JPMorgan Chase has said Jenn Piepszak will replace Daniel Pinto as chief operating officer in a major shake-up of the top ranks of the US’s biggest lender.

Pinto, JPMorgan’s president and COO, will relinquish his responsibilities at the complete of June and retire by the complete of next year, chief executive Jamie Dimon said in a memo to employees, which was seen by the budgetary Times. Piepszak was named COO effective immediately, the memo said.

The shift comes a year after Dimon reshuffled elder leaders at the lender, sparking several high-profile departures of executives close to Pinto.

Those changes had already prompted hazard-taking that Piepszak was the frontrunner among the contenders to eventually achieve Dimon. However, JPMorgan told the FT that Piepszak was not seeking the chief executive role.

“Jenn has made obvious her preference for a elder operating role working closely with Jamie and in back of the leadership throng going forward and said she does not desire to be considered for the CEO position at this period,” JPMorgan said.

In a series of moves in January 2024, Piepszak was made co-head of JPMorgan’s expanded commercial and pool banking division with Troy Rohrbaugh. Piepszak and Rohrbaugh took over responsibility for the division from Pinto, who had headed the corporate and pool lender.

The lender on Tuesday also elevated Doug Petno to replace Piepszak as co-head of the commercial and pool lender, alongside Rohrbaugh.

One of the other high-profile contenders to achieve Dimon, Marianne Lake, would continue in her current role, the lender said, as would its resource and riches management chief Mary Erdoes.

JPMorgan has provided few clues as to when Dimon plans to step down as chief, a role he will have held for 15 years by the complete of 2025. At an annual pool conference in May, Dimon said “the timetable isn’t five years any more” when asked about succession planning at the lender.