JPMorgan shuffles CFO and card services executives
Reuters
Published Apr 17, 2019 05:21PM ET
JPMorgan shuffles CFO and card services executives
By David Henry
NEW YORK (Reuters) - JPMorgan Chase & Co (NYSE:JPM) switched roles for two women executives on Wednesday, putting Chief Financial Officer Marianne Lake in charge of consumer lending and naming card services chief Jenn Piepszak to take Lake's place.
The moves were announced in an internal memo from Chief Executive Officer Jamie Dimon and the bank's two co-presidents.
Both women are 49 and the changes are effective on May 1. Dimon has a practice of moving executives into different positions to broaden their experience in the bank.
The switch will give Lake her first opportunity to run a business at the bank, which addresses a missing qualification in her standing as a likely successor to Dimon. She has won praise from investors and Wall Street analysts for handling the CFO job and Dimon's demands.
Dimon, 63, has said he expects to step down within five years.
Lake's new responsibilities will include card services, home lending and auto finance. She was CFO of consumer banking businesses before becoming CFO of the bank in January 2013.
Piepszak's star has been rising at JPMorgan as she has moved through different businesses in JPMorgan's consumer & community banking segment under co-president Gordon Smith.
"Jenn has excelled in every role she has taken on in her 25 years with our firm," the memo said.
JPMorgan is the biggest U.S. bank by assets and is the most profitable among big banks as measured by return on tangible equity.
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Written By: Reuters
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