BREAKINGVIEWS-JPMorgan succession race gives Spinal Tap vibes

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Jeffrey Goldfarb

NEW YORK, June 26 (Reuters Breakingviews) - Boss Jamie Dimon’s latest management shakeup makes new co-Presidents Doug Petno and Troy Rohrbaugh frontrunners to succeed him. They join a years-long parade of contenders, all cursed to vanish, like the mockumentary band’s drummers. The prolonged intrigue is equally farcical.

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CONTEXT NEWS

JPMorgan said on June 25 that Doug Petno and Troy Rohrbaugh, co-CEOs of the commercial and investment bank, had been promoted to be co-presidents of the company, effective immediately. Petno also will become sole CEO of the commercial and investment bank, while Rohrbaugh will replace Marianne Lake to run the consumer and community banking division.

Lake decided to retire after more than 25 years of service, JPMorgan said.


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