JPMorgan Dimon CEO Succession Work in earnest...Second-in-command replacement

Jennifer Peepsaek, co-chairman of commercial and investment banking, who has been named as the successor to JPMorgan Chase, the largest U.S. bank, to succeed "Emperor of Wall Street" Jamie Dimon, has been named the No. 2 position.

JPMorgan Chase said Daniel Pinto, president and chief operating officer who has long been considered CEO Dimon's right-hand man, will step down from his current position on June 30.

In his place, Peabb co-head of CIB, the front-runner to succeed Dimon, will work with Pinto in the coming months to take over the job and serve as chief operating officer.

CEO Dimon, who is 68 this year, has led JPMorgan Chase over the past two decades, solidifying his position as the largest bank in the United States.

In the meantime, he has always jokingly answered questions about the remaining term of office as five years, but last year, he said, "It's not five years anymore," sparking speculation that he may be starting the succession process in earnest.

However, CEO Dimon did not specify when he would leave office, and said he would continue to serve as chairman of the board after he leaves office.