JPMorgan Elevates Two Executives to Co-Presidents and Announces Retirement of Consumer Banking CEO

JPMorgan Chase announced last week the retirement of Marianne Lake, CEO of its consumer and community banking division, after 25 years at the bank. The same announcement elevated Doug Petno and Troy Rohrbaugh from co-CEOs of the commercial and investment bank to co-presidents of JPMorgan.

Lake had joined the firm in 1999 and rose through finance roles to become chief financial officer, then CEO of consumer lending, and eventually sole CEO of consumer and community banking.

The consumer and community banking division generated $76 billion in revenue last year and served more than 86 million consumers. Lake ranked No. 23 on the Fortune Most Powerful Women list in 2026. In 2021 she had become co-CEO of the division alongside Jennifer Piepszak before taking the role alone.

Jamie Dimon, JPMorgan’s CEO, praised Lake in a statement as “an outstanding partner and friend” with “unquestioned integrity” and decades of leadership. ” Piepszak exited the CEO succession race in early 2025 and became chief operating officer, a role she still holds. Daniel Pinto, another long-standing candidate, announced plans to retire by the end of 2026.

Petno and Rohrbaugh each received $30 million bonuses last week, while Piepszak and Mary Erdoes each received $20 million; all four report directly to Dimon. In the first quarter of 2026, white men received a higher share of new Fortune 500 board seats than they had in a decade, while women’s share of new directorships declined. Lake is expected to take another top executive role elsewhere.