JPMorgan Chase, the largest U.S. lender, appointed two of its top women executives to new roles Wednesday, positioning each as a possible successor to longtime CEO Jamie Dimon.
Marianne Lake, the chief financial officer and a member of the operating committee, will become head of consumer lending, while card services chief Jennifer Piepszak will step into Lake’s former role. Coming only a week after Dimon and other bank executives were grilled during a House Financial Services Committee hearing about whether women were likely to head their companies in the foreseeable future, the moves were immediate fodder for one of Wall Street’s favorite guessing games: naming the heir apparent at the industry’s best-known firms.
Two days after the hearing, bank executives brushed off questions from reporters about whether Lake, chosen one of the two most powerful women in the industry by American Banker for two years, was in line for the top role. The company continuously plans for its next leader, they said, but doesn’t disclose the names of people under consideration.
Dimon, 63, said in early 2018 that he would probably remain as CEO for another five years.
“Marianne and Jenn are extraordinary executives and leaders who have been critical to our success,” Dimon said in a Wednesday memo to employees reviewed by the Washington Examiner. “We are also proud that JPMorgan Chase has developed such a deep bench of extraordinary talent in these areas and across the firm.”
Lake, the finance chief since 2012, will oversee card services, home lending, and auto finance in her new position, reporting to Co-President Gordon Smith. She will remain on the operating committee, which Piepszak will now join.
“I’ve had the privilege of working closely with both Jenn and Marianne for many years,” Smith said in a statement. “They are truly exceptional talents who will not only build on our company’s successes but also help us to accelerate our strong momentum in serving customers and communities in the future.”
Women hold 30% of New York-based JPMorgan’s senior leadership roles worldwide, Dimon said in his annual letter to shareholders, running units that individually would be among Fortune 1000 companies. “Investing in the advance of women is a key focus for our company,” he said.
Lake told American Banker in September that JPMorgan has several executives qualified to succeed Dimon when he retires. “Would it be my privilege to be considered by the board someday? Of course,” she said. “But it’s not something I spend a lot of time worrying or thinking about.”
