People Moves

JP Morgan Shrinks Divisional Structure, Makes Executive Changes

Editorial Staff 29 January 2024

JP Morgan Shrinks Divisional Structure, Makes Executive Changes

One feature of the changes is that there are now three divisions at the bank, down from four.

JP Morgan is continuing to reshuffle its leadership, with chief executive Jamie Dimon planning changes, the bank said late last week. 

Several figures secured new posts on 25 January. Daniel Pinto, president, and chief operating officer, is giving up day-to-day control of the corporate and investment bank. Instead, Dimon said he and Pinto would continue to “jointly manage our company.” 

Taking up Pinto’s vacated responsibilities are Jennifer Piepszak, who will move from the consumer banking side, and Troy Rohrbaugh, who has been running the markets division. 

The US bank has shrunk its business lines from four to three: the newly-named commercial and investment bank; Chase consumer and community banking; and asset and wealth management.

The report said Dimon, 67, who has led JP Morgan since 2005, still has more years left before he retires. 

On 15 January, net income in its asset and wealth management arm – including its private bank – rose 7 per cent year-on-year to $1.217 billion. Net revenue in the AWM business rose 11 per cent to $5.095 billion. Across the JP Morgan business, covering all divisions, net income fell 15 per cent on a year ago in Q4 2023, to $9.307 billion. Net revenue rose 12 per cent to $38.574 billion.

Last year, JP Morgan took full control of First Republic Bank’s deposits after the latter bank was rescued by the Federal Deposit Insurance Corporation, becoming the latest in a series of banks to be taken over in “shotgun weddings.” 

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