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JPMorgan's investment bank co-heads have wildly different amounts of JPM stock

Since late January, JPMorgan's corporate and investment bank has been run by co-heads Jennifer Piepszak and Troy Rohrbaugh. Both may or may not replace Jamie Dimon as CEO when he retires. But their current exposure to JPMorgan's performance looks very different.

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Regulatory documents released yesterday show that while Rohrbaugh holds $30m of JPMorgan stock at today's prices, Piepszak holds a mere $6m. While they hold the same job title, the implication is that the two have different degrees of incentive to maximize JPMorgan's stock price in the future.

JPMorgan declined to comment on the disparity. It's conceivable that Piepszak, who joined JPMorgan in 1994 and was successively a controller in equities, a CFO of mortgage banking, a head of business banking sales, a CEO of card services, CFO of the entirety of JPMorgan and then finally became co-CEO of the consumer and investment bank, simply sold all her stock a long time ago while Rohrbaugh held onto his. However, it's also conceivable that Rohrbaugh, who joined JPMorgan in 2005 as a derivatives managing director and who was head of macro markets and then co-head of all markets for JPMorgan before his current role, has been paid a lot more over his career because he worked in trading rather than the business. As we noted earlier today, there still aren't many women in trading roles. 

Stock allocated as compensation at JPMorgan typically vests over a three-year period. However, there's nothing compelling employees to sell it once it does. In the past five years, JPMorgan's share price has risen 73%.

Rohrbaugh sold 75,000 shares from his stash recently. Jamie Dimon sold 822,000 of his. At current prices, Dimon has around $4.8bn of JPMorgan stock, mostly tied up in family trusts. Dimon's wife owns $108m of JPMorgan stock herself. 

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AUTHORSarah Butcher Global Editor

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