JPMorgan Chase on Thursday named two of its senior executives as co-presidents of the firm, the latest move in CEO Jamie Dimon's long-running effort to identify his eventual successor. The bank also announced that Marianne Lake, one of the most prominent names on that succession list for more than a decade, will retire from the firm.
Doug Petno and Troy Rohrbaugh, who have jointly led JPMorgan's commercial and investment banking division since early 2024, were elevated to co-president roles effective immediately, according to a regulatory filing reported by CNBC. As part of the restructuring, Petno becomes the sole CEO of the commercial and investment banking division. Rohrbaugh moves over to lead the firm's consumer and community banking division, the role Lake had held.
Dimon, 70, has repeatedly said JPMorgan's board has multiple executives capable of eventually running the bank. The move places Petno and Rohrbaugh atop the firm's two largest operating businesses while also giving them the co-president title.
"The decision to elevate Doug and Troy to Co-Presidents and heads of the company's two largest businesses reflects the Board's confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing," Dimon said in a statement.
For Rohrbaugh, the move represents a significant career shift. He built his resume in institutional trading and markets businesses. Taking over consumer banking gives him experience in a part of the firm he has not previously run, which broadens his credentials at a critical time.
Lake spent 25 years at JPMorgan and has been on the short list of potential Dimon successors since she became CFO in 2013. Dimon said she was "an outstanding partner and friend and has dedicated her career to championing our people and customers, building world-class businesses and delivering results, always with unquestioned integrity."
In a signal of where the two men now stand, Petno and Rohrbaugh each received one-time restricted stock bonuses valued at $30 million. That is more than the $20 million awards given to Mary Erdoes, CEO of asset and wealth management and another possible Dimon successor, and Chief Operating Officer Jennifer Piepszak. Last year, Piepszak indicated she wanted to be removed from the succession shortlist.
The $30 million awards are separate from annual pay. They vest only after three years if JPMorgan achieves an average return on tangible common equity of at least 12% between 2026 and 2028.
Dimon's eventual departure remains one of the most closely watched questions on Wall Street. Thursday's announcement does not resolve that question, but it narrows the field in a visible way by placing two executives in direct control of the bank's biggest businesses while separating them from the rest of the succession candidates by a meaningful gap in compensation.
