A senior JPMorgan Chase government as soon as regarded as a darkish horse candidate within the race to succeed CEO Jamie Dimon is now a prime contender for the position, in line with a report.
Doug Petno, 59, is considered one of three individuals who have been talked about as potential successors to Dimon alongside Troy Rohrbaugh and Marianne Lake, in line with Bloomberg Information.
Petno’s prospects to ascend to the chief government position appeared dim when the industrial banking division that he headed inside JPMorgan Chase was folded into one other unit.
The restructuring led Petno to report to 2 different rising executives.
However his candidacy was unexpectedly boosted earlier this week after the nation’s largest lender introduced that it was elevating Jenn Piepszak to the chief working officer place — taking her identify out of the working for the highest slot.
Daniel Pinto, a prime Dimon lieutenant who has spent 4 many years on the financial institution, will vacate the COO position later this 12 months and retire.
The reshuffle included Petno being promoted to co-head of the mixed industrial and funding banking division.
Petno is taken into account a extremely valued member of Dimon’s management staff — having helped increase JPMorgan Chase’s industrial banking division.
Beneath his management, industrial banking greater than doubled its income, rising from $6.4 billion in 2011 to $15.5 billion in 2023, outpacing the agency’s general 63% income progress in that interval.
Extra just lately, Dimon entrusted him with increasing JPMorgan’s footprint in Silicon Valley, focusing on startups, enterprise capital companies and high-growth tech corporations after the collapse of Silicon Valley Financial institution and First Republic Financial institution.
“He’s a great client guy and a culture carrier — he built a great business in commercial banking, including the investment-banking partnership,” Dimon advised Bloomberg Information in an interview Friday.
“He’s also got a great sense of humor — one of the best on the OC.” The “OC” is the working committee that runs JPMorgan Chase.
One other member of the working committee is Rohrbaugh, who’s co-CEO of the industrial and funding banking division.
Petno will now run that division, which is bigger than Goldman Sachs, collectively with Rohrbaugh because of his promotion.
Lake runs the lender’s neighborhood and client banking division.
JPMorgan Chase declined to remark.
