business
JPMorgan Names Rohrbaugh and Petno Co-Presidents
JPMorgan elevated Troy Rohrbaugh and Doug Petno to co-presidents on Thursday. The moves position the pair as leading candidates to succeed CEO Jamie Dimon. Marianne Lake is retiring as head of consumer and community banking.
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JPMorgan named Troy Rohrbaugh and Doug Petno co-presidents on Thursday. Rohrbaugh took over as CEO of the consumer and community banking unit. Petno became sole head of the commercial and investment bank.
Marianne Lake, the prior head of consumer and community banking, is retiring. Each of the new co-presidents received a one-time $30 million retention bonus, according to an SEC filing reported by Business Insider. Business Insider reported that Petno, 61, has spent more than 35 years at JPMorgan.
He started as an investment banker, led the natural resources group, became CEO of commercial banking in 2012, and later served as co-head of global banking and co-head of the investment bank. Revenue in commercial banking more than doubled under his leadership. Rohrbaugh, 56, joined JPMorgan in 2005 after earlier roles at Banque Nationale and Goldman Sachs.
He previously headed global markets and became co-head of the commercial and investment bank in 2024. In his new role he oversees more than 5,000 branches. Jamie Dimon, 70, described Petno last year as "a great client guy and a culture carrier" in a Bloomberg interview.
Analysts cited by Business Insider said the promotions narrow the CEO succession field while indicating Dimon plans to remain in the role for several more years.
