JPMorgan executive retires after bank names two co-presidents

A longtime JPMorgan executive is retiring after the bank elevated two colleagues to co-president roles, according to a Financial Times report. The executive learned of the decision three days before the June 25 public announcement and informed her team on an internal video call that day.

The bank named the co-chief executives of its commercial and investment bank as co-presidents. The move effectively ended the executive's prospects of succeeding the current chief executive, who is expected to remain in the role for about three more years before becoming executive chairman.

Background on the executive's career The executive joined the bank in 1999 and rose through finance and control positions before serving as chief financial officer starting in 2013. She later led consumer lending and then the consumer and community banking division.

Former colleagues described her as exceptionally bright but said some questioned whether she possessed the emotional intelligence needed to run the company. JPMorgan disputed those characterizations.

Departure details The executive gathered her team on June 25 to announce her departure. Some members of the team cried during the call, the report stated. She has continued assisting with the transition remotely after her final day in the office. Employees who leave before stock vesting periods end forfeit the shares, according to the bank.

The executive is leaving approximately $50 million in unvested stock. The bank has stated there is no designated front-runner to succeed the chief executive. Some inside the bank view one of the newly named co-presidents as the leading candidate.