By Utkarsh Shetti
June 25 (Reuters) – JPMorgan Chase on Thursday named insiders Doug Petno and Troy Rohrbaugh as the bank’s co-presidents, in the latest move to pave the way for longtime CEO Jamie Dimon’s eventual succession.
Dimon, 70, became JPMorgan CEO over two decades ago, and has navigated the bank through the 2008 financial crisis and several other upheavals, helping it emerge as the largest U.S. bank by assets and the world’s biggest lender by market value.
His transition has long been a topic of speculation, and Thursday’s appointments will reignite the debate on the executives seen as potential successors to the famed leader.
Here are some of the bank’s key executives:
TROY ROHRBAUGH, CO-PRESIDENT
Alongside his promotion as co-president, Rohrbaugh was appointed the top boss for JPMorgan’s Consumer and Community Banking unit on Thursday. He began his career as an options trader on the Philadelphia Stock Exchange and joined the bank in 2005 as global head of foreign exchange derivatives.
He built his career in JPMorgan’s markets franchise, eventually overseeing its Macro Markets business, a key trading unit spanning interest rates, currencies, commodities and emerging markets, before leading the markets and securities services business.
Rohrbaugh’s experience propelled him to the bank’s co-chief of the Commercial & Investment Bank (CIB), alongside Petno. The unit raked in $78.5 billion in 2025, representing over 40% of the bank’s overall revenue that year.
Rohrbaugh is viewed as a leading candidate to take over Dimon’s role, analysts at Bank of America said in a note, with a caveat that it may not happen for several more years. His appointment as head of the consumer banking unit could provide broader experience and hand him a slight edge over Petno in the succession race, RBC Capital Markets analyst Gerard Cassidy told Reuters.
DOUG PETNO, CO-PRESIDENT
Petno, a seasoned banker with over three decades at the firm, will continue to lead the CIB unit as the sole CEO. Prior to his promotion to CIB chief in January 2025, Petno was co-head of global banking, a unit that serves more than 65,000 clients across 46 countries.
He helped integrate JPMorgan’s Commercial, Corporate and Investment Banking businesses to bring them under one roof and is credited with overseeing the expansion of the commercial banking business in the U.S. during his tenure as its CEO from 2012 to 2024.
Petno’s career stretches beyond traditional commercial banking. He spent more than two decades in investment banking and led J.P. Morgan’s Global Natural Resources Group, advising clients across industries from mining to building materials. He also brings an unconventional academic background to Wall Street, holding a degree in biology alongside his MBA.
Unlike many Wall Street chiefs forged solely in trading or dealmaking, Petno’s career spans energy investment banking, middle-market lending and corporate banking, giving him experience across much of JPMorgan’s client-facing businesses.
MARY ERDOES, CEO OF ASSET & WEALTH MANAGEMENT
Erdoes, whose role remains unchanged after Thursday’s reshuffle, is the longtime chief executive of JPMorgan’s Asset & Wealth Management business, which oversees more than $7 trillion in client assets and caters to institutions, governments and wealthy individuals worldwide.
The company veteran has led the unit since 2009 and been with the bank for three decades.
She also serves on the board of the U.S.-China Business Council, a nonprofit group that promotes business collaboration between the two largest global economies.
JENNIFER PIEPSZAK, CHIEF OPERATING OFFICER
Piepszak, who will continue to serve as the bank’s COO, joined JPMorgan over three decades ago and has held leadership positions across the firm, including a stint as CFO between 2019 and 2021.
Before becoming COO, she jointly led the CIB unit, overseeing global banking, markets, securities services and payments operations.
Piepszak was among the frontrunners to succeed Dimon until she withdrew from consideration in January 2025.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Leroy Leo)
By Utkarsh Shetti | Reuters | © Copyright Thomson Reuters 2026.
