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☆ JPMorgan just shuffled its management. Here's what the new line-up says about Jamie Dimon's succession plans.
▼ + stars: | 2024-01-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +5 min

Lake, who co-led the consumer and community bank with Piepszak since 2021, will now have sole oversight of that segment. Piepszak and Rohrbaugh will take on day-to-day control of the corporate and investment bank, which Daniel Pinto has led since 2014. Jennifer Piepszak, a JPMorgan lifer, will leave the consumer side of the organization for her new role atop the commercial and investment bank. BIIIn her new role, Piepszak will have a chance to gain more experience on the wholesale side of the business. She joined the bank following her college graduation and spent 17 years in various finance roles across the investment bank.

Persons: Jamie Dimon, Jennifer Piepszak, Marianne Lake —, Dimon, Troy Rohrbaugh, Rohrbaugh, Daniel Pinto, Pinto, Dimon's, JPMorgan Pinto, Gordon Smith, Lake, Piepszak, JPMorgan.com Mary Callahan Erdoes, Erdoes, Morgan Stanley, James Gorman, Mike Mayo Organizations: JPMorgan Chase, Business, JPMorgan, Wall, First Locations: Piepszak, BII, Euromoney, Wells Fargo

☆ Jamie Dimon Reshuffles Management Team at JPMorgan
▼ + stars: | 2024-01-26 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

JPMorgan Chase is reshuffling its leadership team, a move that many consider a succession plan even though its longtime chief executive, Jamie Dimon, has signaled he’s staying put. Mr. Dimon, 67, has been head of what is now the largest bank in the United States for nearly two decades, and repeatedly brushed off suggestions that he might step aside. It said that Daniel Pinto, the bank’s chief operating officer and Mr. Dimon’s deputy, would no longer handle the bank’s daily operations. Ms. Piepszak, who co-heads JPMorgan’s massive consumer banking business, has long been seen as a potential candidate for the top job. Mr. Rohrbaugh had been one of the co-heads of the bank’s markets and securities business.

Persons: JPMorgan Chase, Jamie Dimon, he’s, Dimon, Daniel Pinto, Dimon’s, Pinto, ” Mr, Pinto’s, Jennifer Piepszak, Troy Rohrbaugh, Piepszak, Rohrbaugh Organizations: JPMorgan Locations: United States

☆ JPMorgan Chase shuffles top leaders as race to succeed Jamie Dimon drags on
▼ + stars: | 2024-01-25 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase on Thursday said several executives considered frontrunners to one day take over for CEO Jamie Dimon had new or expanded roles. Jennifer Piepszak, co-head of JPMorgan's giant consumer bank, will now became co-head of the firm's commercial and investment bank along with Troy Rohrbaugh, a veteran leader of the bank's trading operations. Piepszak's former partner, Marianne Lake, will transition from consumer banking co-head to being its sole CEO, JPMorgan said. The moves should give Piepszak and Lake more experience as the long-running succession race atop the nation's largest bank drags on. The running joke within JPMorgan is that for Dimon, considered the top banker of his generation, retirement is always five years away.

Persons: JPMorgan Chase, Jamie Dimon, Jennifer Piepszak, Troy Rohrbaugh, Marianne Lake, Dimon, Takis Georgakopoulos, Doug Petno, Daniel Pinto Organizations: JPMorgan Locations: Piepszak

☆ If you want a Wall Street job in 2024, JPMorgan could be your best bet
▼ + stars: | 2024-01-17 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Good news for anyone hoping to land a job on Wall Street: JPMorgan plans to expand its employee ranks this year. JPMorgan — which currently employs around 320,000 people — plans to double down on its core investment areas in retail, payments, and investment banking this year, Pinto said in the interview. JPMorgan's plans for expansion also come on the heels of the most profitable year in its history. Citigroup announced last week that it would be laying off around 20,000 workers over the coming three years as part of a corporate restructuring initiative internally known as "Project Bora Bora." Last year, major investment banks like Goldman Sachs and Morgan Stanley also made staff cuts.

Persons: Daniel Pinto, Pinto, Goldman Sachs, Morgan Stanley Organizations: Service, JPMorgan, Business, Bloomberg, Citigroup, Bora Bora Locations: Swiss, Davos

☆ JPMorgan says its UK bank Chase may break even around 2025
▼ + stars: | 2023-11-28 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

Daniel Pinto, President and chief operating officer of JPMorgan Chase & Co, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu Acquire Licensing RightsNEW YORK, Nov 28 (Reuters) - JPMorgan Chase (JPM.N) President and Chief Operating Officer Daniel Pinto said he expects its Chase UK consumer bank to break even in the next 12 to 18 months. The largest U.S. lender opened the digital bank in the UK in 2021, its first foray into international retail business. Chase UK is doing better than expected, Pinto said, and the company plans to grow in other global consumer markets over time. Brazilian digital bank C6, in which JPMorgan has 46% stake, is expected to break even "very soon," Pinto said.

Persons: Daniel Pinto, Tyrone Siu, JPMorgan Chase, Pinto, Jamie Dimon, Nupur Anand, Lananh Nguyen, Sharon Singleton Organizations: JPMorgan Chase &, Global Financial, Investment, REUTERS, Tyrone, JPMorgan, Chase, Financial, Thomson Locations: Hong Kong, China, United Kingdom, U.S, Basel, New York

☆ JPMorgan cuts nearly 40 investment bankers in US
▼ + stars: | 2023-06-23 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

NEW YORK, June 23 (Reuters) - JPMorgan Chase & Co (JPM.N) is cutting nearly 40 investment bankers in the U.S., a source with knowledge of the matter said. JPMorgan's investment banking and trading revenue are both expected to decline 15% in the second quarter, its president Daniel Pinto warned last month. Rivals Goldman Sachs Group (GS.N), Morgan Stanley (MS.N) and Citigroup (C.N) have also laid off investment bankers as uncertainty weighs on economic activity. JPMorgan's staff reductions are typical given the environment, the source said, noting that the bank is still hiring executives and bankers in key areas. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Pinto, Rivals Goldman Sachs, Morgan Stanley, Nupur Anand, Lananh Nguyen, Jacqueline Wong Organizations: YORK, JPMorgan Chase &, Rivals Goldman, Citigroup, Bloomberg, Thomson Locations: U.S, Wall, New York

☆ Meet the 6 JPMorgan execs tapped to lead a new unit that will shape how the country's largest bank approaches AI
▼ + stars: | 2023-06-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

The team, led by Teresa Heitsenrether, will be critical in the bank's AI strategy. The D&A organization pulls together AI leaders from across the bank, from research to data use. JPMorgan is unifying its AI braintrust in a newly created unit that will drive strategy, governance, and adoption of the tech at the country's largest bank. Heitsenrether will have some of the bank's highest tech leaders and their respective teams as her deputies, including the bank's head of AI research and head of AI and machine learning transformation and engagement. The D&A organization will be critical to JPMorgan's AI use and strategy, as AI models and tools are computer-intensive and require vast amounts of data.

Persons: Teresa Heitsenrether, Lori Beer, Jamie Dimon, Daniel Pinto, Goldman Sachs, Heitsenrether, Pinto Organizations: JPMorgan, Wednesday, ChatGPT, Securities Services Locations: Heitsenrether

☆ When it comes to your Wall Street internship, revert to the mean
▼ + stars: | 2023-06-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Wall Street's summer internship is officially here as investment banks open up their doors to eager college students. The 10-week internship program represents a critical juncture for aspiring Wall Streeters. Lucky for you, Insider's Emmalyse Brownstein has a foolproof guide for how to navigate your Wall Street internship, mapping out the key dos and don'ts. Read more about everything you should, and shouldn't, do during your Wall Street internship. One to watch at Goldman Sachs.

Persons: Dan DeFrancesco, Lydia Warren, we've, Goldman Sachs, Let's, Wall, Brownstein, Banks, Read, Brad Pitt's, He's, you've, Leo Bogdanov, KKR's, Nishi Somaiya, John Waldron, Daniel Pinto, Balyasny, Jane Fraser, We've, Jeffrey Cane, Hallam Bullock Organizations: KKR, nab, Citadel, Goldman, JPMorgan, Millennium, UBS, LinkedIn Locations: Hawaii, Wall, New York, London

NEW YORK, June 2 (Reuters) - JPMorgan Chase & Co's (JPM.N) President and Chief Operating Officer Daniel Pinto said loan demand is declining at a time when regional and small banks are also tightening credit. JPMorgan's revenue for investment banking and trading are expected to decline 15% in the second quarter, Pinto said last month at the bank's annual investor day. Uncertainty and increased market volatility as central banks approach the end of their monetary tightening cycles have dented investment banking demand. Rival Goldman Sachs (GS.N) has said its dealmaking and trading revenue may slide by 25% in the second quarter, leading to job cuts. Bank of America Corp (BAC.N) expects investment banking fees and trading revenue to be broadly flat this quarter.

Persons: Daniel Pinto, Pinto, Goldman Sachs, Andy Saperstein, Morgan Stanley, Nupur Anand, Lananh Nguyen, David Gregorio Our Organizations: YORK, JPMorgan Chase, Federal Reserve, JPMorgan, Bank of America Corp, Thomson Locations: New York

☆ JPMorgan's No. 2 explains how the fintech threat made the nation's largest bank even bigger
▼ + stars: | 2023-06-02 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase, the nation's largest bank by assets, is getting bigger every day. The bank's second-in-command said the fintech threat is driving some of its expansion plans. 2, Daniel Pinto, suggested that the looming fintech threat is also responsible for JPMorgan's retail banking expansion in Europe. It plans to spend $15.3 billion on tech in 2023, up $14 billion from last year. Last month, JPMorgan agreed to pay about $10.6 billion to buy First Republic Bank after the smaller bank was seized by regulators.

Persons: JPMorgan Chase, Daniel Pinto, Jamie Dimon's, fintechs, Dimon's, Pinto, Bernstein, JPMorgan Organizations: JPMorgan Chase, JPMorgan, Morning, Bloomberg, First, Bank Locations: Europe, United States, Germany, America

[1/2] John Waldron, president and Chief Operating Officer of Goldman Sachs, speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidNEW YORK, June 1 (Reuters) - Goldman Sachs Group Inc (GS.N) plans more workforce reductions as the difficult economic environment weighs on dealmaking, the bank's president said on Thursday. "The macro backdrop is extraordinarily challenging," Goldman's President and Chief Operating Officer John Waldron told investors at a conference, without specifying the scale of the layoffs. The firm is expected to cut fewer than 250 jobs in the coming weeks, a source familiar with the matter told Reuters in May. He also said he expects a 25% fall in market revenue for both equities and fixed income in the current quarter from a year earlier.

Persons: John Waldron, Goldman Sachs, Brendan McDermid, Waldron, Andy Saperstein, Morgan Stanley, Daniel Pinto, Saeed Azhar, Niket, Nick Zieminski Organizations: Goldman, REUTERS, Goldman Sachs Group Inc, Reuters, Wall Street, JPMorgan Chase, Thomson Locations: New York City, U.S, Wall

☆ Wall Street's succession summer
▼ + stars: | 2023-05-30 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

But first, it's the summer of succession — and no, we're not talking about the TV show. Wall Street CEOs pretend that succession planning is another chore, like hashing out the annual budget or organizing an earnings call. But behind the boring press announcing their succession plans is often a story of intrigue and drama. And then, of course, there's Jamie Dimon, Wall Street's longest-serving CEO. Earlier this week, Insider highlighted 17 young analysts poised to shine.

☆ JPMorgan agrees to purchase $200 million worth of carbon removal
▼ + stars: | 2023-05-23 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

JPMorgan Chase announced Tuesday that it has agreed to spend more than $200 million on a combination of carbon removal technologies. The investment in carbon removal and long-term contracts with carbon removal companies is both a move to support the still nascent carbon removal industry and will enable the bank to remove the equivalent of the carbon emissions that are otherwise hard to abate from its direct operations by 2030, JPMorgan said. Climeworks is one of the market leaders in direct air capture, a process akin to vacuuming carbon dioxide out of the air. The deal with Charm aims to remove and store the equivalent of approximately 28,500 metric tons of carbon dioxide over five years. The carbon removal and storage deliveries from Charm for JPMorgan have already started, the bank said.

☆ Factbox: The JPMorgan executives who will update investors on First Republic, strategy
▼ + stars: | 2023-05-22 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

REUTERS/Marco... Read moreNEW YORK, May 22 (Reuters) - JPMorgan Chase & Co (JPM.N) executives will update investors on its takeover of failed First Republic Bank, which has made the biggest U.S. bank even bigger. CEO Jamie Dimon and other top executives will present their strategies at an investor day at its headquarters in New York on Monday. Lake and Piepszak are among the executives in charge of integrating First Republic Bank after it was shuttered by authorities on May 1. JEREMY BARNUM, CHIEF FINANCIAL OFFICERBarnum was promoted to CFO in 2021 after leading global research. The finance chief joined JPMorgan in 1994, serving in various roles including CFO and chief of staff for the investment bank.

☆ JPMorgan investors to scrutinize First Republic takeover
▼ + stars: | 2023-05-19 | by ( Nupur Anand | ) www.reuters.com time to read: +4 min

Analysts will seek more details about the deal and JPMorgan's plans to integrate First Republic's business into the largest U.S. bank. FIRST REPUBLICJPMorgan has agreed to undertake $173 billion of the failed bank's loans, $30 billion of securities and $92 billion of deposits after First Republic was shuttered down by authorities. Dimon had said that he expects blowback from the FRC deal earlier this month in an interview on Bloomberg TV. loadingAn acquisition of this scale will raise question on integration, execution risks, employee retention among others, analysts believe. JPMorgan has made 19 acquisitions since 2020 but the last major purchase of this scale by the lender was in 2008 of Bear Stearns.

☆ BlackRock is wrestling with who could succeed Larry Fink. Here's who's now in the running.
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Investment giant BlackRock has been planning for CEO Larry Fink's succession for years. Leadership has discussed BlackRock cofounder Susan Wagner as someone who could succeed Fink if the board does not have a clear candidate. For years, BlackRock has been planning for Chief Executive Larry Fink's succession, a torch-passing the industry has long speculated over. BlackRock has become shorthand for the intense backlash from primarily Republican lawmakers over sustainable investment strategies that Fink has championed as CEO. Goldstein, 49, is a BlackRock lifer and has been chief operating officer for nearly a decade.

☆ Frank's founder just got hit with federal charges, but questions remain about JPMorgan's handling of the deal
▼ + stars: | 2023-04-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Drop any Wall Street (or non-Wall Street) questions you have for me here. A quick refresher: JPMorgan accused Javice of juicing Frank's customer numbers in a lawsuit filed at the end of last year. Prosecutors charged Javice with wire fraud affecting a financial institution, securities fraud, bank fraud, and conspiracy. I've joked about it before, but Taylor Swift really should teach a class on this stuff for Wall Street. It's not the president or Wall Street or Congress that's to blame.

☆ JPMorgan just dropped some clues as to who might succeed Jamie Dimon. See Insider's exclusive organizational chart identifying the bank's top 114 executives.
▼ + stars: | 2023-04-04 | by ( Carter Johnson | Samantha Stokes | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

We've got names and faces for more than 100 top JPMorgan leaders across investment banking, and more. The bank's CEO and chairman, Jamie Dimon, has consequently been a leading voice shaping both Wall Street and Main Street for decades. On Tuesday, JPMorgan's board of directors provided a little more insight into its CEO succession plans via a 116-page annual proxy filing. Additions to the organizational chart also highlight the growth within some of JPMorgan's key teams. It also provides some clues as to who might one day succeed Dimon, Wall Street's longest running CEO.

☆ Davos 2023: Key takeaways from the World Economic Forum
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +6 min

[1/4] NATO Secretary General Jens Stoltenberg, Poland's President Andrzej Duda and Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland take part in the World Economic Forum session on "Restoring Security and Peace. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 20 (Reuters) - Global leaders and business executives departed a freezing World Economic Forum (WEF) meeting on Friday after a frank exchange of views over how the world will tackle its biggest issues in 2023. Here's what we learned:ECONOMY: Gloom and doom heading into Davos turned into cautious optimism by the end with the global economic outlook for the year ahead looking better than feared. On the inside, political leaders like Kier Starmer railed against new oil investments and Pakistani climate minister Sherry Rehman pushed for loss and damage funding. The lesson I have learned in the last years ... is money, money, money, money, money, money, money."

As a result, investors have lowered their expectations for future interest rate hikes. Equities have recovered: the S&P 500 benchmark of leading stocks is up more than 5% in the past three months, boosting the paper wealth of many Davos executives and financiers. Companies typically cut back on investment in a downturn, but big groups have reasons to keep spending. Higher interest rates will prove more painful as households deplete savings built up during the pandemic. The Davos conflab has a well-deserved reputation for delivering a consensus which turns out to be wrong in the 12 months that follow.

☆ Analysis: Bond traders get their swagger back in rate-obsessed markets
▼ + stars: | 2023-01-17 | by ( Lananh Nguyen | ) www.reuters.com time to read: +5 min

REUTERS/Andrew KellyNEW YORK, Jan 17 (Reuters) - Bond traders are stars again on Wall Street. Fixed income, currencies and commodities (FICC) traders bolstered bank profits last year despite dreary deal markets. Bond specialists in the $22 trillion Treasuries market are in high demand as the Federal Reserve and other central banks have aggressively raised interest rates over the past two years. After the financial crisis, central bankers in the United States and advanced economies steadied markets by holding interest rates near zero. On Tradeweb Markets Inc's (TW.O) electronic bond trading platforms, average daily volumes rose almost 10% in 2022.

Individual employees will be able to contribute up to $22,500 to their 401(k) retirement plans for the 2023 tax year, up from $20,500 in 2022, the Internal Revenue Service announced Friday. Under the IRS's defined contribution plan provision, employees will also see a total annual limit of $66,000 in 2023, up from $61,000 this year. This provision governs limits to the retirement plan contributions made through an employer-sponsored program, which can include matching-dollar amounts that some companies make toward employee retirement savings. The IRS also increased the limit on annual contributions to an Individual Retirement Arrangement (IRA) from $6,000 to $6,500. “More than one-third of workers feel they are 'significantly behind' on their retirement savings,” Greg McBride, Bankrate chief financial analyst said in a Bankrate.com release.

☆ JPMorgan president says a recession may be price to pay to beat inflation, market bottom not in yet
▼ + stars: | 2022-10-24 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

Al Drago | Bloomberg | Getty ImagesJPMorgan Chase President Daniel Pinto has vivid memories of what life is like when a country loses control of inflation. "If it causes a slightly deeper recession for a period of time, that is the price we have to pay." The Fed funds rate will probably peak at around 5%; that, along with a rise in unemployment, will likely curb inflation, Pinto said. "We're dealing with a market that is pricing the probability of recession and how deep it's going to be," Pinto said. "Real rates should be higher in the next 20 years than they were in the last 20 years," Pinto said.

☆ JPMorgan Investment Banking Chair Carlos Hernandez to Retire
▼ + stars: | 2022-10-17 | by ( David Benoit | ) www.wsj.com time to read: 1 min

JPMorgan Chase & Co. executive Carlos Hernandez, the leader of the bank’s investment banking staff and a member of Jamie Dimon ’s inner management circle, will retire next year. The 36-year veteran of JPMorgan has been a counselor to major executives and world leaders and a close ally to Mr. Dimon. He plans to retire at the end of the first quarter next year, according to an internal memo Monday from Mr. Dimon and Daniel Pinto , the president and head of the corporate investment bank.

☆ JPMorgan Chase tops analysts’ estimates for third-quarter profit on gains from interest income
▼ + stars: | 2022-10-14 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

JPMorgan Chase on Friday posted third-quarter results that topped analysts' estimates for profit and revenue as the firm reaped more than expected in interest income. Revenue: $33.49 billion, vs. $32.1 billion estimate. The bank said net interest income surged 34% in the quarter to $17.6 billion, thanks to higher interest rates and an expanding book of loans. JPMorgan, the biggest U.S. bank by assets, will be watched closely for clues on how banks are navigating a confusing environment. Rising interest rates mean that banks' core lending activity is becoming more profitable.

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