JPMorgan Chase elevated Marianne Lake and Jennifer Piepszak to co-heads of consumer and community banking, placing them a step closer to potentially succeeding Jamie Dimon as CEO of the US’s largest bank.
Among the six biggest US banks, only Citigroup has ever named a woman CEO. And in that case the milestone was reached only in 2021, when Jane Fraser took over. Piepszak became one of Dimon’s possible successors when she was named CFO in 2019, succeeding Lake. She previously led JPMorgan’s credit-card business for two years and earlier oversaw financing operations for the mortgage business during a period in which it faced a host of crisis-era settlements with regulators. She came up through JPMorgan’s investment-banking operations and jumped to the consumer business in 2010.
In other management changes announced on Tuesday in a statement, Daniel Pinto will become sole president and COO upon Smith’s retirement, and Jeremy Barnum will succeed Piepszak as CFO.Leadership changes in 2019 positioned Lake and others, including Piepszak, to gain more of the experience they would need to run the company one day. Dimon said at the time that “it is part of succession planning that you’re going to see us moving people around”.
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