Top JPMorgan executive Daniel Pinto to step down as COO in June

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JPMorgan Chase has announced that Daniel Pinto, a top lieutenant to chief executive Jamie Dimon, will relinquish his responsibilities as chief operating officer at the end of June and retire by the end of 2026.

Pinto will be replaced as COO by Jenn Piepszak, the co-chief executive of the commercial and investment bank, with effect immediately, Dimon wrote in a memo to staff on Tuesday, seen by the Financial Times.

Dimon said Pinto, who has worked at the bank for more than 40 years, had informed him of his decision to retire at the end of next year, but will transition his responsibilities in the coming months.

The move comes several months after Dimon reshuffled senior leaders at the bank, sparking several high-profile departures of executives close to Pinto.

JPMorgan did not immediately respond to a request for comment.

This is a developing story