JPMorgan has named Jenn Piepszak as its chief operating officer, replacing Daniel Pinto, although the bank’s new second-in-command has ruled herself out for consideration as its next CEO.

Pinto, who chief executive Jamie Dimon had previously said could step in for him as chief executive in the near term, will give up his responsibilities as COO and president on 30 June. He will retire as vice-chairman at the end of 2026, JPMorgan said in a statement on 14 January.