Marianne Lake and Jennifer Piepszack to lead JPMorgan’s consumer bank
Investment banking company JPMorgan Chase announced the names of Marianne Lake and Jennifer Piepszack to run the company’s reclining consumer bank after its long-time manager pronounced retirement.
New York-based JPMorgan confirmed on Tuesday in a statement that Lake, the bank’s former chief financial officer also very recently performed as the company’s consumer lending head, and present CFO Piepszack will together run the division. Both will report to Gordon Smith by the time he retires at the end of the year, the firm added.
The move bolsters the succession planning for CEO Jamie Dimon that has been a priority of the bank’s board as Dimon is 65 years old.
The two female executives are believed to be the forerunners to finally supersede Dimon. With this decision, they will both have large experience in functioning important businesses for the biggest U.S. bank by assets, along with a prolonged period as finance chiefs.
Dimon confirmed in the statement, “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.”
“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,” he added.