Banking

JPMorgan reshuffles leadership as Gordon Smith announces retirement

JPMorgan Chase, the nation’s largest bank, has appointed a new chief financial officer and moved other top leaders into new roles.

The management reshuffling, announced Tueday, was touched off when Gordon Smith, the bank’s co-president and chief operating officer, recently told Chairman and CEO Jamie Dimon that he will be retiring at the end of the year. Smith has served in those two roles with Daniel Pinto, who is expected to take over the positions on his own.

Smith also ran JPMorgan’s consumer and community banking unit, which will be taken over by Chief Financial Officer Jennifer Piepszak and CEO of Consumer Lending Marianne Lake as co-heads, effective immediately. Both are seen as contenders for the CEO job after Dimon retires.

“We are fortunate to have two such superb executives in Marianne and Jenn — they both are examples of our extremely talented and deep management bench,” Dimon said in a press release.

Jennifer Piepszak, left, and Marianne Lake will become co-heads of JPMorgan Chase’s consumer and community banking unit under changes announced Tuesday.

Jeremy Barnum, head of global research for the corporate and investment business, will succeed Piepszak as the new CFO of the $3.7 trillion-asset company. Barnum was previously chief financial officer for his division for about eight years through the start of 2021.

The management shuffle is happening as the bank is bringing employees back to the office as COVID-19 cases continue to fall and more Americans are fully vaccinated.

Dimon, whose own retirement has been a frequent source of speculation, said that Smith had been a mentor to the executives receiving promotions.

He also called Smith, who is planning to serve as a senior adviser to Dimon and other executives beginning next year, “one of the best hires” he has ever made. Smith joined the bank in 2007 to run the card business after spending more than two decades at American Express.

“Professionally, Gordon has been an exceptional business leader and partner for the past 13 years, and I’m so pleased he’ll continue to be a wise resource for me and our senior management team,” Dimon said in the statement. “Personally, I am proud to call Gordon my friend and am immensely grateful for all he has done for our company and our people.”

Smith called his departure “bittersweet” but added that he is happy to support “this first-class team” going forward.

Over the years, Dimon has frequently shuffled top executives into new roles, giving individuals who are contenders to succeed him a broad range of experience within the company. Lake, for example, had been CFO before becoming CEO of consumer lending.



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