Business JPMorgan overhauls top team and makes Daniel Pinto sole...

JPMorgan overhauls top team and makes Daniel Pinto sole president

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JPMorgan Chase has shaken up its top team with Gordon Smith, one of chief executive Jamie Dimon’s top lieutenants, set to step down from his role at the end of the year.

Smith was co-president and co-chief operating officer alongside investment banking chief Daniel Pinto, and also ran the consumer side of the bank. Once he leaves, Pinto will become sole president and COO.

Smith will remain with JPMorgan as a senior adviser to Dimon and other executives.

“Professionally, Gordon has been an exceptional business leader and partner for the past 13 years,” Dimon said in a statement. “I’m so pleased he’ll continue to be a wise resource for me and our senior management team.”

Marianne Lake, who heads the bank’s consumer lending unit, and chief financial officer Jennifer Piepszak will become co-heads of JPMorgan’s consumer and community banking unit.

Jeremy Barnum will succeed Piepszak as the bank’s chief financial officer.

Lake and Piepszak are both considered potential replacements for Dimon when he eventually steps down as chief executive. Dimon has led the bank since 2006.

“It is personally bittersweet for me to leave this first-class team, but I am happy to support them in any way I can going forward and am excited about the firm’s bright future,” Smith said.

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