How JPMorgan went from 3 female CEO contenders to an all-male succession race

Less than two years ago, it seemed reasonably likely that a woman would be the next person to lead JPMorgan. On Thursday the bank named Doug Petno and Troy Rohrbaugh, co-heads of its commercial and investment bank, as co-presidents, positioning them as frontrunners to succeed Jamie Dimon.

The bank said the promotions "are part of the Board's ongoing succession planning process." They were among a handful of candidates that included Jennifer Piepszak, Marianne Lake, and Mary Erdoes. The field narrowed quickly. Piepszak, after becoming chief operating officer, said she had no interest in the job and effectively removed herself from contention.

Lake announced her retirement after more than 25 years at the firm, leaving Erdoes in her unchanged role; Erdoes was not mentioned in the portion of the announcement explicitly about succession. The commercial and investment bank generated $9 billion in net income in the first quarter, compared with $1.8 billion in asset and wealth management.

jpmorgan, doug petno, troy rohrbaugh, jamie dimon, jennifer piepszak, marianne lake, mary erdoes, co-presidents, succession planning, investment bank