Wednesday, 23 Jun 2021

JPMorgan Shakes Up the Race to Succeed Jamie Dimon

Marianne Lake and Jennifer Piepszak get new roles — and are potentially pitted against each other.

By Andrew Ross Sorkin, Jason Karaian, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni

In a position to succeed?

JPMorgan Chase announced a major management shuffle yesterday, renewing chatter about a hotly debated topic on Wall Street: Who will succeed Jamie Dimon as C.E.O.? The changes may also pave the way for a woman to lead the United States’ largest bank. Here’s the rundown:

Marianne Lake, the bank’s head of consumer lending, and Jennifer Piepszak, its chief financial officer, will become joint heads of the consumer and community bank, effective immediately.

Gordon Smith, who has run the bank’s consumer operation since 2012 and served as co-chief operating officer and co-president since 2018, said he would retire at the end of the year.

Daniel Pinto will become JPMorgan’s sole president and C.O.O. (and remains the head of the corporate and investment bank), and Jeremy Barnum will succeed Piepszak as C.F.O.

The moves solidify Lake and Piepszak as contenders for C.E.O. The executives, both 51, are now in charge of a business that takes in more than $50 billion per year in revenue. In a memo to staff, Dimon praised Lake and Piepszak as “superb executives who are both examples of our extremely talented and deep management bench.” Dimon, 65, took his role as the bank’s C.E.O. in late 2005, making him the longest-tenured big bank chief. “The board has said it would like Jamie to remain in his role for a significant number of years,” Joe Evangelisti, a JPMorgan spokesman, said in a statement.

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