JPMorgan expects investment banking, trading to shine in third quarter

Asked about JPMorgan doing acquisitions, Petno said the bank was in the market constantly, but the bar is "very high" for inorganic opportunities.

"We are ready to opportunistically acquire. We have sort of a shopping list if it makes sense, but at the right valuation if there's a market disruption," Petno said.

In June, JPMorgan elevated insiders Petno and Troy Rohrbaugh to co-presidents as the bank reshuffled its top ranks to set up a new succession plan.

JPMorgan CEO Jamie Dimon is not stepping back, Petno said, adding he was active as ever and out in the market all the time.

"The company is big. We're scaling rapidly. We have big, big plans, big ambitions. So there's a lot for Troy and I to do to give him leverage to round us out as executives," Petno said.

Petno and Rohrbaugh were previously co-CEOs of the commercial and investment bank at JPMorgan.