JPMorgan Chase appoints two female executives to lead consumer bank

JPMorgan Chase appoints two female executives to lead consumer bank

Pedestrians walk past a branch of JPMorgan Chase Bank in New York City.

Michael Nagle | Bloomberg | Getty Images

JPMorgan Chase has appointed Marianne Lake and Jennifer Piepszack to lead the company’s vast consumer banking after its longtime director announced his retirement.

Lake, the bank’s former CFO who most recently served as director of consumer loans, and current CFO Piepszack will jointly lead the division, New York-based JPMorgan said in a statement on Tuesday. declaration. They will report to Gordon Smith until he retires at the end of the year, the company said.

Decision strengthens CEO succession planning Jamie Dimon, which has been a priority for the board since he is 65 years old. The two female executives are considered pioneers to ultimately succeed Dimon. With this decision, they will have extensive experience in managing key companies, as well as positions as chief financial officers.

“We are fortunate to have two such superb executives, Marianne and Jenn – they are both examples of our extremely talented and deep management bench,” Dimon said in the statement. “Both have a proven track record in their successful work across the company and are both well known and respected in the financial industry for their exceptional character and ability.”

It also leaves Daniel Pinto, who had been co-chairman and co-chief operating officer with Smith, as the sole owner of those titles, along with his responsibilities as the head of the company’s massive division on Wall Street. The news was reported earlier by the Wall Street Journal.

The bank has appointed Jeremy Barnum, head of global research for corporate and investment banking, as chief financial officer to succeed Piepszak.

This story is developing. Please come back for updates.

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