JPMorgan Names Daniel Pinto, Gordon Smith as Co-Presidents, COO -- Update
January 29 2018 - 5:24PM
Dow Jones News
By Emily Glazer
JPMorgan Chase & Co. said business unit heads Daniel Pinto
and Gordon Smith will become co-presidents and chief operating
officers of the bank effective January 30.
Mr. Pinto, head of the corporate and investment bank, and Gordon
Smith, head of the consumer and community bank, will continue
reporting to Chairman and Chief Executive James Dimon, and will
"help drive critical firmwide opportunities," according to the
bank.
Mr. Dimon, 61, said in a statement that he will continue in his
role for "approximately five more years."
Mr. Dimon, widely viewed as the most powerful executive on Wall
Street and a statesman for the banking industry, had told people
within the bank that he plans to stay in his role for another five
years, executives have said, though the number hasn't changed as
the years pass.
That hasn't stopped executives jockeying to succeed Mr. Dimon,
who runs the largest U.S. bank by assets.
This is the most clear statement yet by the bank and Mr. Dimon
with regards to his succession.
"The Board and Dimon both believe that under all timing
scenarios, whether today or in the future, the company has several
highly capable successors in place," according to the bank's
statement on Monday.
For years, Mr. Smith, 59, was viewed as the executives who would
replace Mr. Dimon if an unexpected event precluded the CEO from
continuing to do his job.
Mr. Smith leads the retail-banking, mortgage and credit-card
divisions of the bank, along with other parts of the bank related
to consumers and under the Chase umbrella. That amounts to
overseeing 140,000 of the bank's roughly 250,000 employees, 61
million households and four million small businesses. He joined
Chase in 2007 after serving in several roles at American
Express.
Mr. Pinto, 55, has spent his entire 35-year banking career at
JPMorgan and ran the corporate and investment bank for the past
five years. That unit includes investment banking, trading and
treasury services that lead the industry in market share and
revenues.
In 2017, Mr. Pinto and Mr. Smith assumed responsibility for
firmwide technology at JPMorgan after then-COO Matthew Zames left
the firm .
Mr. Zames, an executive in resident at MIT Sloan School of
Management, was among a string of potential successors to Mr. Dimon
who have either chosen to leave rather than wait, or have been
pushed out. Other such executives include Jes Staley, who is now
CEO of Barclays PLC; Bill Winters, currently CEO of Standard
Chartered PLC, and Charles Scharf, who until recently was CEO of
Visa Inc.
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
January 29, 2018 17:09 ET (22:09 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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