JPMorgan Chase has named two insiders, Doug Petno and Troy Rohrbaugh, as co-presidents in a leadership realignment that underscores the bank’s ongoing succession planning for CEO Jamie Dimon. Dimon, 70, has led the firm for more than two decades and guided it through multiple crises, building it into the largest U.S. bank by assets and the world’s largest lender by market capitalization.
The twin appointments are likely to stimulate renewed attention on the cadre of executives who are considered possible successors to Dimon, whose eventual transition has been a subject of long-standing speculation within markets and among investors. The following outlines the roles, backgrounds and recent changes for several of the bank’s most prominent senior managers.
Troy Rohrbaugh - Co-President & Head of Consumer and Community Banking
As part of his promotion to co-president, Troy Rohrbaugh was also named chief of JPMorgan’s Consumer and Community Banking unit. Rohrbaugh began his career as an options trader on the Philadelphia Stock Exchange and joined JPMorgan in 2005 as global head of foreign exchange derivatives. He subsequently advanced through the markets franchise, ultimately running the Macro Markets business that spans interest rates, currencies, commodities and emerging markets.
Rohrbaugh later led the markets and securities services business before being elevated to co-chief of the Commercial & Investment Bank (CIB), a unit he shared with Doug Petno. The CIB produced $78.5 billion in 2025, accounting for more than 40% of the bank’s total revenue that year. Analysts at Bank of America have identified Rohrbaugh as a leading candidate to eventually succeed Dimon, while acknowledging that such a succession may still be years away. The move to put Rohrbaugh in charge of consumer banking gives him experience across a broader swath of the firm’s operations and could provide him a modest advantage in any internal competition for the top job, according to analysis from RBC Capital Markets analyst Gerard Cassidy.
Doug Petno - Co-President and CIB Chief
Doug Petno, a veteran banker with more than 30 years at JPMorgan, will retain leadership of the CIB as sole CEO while assuming the co-president title. Before becoming CIB chief in January 2025, Petno served as co-head of global banking, overseeing a client base of more than 65,000 across 46 countries. He is credited with integrating JPMorgan’s commercial, corporate and investment banking activities under a single structure and with expanding the bank’s U.S. commercial banking footprint during his tenure as CEO of that unit from 2012 to 2024.
Petno’s background includes over two decades in investment banking and leadership of J.P. Morgan’s Global Natural Resources Group, advising clients in sectors from mining to building materials. He also has a nontraditional academic profile for Wall Street leadership, holding a degree in biology in addition to an MBA. His career spans energy-focused investment banking, middle-market lending and corporate banking, giving him a broad base of client-facing experience across the firm.
Mary Erdoes - CEO, Asset & Wealth Management
Mary Erdoes remains chief executive of JPMorgan’s Asset & Wealth Management business after the reshuffle. She has led the unit since 2009 and has been with the bank for three decades. The unit manages more than $7 trillion in client assets and serves a global client base that includes institutional investors, governments and high-net-worth individuals. Erdoes also serves on the board of the U.S.-China Business Council, a nonprofit organization focused on commercial engagement between the two countries.
Jennifer Piepszak - Chief Operating Officer
Jennifer Piepszak will continue in her role as chief operating officer. A JPMorgan veteran of more than 30 years, Piepszak has held senior posts across the firm, including serving as chief financial officer from 2019 to 2021. Before becoming COO, she was a joint leader of the CIB, overseeing global banking, markets, securities services and payments operations. Piepszak had been considered among the potential contenders to succeed Dimon before withdrawing from consideration in January 2025.
Implications and context within the bank
The elevation of Petno and Rohrbaugh to co-presidents both consolidates leadership responsibilities at the top of the firm and highlights individuals who have rotated through JPMorgan’s major client-facing franchises. Rohrbaugh’s new stewardship of the consumer unit diversifies his operational scope beyond markets, while Petno’s continued command of the CIB keeps him in charge of the bank’s single largest revenue-generating business.
The reshuffle leaves the bank’s asset and wealth management and operations leadership largely intact, preserving continuity in two areas that oversee massive client assets and daily firmwide functions. These moves will likely keep succession discussions in focus among investors, analysts and internal stakeholders, as the bank positions senior leaders with cross-cutting experience across markets, commercial banking, consumer banking and asset management.
Note on coverage: This account is based solely on the information provided regarding recent leadership changes and roles at JPMorgan Chase.