JPMorgan’s Daniel Pinto will step down as COO in June

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JPMorgan Chase announced that CEO Jamie Dimon’s top lieutenant will step down as chief operating officer at the end of June and retire at the end of 2026.

Pinto will be replaced as COO by Jane Piepszak, CEO of the commercial and investment bank, effective immediately, Dimon wrote in a memo to employees on Tuesday, seen by the Financial Times.

Dimon said Pinto, who has worked at the bank for more than 40 years, has announced his decision to retire at the end of next year, but said he would be transitioning his responsibilities in the coming months.

The move comes several months after Dimon. Improved senior management. In the bank, it caused the departure of many high-level executives near Pinto.

JPMorgan did not immediately respond to a request for comment.

This is a developing story.