Rohrbaugh and Petno, former co-heads of commercial and investment banking, named presidents; longtime frontrunner Lake to retire

JPMorgan Chase, the largest investment bank in the United States, has named Troy Rohrbaugh and Doug Petno — former co-heads of its commercial and investment banking division — as presidents, signaling them as succession candidates for Chairman Jamie Dimon (pictured). [Getty Images]
JPMorgan Chase, the largest investment bank in the United States, has named Troy Rohrbaugh and Doug Petno — former co-heads of its commercial and investment banking division — as presidents, signaling them as succession candidates for Chairman Jamie Dimon (pictured). [Getty Images]

The succession picture at JPMorgan Chase has come into focus, with Troy Rohrbaugh and Doug Petno emerging as the two leading candidates to eventually succeed Chairman and CEO Jamie Dimon — widely known on Wall Street as the "emperor of Wall Street."

JPMorgan Chase announced Thursday that Rohrbaugh and Petno, who had served as co-heads of the commercial and investment banking (CIB) division, would each be promoted to president. Petno will take sole charge of the CIB division, while Rohrbaugh will lead the consumer and community banking division.

Marianne Lake, head of consumer and community banking and long considered the frontrunner to succeed Dimon, will retire as part of the reshuffle. The moves effectively narrow the succession race to a two-person contest between Rohrbaugh and Petno.

In a statement, JPMorgan said the promotions were "part of the board's ongoing succession planning process to ensure continued exceptional leadership at the most senior levels of the firm."

Dimon said the promotions reflected the board's confidence in both executives. "The changes announced on Friday represent an important step in the board's thoughtful process of succession planning and developing key leaders," he said.

Dimon has led JPMorgan Chase, the largest investment bank in the United States, for roughly 20 years since 2005, earning his reputation as Wall Street's most powerful figure. He long deflected questions about his remaining tenure with a running joke — always answering "five years" — but in 2024 he broke from the script, saying it was "no longer five years," fueling speculation that succession planning was moving into high gear. Lake had since been widely cited as the top candidate, but the bank now appears to be stress-testing a two-person field in Rohrbaugh and Petno.

Dimon did not specify when he plans to step down. He has indicated he intends to remain as board chairman after leaving the CEO role.


kate01@heraldcorp.com