- JPMorgan promoted Marianne Lake and Jennifer Piepszak to co-lead the firm’s consumer bank.
- The consumer-lending chief and CFO are taking over the role from Gordon Smith.
- Lake and Piepszak are both in the running to replace Jamie Dimon as firm CEO when he retires.
- See more stories on Insider’s business page.
Jamie Dimon’s eventual retirement as CEO of JPMorgan still has more questions than answers. But a leadership shakeup at the firm is providing new clues about the top internal candidates to replace him when he does hand over the reins.
The firm named consumer-lending chief Marianne Lake and chief financial officer Jennifer Piepszak to co-lead the firm’s massive consumer and community banking business, effective immediately, according to a statement on Tuesday. The duo will take over running the division from Gordon Smith, who announced he was retiring this year from his roles as co-president and co-chief operating officer of the firm and CEO of CCB.
The Wall Street Journal first reported on the news on Tuesday.
The moves shine a new light on succession planning at JPMorgan, which has long been a hot topic on Wall Street. Jamie Dimon, who turned 65 in March, has been in the position since 2005, and was named chairman in 2006.
Among the handful of high-ranking executives that have been shorted-listed as possible successors to Dimon — including CIO Lori Beer and head of asset and wealth management Mary Callahan Erdoes — Lake and Piepszak in recent years have emerged as top contenders.
Lake was named JPMorgan CFO in 2013, taking on a high-visibility role in communicating the bank’s strategy and putting her in the running as one of Dimon’s likeliest successors. She then took over the consumer-lending business in 2019. Piepszak, a more recent up-and-comer who had been head of cards, moved into the CFO role during the same leadership shakeup. The latest moves put the two women head to head for the first time.
As the CCB’s new co-leaders, Lake and Piepszak will head JPMorgan’s home lending; auto finance, small business; U.S. wealth management; Chase consumer banking; and credit card businesses, which together generated more than $50 billion in revenue last year.
“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 Tuesday’s statement. “Both have proven track records of working successfully across the firm and both are well known and respected within the financial industry for their exceptional character and capabilities.”
Lake and Piepszak will report directly to Smith. After Smith retires at the end of the year, Daniel Pinto, who has been seen as another potential successor for Dimon who currently oversees the investment banking side of the firm, will become JPMorgan’s sole president and COO.
Jeremy Barnum, head of global research for the firm’s corporate and investment bank and a former CFO for the CIB, will replace Piepszak as CFO, effective immediately.