Big changes are brewing at JPMorgan Chase. Jamie Dimon, the bank’s longtime CEO, has reshuffled the executive ranks, and not everyone is coming out on top. Daniel Pinto, JPMorgan's president and once seen as Dimon's likely successor, is watching his influence slip away.
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Insiders are buzzing with speculation that Pinto might be on his way out because Dimon's loyalists sidelined his allies at the bank. Earlier this year, Jennifer Piepszak and Troy Rohrbaugh were promoted to commercial and investment banking division co-CEOs. Doug Petno, another Dimon favorite, was tapped to colead global banking. These moves didn't sit well with Pinto, who had different people in mind for these key roles.
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Pinto had hoped to see his trusted lieutenants – Marc Badrichani, Takis Georgakopoulos, and Viswas Raghavan – step into more senior positions. But Dimon had other plans. Instead of elevating Pinto's picks, Dimon chose his inner circle, leaving Pinto out in the cold. The final blow? Georgakopoulos, known as "Daniel's guy," has left the bank, a move that many see as a clear signal of Pinto's waning power.
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Dimon's reshuffle has sparked chatter about what's next for JPMorgan. The bank has over $4 trillion in assets and is the largest lender in the U.S. Who takes the reins after Dimon retires is a hot topic on Wall Street. Dimon, now 68, has hinted he'll retire within five years, though he plans to hang on to the chairman role.
Pinto briefly stepped in for Dimon when he was ill in 2020 and was once seen as a top contender to succeed him. Dimon himself has praised Pinto, calling him "extraordinarily smart" and saying he's "blessed" to have him at his side. However, recent moves suggest that Pinto's star might be fading.
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Despite the shake-up, Pinto has a strong financial reason to stay. A retention bonus worth about $25 million will kick in if he stays at JPMorgan until December 2026. But now his power base is eroding, and Dimon's loyalists are taking over key roles, leaving many wondering if Pinto might decide to leave sooner.
JPMorgan has kept quiet about the changes, but the power dynamics within the bank are shifting. As Dimon begins to prepare for his eventual departure, the game of succession at JPMorgan is getting more intense.
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This article Jamie Dimon's Loyalty Play: JPMorgan's Second-in-Command Loses Grip After Shakeup originally appeared on Benzinga.com
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