JP Morgan Announces New Senior Management: Jennifer Piepszak & Troy Rohrbaugh Become Co-CEOs of Expanded Commercial & Investment Bank, Marianne Lake Becomes Sole CEO of Consumer & Community Banking, Mary Erdoes Remains as CEO of Asset & Wealth Management with $5 Trillion AUM
29th January 2024 | Hong Kong
JP Morgan has announced a new senior management lineup with Jennifer Piepszak & Troy Rohrbaugh to become Co-CEOs of the expanded Commercial & Investment Bank, Marianne Lake becomes sole CEO of Consumer & Community Banking, and Mary Erdoes remains as CEO of Asset & Wealth Management ($5 trillion AUM). JP Morgan is the largest bank in United States with a current market value of $498 billion (29/1/24). Jamie Dimon, Chairman & CEO: “JPMorgan Chase is stronger today than it has ever been, and this is thanks to our hundreds of thousands of employees and our superb senior management team. I am also particularly blessed to have an exceptional partner in Daniel Pinto, our President and Chief Operating Officer. Daniel and his team have built the finest Corporate and Investment Bank in the world, and now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company, with his focus on the execution of our lines-of-business priorities. Looking back on the past two decades, it’s remarkable to see how our businesses have significantly grown revenue, increased market share, delivered outstanding products and services to our customers and expanded into new markets – all while serving our employees and shareholders and lifting up our communities.” Earlier in January 2024, JP Morgan reported $49.6 billion profit for FY2023, $3.4 trillion AUM (Assets under Management) with $490 billion inflow & increasing +24% in 2023, and is top (market leader) in global investment banking fees representing 8.8% of total market share in 2023. More info below:
“ JP Morgan Announces New Senior Management: Jennifer Piepszak & Troy Rohrbaugh Become Co-CEOs of Expanded Commercial & Investment Bank, Marianne Lake Becomes Sole CEO of Consumer & Community Banking, Mary Erdoes Remains as CEO of Asset & Wealth Management with $5 Trillion AUM “
JP Morgan Announces New Senior Management
25th January 2024 – JPMorgan Chase (NYSE—JPM) today announced new and increased responsibilities for a number of key executives that will build upon the company’s successes and continue to position the firm for the future.
- Jennifer Piepszak, Co-Chief Executive Officer of Consumer and Community Banking (CCB), and Troy Rohrbaugh, Co-head of Markets and Securities Services, will become Co-CEOs of the expanded Commercial & Investment Bank, which will bring together our major wholesale businesses of Global Investment Banking, Commercial Banking, Corporate Banking as well as Markets, Securities Services and Global Payments. The company’s investment, commercial and corporate bankers cover clients of all sizes around the world ranging from middle market companies to large, multi-national firms. Combining these efforts will enhance and deepen the way the company can seamlessly deliver the world’s most complete set of wholesale banking products and solutions.
- Doug Petno, CEO of the Commercial Bank, will lead an expanded Commercial Banking business, which will also encompass the Global Corporate Banking group. These franchises already share an unwavering commitment to their clients, so this alignment provides great synergies across the firm’s spectrum of product and service capabilities.
- Viswas Raghavan, Co-head of Global Investment Banking, will become sole head of the Global Investment Banking franchise, while his partner, Jim Casey, has informed the company of his desire to take on an exciting new role in the firm, which will be announced shortly.
- Marc Badrichani, Co-head of Markets and Securities Services, has informed the company of his desire to pursue outside opportunities. He will work with his senior colleagues in the near term on transition plans for the Sales and Research group. Marc is an exceptional business leader, and the company is immensely grateful for his outstanding efforts.
- Jason Sippel and Pranav Thakur will become Co-heads of the company’s top-ranked Markets Trading business.
- Tim Fitzgerald will continue to lead Securities Services, which provides essential post-trade services to institutional asset-manager clients.
- Takis Georgakopoulos, Head of Global Payments, will continue to lead that business through its transformation and growth initiatives – a major strategic imperative for the firm and a critical service for its largest and most complex wholesale clients.
- Marianne Lake, Co-CEO of CCB, will become sole CEO of that business, which is the industry’s premier consumer franchise, serving over 80 million consumers and six million small businesses across their financial needs. CCB is comprised of many key businesses, including Consumer Banking, Credit Card, Small Business, Home Lending, Auto Finance, and the U.S. Wealth Management groups.
- Mary Erdoes remains CEO of Asset & Wealth Management, which continues to deliver top-tier investment performance and growth with client assets reaching an all-time high of more than $5 trillion — and sees compelling opportunities to grow the company’s first-class Global Private Banking business.
The company’s firm-wide Operating Committee remains unchanged at this time. The senior management changes and new alignments announced today will help the company serve clients even better as well further develop the company’s most senior leaders.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $328 billion in stockholders’ equity as of December 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JP Morgan Reports $49.6 Billion Profit for 2023, $3.4 Trillion AUM with $490 Billion Inflow & Increased +24%, Top in Global Investment Banking Fees Representing 8.8% of Market Share
15th January 2024 – JP Morgan has reported $49.6 billion profit for FY2023, $3.4 trillion AUM (Assets under Management) with $490 billion inflow & increasing +24% in 2023, and is top (market leader) in global investment banking fees representing 8.8% of total market share in 2023. JP Morgan currently market value is $488 billion (12/1/24). Jamie Dimon, JP Morgan Chairman & CEO: “We ended the year with a solid quarter, producing net income of $9.3 billion, or $12.1 billion excluding the FDIC special assessment and discretionary securities losses. Our record results in 2023 reflect over-earning on both NII and credit, but we remain confident in our ability to continue to deliver very healthy returns even after they normalize. Our balance sheet remained extremely strong, with a CET1 ratio of 15.0%, a staggering $514 billion of total loss-absorbing capacity and $1.4 trillion in cash and marketable securities. We continue to believe that the recent series of regulatory and legislative proposals, including Basel III endgame, could cause serious harm to consumers, businesses, and markets. We hope that regulators will make the necessary adjustments so the rules promote a strong financial system without causing undue consequences for end users. 2023 was a good example of the power of our investment philosophy and fortress principles, as well as the value of being there for clients—as we always are—in both good times and bad times. The result was continued growth broadly across the Firm. We will highlight a few examples: CCB added over 2 million net new checking accounts in 2023; CIB maintained its #1 rank in both IB and Markets and gained over 100bps of IB market share; CB added over 5,000 new relationships, roughly 2x the prior year; and AWM saw record client asset net inflows of $490 billion, over 20% higher than its prior record.” See below for more info
JP Morgan Reports $49.6 Billion Profit for 2023, $3.4 Trillion AUM with $490 Billion Inflow & Increased +24%, Top in Global Investment Banking Fees Representing 8.8% of Market Share
Jamie Dimon, JP Morgan Chairman & CEO:
“We ended the year with a solid quarter, producing net income of $9.3 billion, or $12.1 billion excluding the FDIC special assessment and discretionary securities losses. Our record results in 2023 reflect over-earning on both NII and credit, but we remain confident in our ability to continue to deliver very healthy returns even after they normalize. Our balance sheet remained extremely strong, with a CET1 ratio of 15.0%, a staggering $514 billion of total loss-absorbing capacity and $1.4 trillion in cash and marketable securities. We continue to believe that the recent series of regulatory and legislative proposals, including Basel III endgame, could cause serious harm to consumers, businesses, and markets. We hope that regulators will make the necessary adjustments so the rules promote a strong financial system without causing undue consequences for end users.
2023 was a good example of the power of our investment philosophy and fortress principles, as well as the value of being there for clients—as we always are—in both good times and bad times. The result was continued growth broadly across the Firm. We will highlight a few examples: CCB added over 2 million net new checking accounts in 2023; CIB maintained its #1 rank in both IB and Markets and gained over 100bps of IB market share; CB added over 5,000 new relationships, roughly 2x the prior year; and AWM saw record client asset net inflows of $490 billion, over 20% higher than its prior record.
The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing. It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus. There is also an ongoing need for increased spending due to the green economy, the restructuring of global supply chains, higher military spending and rising healthcare costs. This may lead inflation to be stickier and rates to be higher than markets expect. On top of this, there are a number of downside risks to watch. Quantitative tightening is draining over $900 billion of liquidity from the system annually, and we have never seen a full cycle of tightening. And the ongoing wars in Ukraine and the Middle East have the potential to disrupt energy and food markets, migration, and military and economic relationships, in addition to their dreadful human cost. These significant and somewhat unprecedented forces cause us to remain cautious. While we hope for the best, the past year demonstrated why we must be prepared for any environment.
To conclude, I want to thank our tremendous employees for making us one of the most trusted financial institutions in the world. They work tirelessly to serve our clients, including extending credit and raising capital totaling $2.3 trillion, as well as providing continuity for First Republic customers.”
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