Jamie Dimon (Getty Images)

Jamie Dimon’s succession picture just got clearer — or a lot more muddy

JPMorgan’s Jennifer Piepszak got a promotion to be the bank’s COO, but it doesn’t mean what you might think.

1/14/25 12:14PM

It’s long been understood in banking circles that the successor to Jamie Dimon was likely to be Jennifer Piepszak or Marianne Lake.

They’ve been consistently reported as the top contenders to be the next CEO of JPMorgan Chase. They’ve been elevated together. And they’ve been given similar responsibilities, seemingly not-so-quietly readying for when Dimon decides to step down.

On Tuesday, Piepszak alone got a promotion. The company said she would succeed Daniel Pinto — Dimon’s right-hand man and the person who stepped in to run the bank when Dimon had heart issues — to become the chief operating officer of the biggest bank in the country.

On the surface, you’d think that would mean Piepszak is the front-runner to become the next CEO. But that’s not the case.

Instead, Piepszak has surprisingly decided to drop out of the running. The Wall Street Journal reports:

“Piepszak isn’t interested in taking over a role as chief executive of the bank, people close to her said. She asked to take the COO role instead and is interested in supporting anyone who takes over the chief role from Dimon when he retires as CEO and likely becomes chairman of the board, the people said…
A spokesman for the bank said that Piepszak has made her preference clear for a top operating job but isn’t considering putting her hat in the ring for the top job ‘at this time.’”

That could clear a path for Lake, who wasn’t one of the executives who got promoted Tuesday and will remain CEO of JPM’s consumer and community banking, to eventually take the top job.

Or it could potentially open up the job of replacing Dimon to a new insider. The Journal reports that others who could be contenders include Troy Rohrbaugh and Doug Petno, who are now running JPM’s commercial and investment bank.

We may need to wait quite a while to find out how this plays out — Dimon has said he intends to retire by 2029.

Max Knoblauch23h

Electronic Arts launches a platform to put more ads in its games

Video game publishing giant EA launched a new platform on Monday designed to make the process of selling immersive ad space in its popular games easier.

The company says the platform, called EA Advertising, allows brands to “integrate directly into gameplay through dynamic, real-time placements, from stadium signage to custom in-game content.”

More so than other studios, EA has incorporated advertising into its most popular titles. As Kotaku points out, the company’s ad efforts stretch as far back as 2006. Several of its sports franchises already feature partnerships with brands like Visa, Lowe’s, Red Bull, and PepsiCo.

In-game advertising hasn’t exactly been embraced by fans, but industry experts expect it to ramp up as companies seek more revenue to offset higher games budgets and surging memory costs. EA rival Take-Two has taken a different approach, with CEO Strauss Zelnick recently saying the company was “not at risk of doing brand partnerships” in the forthcoming “Grand Theft Auto VI,” and that ads in full-price games seems “unfair.”

The $55 billion deal to take EA private, led by Saudi Arabia’s Public Investment Fund, is set to close at the end of this month. Being the largest leveraged buyout in history, EA will likely look for more ways to boost revenue to cover interest payments.

Electronic Arts Makes Push for Ad Dollars Tied to Sports

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JM Smucker says it sold $1 billion worth of Uncrustables in FY2026

After years of booming sandwich sales, JM Smucker has finally earned a billion-dollar crust.

On Tuesday, the company reported results for fiscal year 2026, highlighting better-than-expected profits driven by higher prices for coffee and sweet baked goods. However, at another point on the earnings call, CEO Mark Smucker pointed to one particularly jammy figure: in line with previous forecasts, the company sold $1 billion worth of its (almost always) crustless sandwiches, Uncrustables, in the last year alone.

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Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

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The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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