Overview
- JPMorgan appointed Doug Petno and Troy Rohrbaugh as co-presidents on Thursday, elevating them to the front of the internal succession race for CEO Jamie Dimon.
- The bank reassigned divisional roles so Petno will run the Corporate & Investment Bank (CIB) and Rohrbaugh will head Consumer & Community Banking (CCB), two units that generated roughly 80% of last year’s $57 billion in profits.
- Marianne Lake, long viewed as a leading contender, will retire and help with a short transition, narrowing the field of likely internal successors.
- The board granted one-time retention awards worth about $30 million each to Petno and Rohrbaugh and roughly $20 million to other senior leaders to secure continuity in top roles.
- Jamie Dimon remains CEO with no immediate departure plan, and the moves signal the board’s stepped-up, gradual approach to succession that observers say aims to minimize disruption to the bank’s core businesses and performance.