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By: Don Driggers
Doug Petno, a senior executive at JPMorgan Chase, has reportedly risen as a leading candidate to succeed long-time CEO Jamie Dimon. According to the NY Post and Bloomberg News, Petno, 59, joins Troy Rohrbaugh and Marianne Lake as potential successors in what has become a closely watched leadership race at the nation’s largest bank.
Petno’s candidacy appeared to lose momentum when the commercial banking division he led was merged with another unit, requiring him to report to two other prominent executives. However, recent developments within JPMorgan Chase have dramatically improved his chances.
Earlier this week, the bank announced that Jennifer Piepszak, another high-profile leader, had been promoted to chief operating officer (COO). This move effectively removed her from contention for the CEO role. Piepszak’s promotion comes as Daniel Pinto, a key deputy to Dimon with over 40 years at the firm, plans to vacate the COO position and retire later this year.
As part of the reshuffling, Petno was elevated to co-head of the combined commercial and investment banking division. The NY Post notes that this promotion not only highlights Petno’s leadership but also positions him as a pivotal figure within the bank’s executive team.
Petno has been a vital member of JPMorgan Chase’s leadership, earning recognition for his role in transforming the commercial banking division. Under his stewardship, the division’s revenue more than doubled, growing from $6.4 billion in 2011 to $15.5 billion in 2023—a rate that outpaced the firm’s overall revenue growth of 63% during the same period.
More recently, Dimon entrusted Petno with the strategic task of expanding JPMorgan’s presence in Silicon Valley. Following the collapses of Silicon Valley Bank and First Republic Bank, Petno spearheaded efforts to attract startups, venture capital firms, and high-growth technology companies to JPMorgan’s portfolio.
Dimon himself has praised Petno’s contributions to the bank, calling him a “great client guy and a culture carrier.” In an interview with Bloomberg News, Dimon added, “He built a great business in commercial banking, including the investment-banking partnership. He’s also got a great sense of humor—one of the best on the OC.” The “OC” refers to JPMorgan Chase’s operating committee, which oversees the bank’s operations.
Petno now co-leads the commercial and investment banking division alongside Troy Rohrbaugh, another potential contender for Dimon’s position. Notably, this division is larger than Goldman Sachs, underscoring the significance of Petno’s role.
Meanwhile, Marianne Lake, who runs JPMorgan’s community and consumer banking division, remains in the mix as a potential successor.
JPMorgan Chase has declined to comment on the succession plans.
The leadership race comes as Dimon, who has been CEO since 2005, continues to guide the bank through significant industry challenges and transformations. While the timeline for Dimon’s departure remains uncertain, the NY Post notes that recent promotions and structural changes suggest the bank is preparing for an eventual leadership transition.
Doug Petno’s achievements and recent elevation signal a strong vote of confidence from JPMorgan’s leadership, making him a formidable candidate to lead the financial giant into its next chapter.
