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JPMorgan Chase names two women executives to lead consumer bank

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Pedestrians cross a JPMorgan Chase financial institution department in New York.

Michael Nagle | Bloomberg | Getty Photos

JPMorgan Chase has named Marianne Lake and Jennifer Piepszack to run the corporate’s sprawling shopper financial institution after its long-time supervisor introduced his retirement.

Lake, the financial institution’s former chief monetary officer who most just lately served as shopper lending head, and present CFO Piepszack will collectively run the division, New York-based JPMorgan stated Tuesday in a statement. They are going to report back to Gordon Smith till he retires on the finish of the yr, the agency stated.

The transfer shores up the succession planning for CEO Jamie Dimon, which has been a precedence of the board as he’s 65 years previous. The 2 feminine executives are thought-about front-runners to finally succeed Dimon. With this transfer, they may have broad expertise working key companies, in addition to stints as finance chiefs.

“We’re lucky to have two such very good executives in Marianne and Jenn – they each are examples of our extraordinarily gifted and deep administration bench,” Dimon stated within the assertion. “Each have confirmed monitor information of working efficiently throughout the agency and each are well-known and revered throughout the monetary business for his or her distinctive character and capabilities.”

For years, each time requested about his plans to step away as CEO, Dimon’s reply was that it was five years away. That coincided with the departure of some executives who had been seen as potential successors to Dimon. However succession planning has taken on better urgency in recent times, and final yr Dimon had an in depth name that required emergency coronary heart surgical procedure.

The shuffle leaves Daniel Pinto, who had been co-president and co-chief working officer with Smith, as sole proprietor of these titles, alongside together with his obligations working the agency’s huge Wall Avenue division. Pinto and Smith had assumed management of JPMorgan final yr whereas Dimon recuperated from surgical procedure.

The financial institution named Jeremy Barnum, head of world analysis for the company and funding financial institution, as CFO to succeed Piepszak. The information was reported earlier by the Wall Avenue Journal.

Within the assertion, Dimon heaped reward on Smith, calling him “the most effective hires I’ve ever made” and saying he was “immensely grateful” for the work he had completed on the financial institution.

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