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Business

JPMorgan promotes two female bankers in race to succeed Jamie Dimon

By
Lydia Moynihan
Published May 18, 2021, 3:19 p.m. ET

The race to succeed Jamie Dimon at the helm of JPMorgan Chase just entered a new stretch — and it’s being led by a pair of female bankers.

In an internal memo Tuesday, Chairman and Chief Executive Dimon named Marianne Lake, the Wall Street giant’s CEO of consumer lending; and Jennifer Piepszak, the bank’s chief financial officer, as co-heads of consumer and community banking.

The two women, both 51, will be replacing Gordon Smith, Dimon’s longtime right hand, who claims the titles of co-president, chief operating officer, and CEO of consumer and community banking.

Other key announcements include promoting Daniel Pinto, JPMorgan’s 58-year-old co-president and head of corporate and investment banking, to become sole president and COO of the firm. The head of Global Research for CIB, Jeremy Barnum, will become the new CFO.

Smith, 62, has been one of Dimon’s closest advisers since 2007 but was always an unlikely successor for Dimon, 65, given the two were so close in age. Smith turned down an opportunity to serve as CEO at Wells Fargo in 2019 and remains loyal to his firm. He will stay on as an adviser in his retirement. Dimon called Smith “one of the best hires I’ve ever made” in his statement.

Jamie Dimon and Marianne Lake
Marianne Lake has long been rumored as a prospective successor to Jamie Dimon.

Consumer banking is one of JPM’s key divisions — generating over $50 billion last year through its credit card, home lending, auto finance, and US wealth management businesses. The promotions position Lake and Piepszak as the lead contenders for the top job at JPM when Dimon leaves.

Pinto, however, is still reportedly designated “emergency CEO,” known internally as the “Jamie got hit by a bus,” according to the Wall Street Journal.

Nevertheless, Dimon doesn’t appear to be even considering an exit anytime soon. People close to the longtime leader say he’ll stick around at least five or six more years. Still, the bank tries to always be ready for the unexpected. Last year, Dimon received an emergency heart surgery and both Pinto and Smith were at the helm in his absence.