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Jamie Dimon has named Doug Petno and Troy Rohrbaugh co-presidents of JPMorgan Chase, elevating two potential candidates to succeed him as chief executive of America’s biggest bank.
As part of the changes announced on Thursday, Petno, 61, will become sole head of JPMorgan’s commercial and investment bank, which he previously ran alongside Rohrbaugh. Rohrbaugh, 56, will take over as head of JPMorgan’s Chase consumer division.
The consumer unit was previously run by Marianne Lake, who was the sole female succession candidate but is now retiring from the bank.
Lake’s exit reflects how JPMorgan’s board of directors, which Dimon chairs, is narrowing the race to run the bank down to two executives. Rohrbaugh and Petno will now run the two divisions that were responsible for 80 per cent of JPMorgan’s $57bn in profits last year.
The moves are the latest twist in one of Wall Street’s most high-profile and slowest-moving succession contests over who will take over from Dimon, 70, who has led JPMorgan since 2006 and is one of banking’s most powerful executives.
In a memo to employees on Thursday, Dimon wrote that these changes “mark an important step in our board’s thoughtful process around succession planning and development of our top leaders”.
Bank of America analysts wrote that the news “indicates to us several more years of chairman and CEO Jamie Dimon running the bank” and that Rohrbaugh’s move from investment banking to the consumer business sets him up as “the frontrunner to succeed Dimon”.
“Obviously, the Street will need to see Rohrbaugh deliver results in what is a highly competitive consumer banking landscape, where AI disruption risks (and potential opportunities) are the largest,” BofA analyst Ebrahim Poonawala wrote in a note.
Over the years, a slew of possible candidates to one day take over from Dimon have come and gone, from Bill Winters to Michael Cavanagh to Matthew Zames.
Petno and Rohrbaugh were also granted one-time retention bonuses worth $30mn. Mary Erdoes, who runs the bank’s asset and wealth management unit, was given a $20mn bonus, as was chief operating officer Jennifer Piepszak, who was previously in the race to take over from Dimon but publicly backed out of the running.
Petno, a former natural resources investment banker, has had a seat on Dimon’s top management committee since 2012. For years, he ran JPMorgan’s commercial bank, which offered banking services to smaller and medium-sized companies and was often in the shadow of its juggernaut investment bank.
He was elevated in 2025 to co-lead the merged commercial and investment banking division, a move that vaulted him up the succession shortlist.
Rohrbaugh is a more recent member of Dimon’s top leadership team, joining the management committee in 2020.
A former Goldman Sachs trader who made his name in foreign exchange derivatives, he joined JPMorgan in 2005 and has been one of the bank’s key risk managers for its markets business. Rohrbaugh will now move over to JPMorgan’s retail business for the first time.
Dimon has not outlined any plans to step down in the near future. It has become a running joke on Wall Street that he will repeatedly say that the timeline for his departure is five years away.
He said in February that “I‘m here for a few years as CEO and maybe a few after that as executive chairman and chairman, depending on whatever the board wants me to do, whatever makes sense for the company”.
JPMorgan shares were up more than 2 per cent in early trading, hitting a new record high.
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