JPMorgan Chase promoted Jennifer Piepszak and Troy Rohrbaugh to co-CEOs of its expanded commercial and investment bank, which will bring together wholesale businesses of global investment banking, commercial banking, corporate banking as well as markets, securities services and global payments. Piepszak is currently co-CEO of consumer and community banking at JPMorgan Chase and Rohrbaugh is co-head of markets and securities services for the company.
In addition, JPMorgan Chase made several other leadership changes.
Doug Petno, CEO of JPMorgan Chase’s commercial bank, will lead an expanded commercial banking business, which will also encompass the global corporate banking group.
Viswas Raghavan, co-head of global investment banking, will become sole head of the global investment banking franchise, while his partner, Jim Casey, informed the company of his desire to take on an new role in the firm, which will be announced shortly.
Marc Badrichani, co-head of markets and securities services, informed the company of his desire to pursue outside opportunities. He will work with his senior colleagues in the near term on transition plans for the sales and research group.
Jason Sippel and Pranav Thakur will become co-heads of the company’s markets trading business.
Tim Fitzgerald will continue to lead securities services, which provides post-trade services to institutional asset-manager clients.
Takis Georgakopoulos, head of global payments, will continue to lead that business through its transformation and growth initiatives.
Marianne Lake, co-CEO of consumer and community banking, will become sole CEO of that business, a consumer franchise serving more than 80 million consumers and 6 million small businesses. The consumer and community banking divsion is comprised of many businesses, including consumer banking, credit cards, small business, home lending, auto finance and the U.S. wealth management groups.
Mary Erdoes will remain CEO of asset and wealth management for JPMorgan Chase and the company’s firm-wide operating committee will remain unchanged.
“JPMorgan Chase is stronger today than it has ever been, and this is thanks to our hundreds of thousands of employees and our superb senior management team. I am also particularly blessed to have an exceptional partner in Daniel Pinto, our president and chief operating officer,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said. “Daniel and his team have built the finest corporate and investment bank in the world, and now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company, with his focus on the execution of our lines-of-business priorities.
“Looking back on the past two decades, it’s remarkable to see how our businesses have significantly grown revenue, increased market share, delivered outstanding products and services to our customers, and expanded into new markets, all while serving our employees and shareholders and lifting up our communities,” Dimon said.
