Authors Nupur Anand, Niket Nishant, and Saeed Azhar recently reported that Jennifer Piepszak, a key contender for the top spot at JPMorgan Chase, has chosen to withdraw her candidacy for the time being. This move has increased the likelihood of three other executives competing for the prestigious Wall Street position.

The business world has been keenly observing the succession plans for the current CEO, Jamie Dimon, who is a significant figure in international commerce. His potential departure in 2024 has sparked speculation and uncertainty about his successor.

Piepszak, presently the co-CEO of the commercial and investment bank at JPMorgan, will take over from Daniel Pinto, a trusted associate of Dimon and a 40-year veteran of the bank. Pinto is set to retire at the end of 2026, stepping down as president and COO on June 30.

JPMorgan, the largest bank in the U.S., has a history of moving executives between divisions to broaden their experience. Piepszak, who has served in various senior roles during her 30-year tenure at JPMorgan, has expressed her preference for a senior operational role rather than the CEO position.

Now, the CEO race is expected to be between Marianne Lake, CEO of consumer and community banking; Troy Rohrbaugh, head of the commercial and investment bank; and Doug Petno, the current co-head of global banking.

Despite Piepszak’s current decision, banking analyst Mike Mayo at Wells Fargo still considers her a potential contender for the CEO position. The choice seems to be between Lake and Piepszak, according to Mayo.

The next steps for Jamie Dimon, who successfully guided the bank through the 2008 financial crisis and regional bank unrest in 2023, have been a subject of much discussion. Under Dimon’s leadership, JPMorgan has become the largest bank in the U.S., outpacing its competitors.

Once Dimon steps down, the bank plans to separate the CEO and chairman positions, currently both held by him. The bank’s board had previously identified Pinto as the executive who could substitute as CEO on short notice, as was the case in 2020 when Dimon underwent emergency heart surgery.

David Wagner, a portfolio manager at Aptus Capital Advisors LLC, commented that Dimon’s long tenure has led to many of his protégés preferring retirement over taking up a role that would require them to commit for a decade or more.