New York, June 25, 2026, 09:19 (EDT)
- JPMorgan Chase & Co. (NYSE:JPM) has appointed Doug Petno and Troy Rohrbaugh as co-presidents. Marianne Lake is set to retire after over 25 years at the bank.
- The CIB and CCB units these two executives now lead generated roughly 85% of the company’s net income in the first quarter.
- Four top executives got $100 million in retention RSUs, which depend on hitting a 12% average ROTCE over three years.
- JPMorgan was last quoted at $333.45 before the U.S. open, putting its market value at about $923 billion.
JPMorgan Chase & Co. (NYSE:JPM) tapped Doug Petno and Troy Rohrbaugh as co-presidents, the Wall Street Journal said, putting both men in the lead to follow Jamie Dimon. In a filing, JPMorgan said Petno, 61, will take over as sole CEO of the Commercial & Investment Bank, while Rohrbaugh, 56, will run Consumer & Community Banking as CEO. Marianne Lake is retiring after over 25 years at the company.
Earnings were split mostly between CIB and CCB, which together generated $14.0 billion of JPMorgan’s $16.5 billion Q1 net income—about 85%, by the bank’s latest numbers. CIB brought in $9.0 billion, up 30%, from $23.4 billion in net revenue. CCB produced $5.0 billion, up 12%, off $19.6 billion in net revenue.
Petno ends up with the higher-earning operation, while Rohrbaugh takes over the consumer side where Card Services just posted higher net charge-offs. The board also gets to see how Rohrbaugh performs outside of markets and investment banking.
The pay move stands out, too. JPMorgan’s comp committee signed off on one-time retention RSUs worth $30 million each for Petno and Rohrbaugh, and $20 million each for Mary Erdoes and Jennifer Piepszak. Altogether, that’s $100 million.
The hurdle isn’t high by recent JPMorgan standards. The awards will cliff-vest in three years if the bank delivers a 12% average ROTCE for 2026 to 2028 and the executives stay. JPMorgan had 23% ROTCE in Q1; the proxy lists 21%, 22% and 20% in 2023, 2024 and 2025. Investors looking at this see retention, not the target, as the main issue.
JPMorgan shares were steady at $333.45 ahead of the U.S. open, giving the bank a market cap around $923 billion. That’s about $240 billion more than the combined value of Bank of America Corp (NYSE:BAC) and Citigroup Inc. (NYSE:C).
Dimon called the changes “an important step in our Board’s thoughtful process around succession planning and development of our top leaders.” Business Wire
JPMorgan lead independent director Stephen Burke told shareholders in April that CEO succession was “a top priority” and said the whole board was looking at CEO and Operating Committee prospects. The proxy said the board wanted an orderly CEO transition in the medium term. SEC
Lake is out, leaving behind roles at CCB, as finance chief and as a seat on the Operating Committee. JPMorgan said Erdoes stays Asset & Wealth Management CEO and Piepszak is still COO. Both keep reporting to Dimon, along with Petno and Rohrbaugh.
JPMorgan put out a capital update a day before: the board plans to raise its third-quarter dividend to $1.65 a share, up from $1.50. The board also cleared a new $50 billion share buyback, set to begin July 1. The bank is keeping its 2.5% stress capital buffer through Sept. 30, 2027; the standardized CET1 requirement with buffers stays at 11.5%.
