JPMorgan Puts CEO Contenders in Charge of Consumer Operation
JPMorgan Chase JPM -1.41% & & Co. is putting two of the competitors to prosper President Jamie Dimon in charge of its vast consumer-banking operation.
The rely on Tuesday stated consumer-lending chief Marianne Lake and Chief Financial Officer Jennifer Piepszak are taking the reins of its customer and community bank from Gordon Smith, who will retire at the end of the year. Jeremy Barnum, the bank’s head of global research, will end up being finance chief. The modifications work instantly.
The move comes two years after JPMorgan JPM -1.41% put Ms. Lake and Ms. Piepszak in their existing roles and developed them as front-runners to one day run America’s most significant bank. The decision to position the females, both 51 years old, in charge of an unit that serves half of all U.S. homes and accounts for roughly 40% of the bank’s earnings even more cements that status.
They will collectively run a company that has actually broadened in current years. By the end of July, Chase will have branches in every U.S. state but Alaska and Hawaii. Its popular Sapphire charge card have assisted it tempt the sort of customers prized in the banking service: big spenders with cash to conserve and invest.
Ms. Lake joined JPMorgan in 1999. Prior to handling consumer financing– where she managed charge card, home mortgage and vehicle loaning– she was the bank’s finance chief.
Ms. Piepszak, a 27-year JPMorgan veteran, was running the bank’s credit-card service when she was tapped for the CFO job in the 2019 reshuffling. She also has actually run JPMorgan’s business-banking unit and was finance chief of its home mortgage business.
Power-sharing arrangements aren’t uncommon at JPMorgan. Mr. Smith is JPMorgan’s co-president and co-chief running officer alongside Daniel Pinto, who leads its corporate and investment bank. The two males briefly ran JPMorgan last year when Mr. Dimon was recovering from emergency heart surgery.
< div data-mobile-ratio =" 66.66666666666666 %" data-layout-ratio=" 66.66666666666666 %" data-subtype=" image "class= "image-container responsive-media post __ inset __ image __ image" >< img srcset=" https://images.wsj.net/im-339774?width=140&size=1.5 140w, https://images.wsj.net/im-339774?width=540&size=1.5 540w, https://images.wsj.net/im-339774?width=620&size=1.5 620w, https://images.wsj.net/im-339774?width=700&size=1.5 700w, https://images.wsj.net/im-339774?width=860&size=1.5 860w, https://images.wsj.net/im-339774?width=1260&size=1.5 1260w" sizes=" (max-width: 140px) 100px, (max-width: 540px) 500px, (max-width: 620px) 580px, (max-width: 700px) 660px, (max-width: 860px) 820px, 1260px "src=" https://images.wsj.net/im-339774?width=620&size=1.5" data-enlarge =" https://images.wsj.net/im-339774?width=1260&size=1.5" alt ="" title=" Gordon Smith
said he and his other half had chosen over the winter season vacations that 2021 …”/ >< figcaption class =" wsj-article-caption article __ inset __ image __ caption "itemprop=" caption "> Gordon Smith stated he and his other half had chosen over the winter season vacations that 2021 would make a great in 2015. Picture: Adam Hunger/AP Images for JPMorgan Chase Ms. Piepszak and Ms. Lake
are friends, coworkers state, and they brush aside talk of a succession race. Mr. Dimon has actually kept that his retirement isn’t a near-term occasion, and the bank’s board recently stated it wants him to remain on for a” substantial number” of years, a spokesperson stated. That is believed to be five to 7 years, people familiar with the matter stated. Still, Tuesday’s relocation will leave the 58-year-old Mr. Pinto alone in the role of CEO in an emergency, known internally as the” Jamie got struck by a bus “scenario. Mr. Smith stated he is stepping down to invest more time with his wife and family. Ms. Lake and Ms. Piepszak, he stated, are superb leaders who made the decision much easier.
< h4 class =" ArticleInsetNewsletterCard-- newsletter-signup-title-1lX_qTsd_qyFPWrS_ofBJG" > Newsletter Sign-up< div class="ArticleInsetNewsletterCard-- card-container-3VXU1TS3nFYBuuf9q3mP8e" >< div class =" ArticleInsetNewsletterCard-- card-info-container-37bi2ktbJVdyEsdc-uYjAt" readability =" 32.5 ">< h5 class =" ArticleInsetNewsletterCard-- label-name-2rbcs8VV-ceE9OxoHClnle" data-newsletter-id =" 427" > Females In A special newsletter influenced by WSJ’s Ladies In series, with great reads, motivating concepts and opportunities to connect with other women magnate.< hr class =" ArticleInsetNewsletterCard-- partial-hr-1DeVSSYxozlKjCBa1oFn3c"/ > Mr. Smith is the last remaining member of the bank’s operating committee of leading leaders who served through the monetary crisis with Mr. Dimon. He signed up with JPMorgan in June 2007 from American Express Co. to help develop the bank’s credit-card operation. In a declaration, Mr. Dimon called him among his best-ever hires.
He was offered charge of the whole consumer operation in 2012 and raised, with Mr. Pinto, to their firmwide functions in 2018. But Mr. Smith’s age– 62– put him out of contention to permanently be successful Mr. Dimon, who is 65.
Mr. Smith said he and his spouse had decided over the Christmas vacation that 2021 would make a great last year. He has no strategies to take another banking job– he refused the CEO function at Wells Fargo & & Co. in 2019– and will stay an advisor to Mr. Dimon and the bank following his retirement.
” If I desired to keep working full-time, I would not be leaving,” Mr. Smith said.
Compose to David Benoit at [email protected]!.?.! Copyright © 2020 Dow Jones &
Business, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Appeared in the May 19, 2021, print edition as’ JPMorgan Elevates Two Who Vie for Top Job. ‘Published at Tue, 18 May 2021 21:15:00 +0000
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