Daniel Pinto, the President and Chief Operating Officer (COO) of JPMorgan Chase (JPM), has announced that he is leaving the bank this summer and is no longer in the running to succeed CEO Jamie Dimon.
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Pinto, who has worked at JPMorgan Chase for more than 40 years, will cease being COO and president in June of this year as he transitions to retirement. News that Pinto is leaving the world’s largest bank comes as a surprise. He was long considered the frontrunner to succeed Jamie Dimon when he eventually retires.
JPMorgan named Jennifer Piepszak, the current co-head of investment banking, as the new COO who will replace Pinto when he leaves this summer. Other contenders to replace Dimon as JPMorgan’s CEO include consumer banking head Marianne Lake.
Succession Drama
Last year, Dimon, age 68, said that his tenure as JPMorgan’s CEO could end within five years. However, the exact timing of when Dimon will retire remains unclear. He has spoken about retiring, on-and-off, for years and has also suffered several health scares, including throat cancer and heart problems.
Dimon’s comments and health have led to widespread speculation about who will eventually succeed him and take control of the largest and most profitable bank in the world with more than $3 trillion of assets under management. Dimon has been CEO of JPMorgan Chase since 2006.
JPM stock has increased 50% in the last 12 months.
Is JPM Stock a Buy?
The stock of JPMorgan Chase has a consensus Moderate Buy rating among 15 Wall Street analysts. That rating is based on eight Buy, six Hold, and one Sell recommendations issued in the last three months. The average JPM price target of $260.71 implies 5.96% upside from current levels.
