about retirement. He said as much in 2018, then again in 2020. Dimon has been in the position since 2005, and was named chairman in 2006.
When Pinto and Smith were promoted to their current roles in 2018, Dimon said they both "possess the capabilities, character, and intellect that exemplify great leadership."
But that doesn't mean one of them is the de facto heir apparent.
Here are some of the bank's most powerful people who are also in the running to become JPMorgan's next CEO. The list includes four women, one of which could become the first female boss of a Wall Street bank.
JP Morgan Chase
Lori Beer, CIO of JPMorgan
Lori Beer, CIO
Lori Beer, 51, is the chief information officer of JPMorgan, a role she took on after working as the CIO of the investment banking arm.
As CIO, Beer oversees JPMorgan's tech efforts, which includes deploying over $11 billion in annual spend. It's no secret that Wall Street is leaning more toward tech, with some of the world's largest banks positioning themselves as "tech companies." Historically, big bank CEOs came from trading or banking backgrounds. But Beer as CEO could signal a shift toward the prominence of technology in finance.
Beer joined JPMorgan in 2014 from healthcare company WellPoint, where she led information technology and specialty products.
Ruben Sprich/Reuters
Mary Callahan Erdoes, head of asset and wealth management at JPMorgan
Mary Callahan Erdoes, head of asset and wealth management
Mary Callahan Erdoes, 52, oversees JPMorgan's asset and wealth management arm, which is where the bank manages the money for the world's ultra-rich, among other things.
Under Callahan Erdoes asset and wealth management has become a hotbed for growth.
A few days after Morgan Stanley announced its acquisition of online broker E-Trade, Dimon said JPMorgan would be more "aggressive" across the board on acquisitions. While Dimon didn't explicitly comment on what type of business he was looking to add, the bank's presentation deck said it was looking to boost its wealth and asset management business.
And the firm plans to hire 500 front-office wealth and asset management staffers this year to expand and compete in the increasingly crowded and competitive industry.
Callahan Erdoes joined the bank over 20 years ago, and has spent her entire career within the wealth management space.
Richard Drew/AP
Marianne Lake, head of consumer lending at JPMorgan
Marianne Lake, head of consumer lending
Marianne Lake, who has been pegged as a frontrunner to succeed Dimon, has been at JPMorgan for nearly 20 years.
In April 2019 during an executive reshuffle, Lake, 51, transitioned from CFO of the firm to the head of consumer lending. It's the first time she's running a business line, which could be the hands-on experience she needs to ultimately step up to the top boss.
Lake's rise at JPMorgan has taken her all over the bank's different business, including the investment banking arm.
In a press release announcing her latest role, Dimon characterized Lake as "a deeply knowledgeable and trusted partner to me and my colleagues."
BII
Jennifer Piepszak, CFO of JPMorgan
Jennifer Piepszak, CFO
Jennifer Piepszak, 49, became CFO of the bank when Marianne Lake left the role in 2019 to take over the consumer lending business.
After her move to CFO, Piepszak has also been tagged as a possible successor should Dimon step down.
"She is a first-class leader and partner who has excelled over the past 25 years in increasingly critical business and finance roles," Dimon said in a press release announcing her appointment to CFO.
Piepszak has been at JPMorgan for over 25 years, and before her move to CFO was leading the bank's credit card business.
JPMorgan Chase
Daniel Pinto, co-president and co-COO of JPMorgan
Daniel Pinto, co-president and co-COO
Daniel Pinto, 53, leads JPMorgan's corporate and investment banking arm, which is responsible for M&A, advisory services, and trading. Pinto has spent his entire career at JPMorgan and its predecessor firms.
Pinto has been in his current role role since 2018.
Alongside Gordon Smith, Pinto is also responsible for helping JPMorgan deploy its massive $11.4 billion technology budget across the firm.
REUTERS/Eduardo Munoz
Gordon Smith, co-president and co-COO of JPMorgan
Gordon Smith, co-president and co-COO
Gordon Smith heads up JPMorgan's consumer bank, Chase, where he oversees 135,000 employees that serve 61 million households and 4 million small businesses. The bank provides banking, credit cards, auto finance, payments, mortgages, and investment advice.
Smith has led the consumer bank since 2012.
He joined JPMorgan in 2007 and previously spent over 25 years at American Express.
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