JPMorgan Chase just made its most significant leadership move in years, and it tells you a lot about where the world’s largest bank thinks it’s headed.
On June 25, 2026, JPMorgan announced that Doug Petno and Troy Rohrbaugh would serve as co-presidents of the bank, instantly vaulting them to the front of the line in the long-running race to eventually succeed Jamie Dimon. The same announcement carried a notable casualty: Marianne Lake, a senior executive with over 25 years at the firm and one of the most frequently cited internal succession candidates, has resigned effective immediately.
Who gets what
The new structure gives each co-president a distinct domain. Petno, who previously served as co-CEO of the Commercial and Investment Bank, now runs that division solo. Rohrbaugh steps into the Consumer and Community Banking division as its new CEO, the seat Lake vacated.
To lock both executives in place, JPMorgan handed Petno and Rohrbaugh retention bonuses of $30 million each.
