Home Business JPMorgan appoints top job contenders as co-heads of consumer business

JPMorgan appoints top job contenders as co-heads of consumer business

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JPMorgan Chase & Co (JPM.N) on Tuesday appointed Marianne Lake and Jennifer Piepszak, largely seen as contenders for the top job at the largest U.S. bank, as co-heads of its consumer and community bank.

Lake, the CEO of the bank’s consumer lending arm, and Piepszak, the chief financial officer, will replace Gordon Smith, who is also the chief operating officer of the bank.

Smith had recently informed Chief Executive Officer Jamie Dimon of his decision to retire at the end of this year, the bank said.

Lake has long been viewed as a potential successor to Dimon. Lake held the job of CFO from 2012 to mid-2019 when she was named the head of consumer lending. Piepszak was heading card services at the time and was named to replace Lake as CFO.

The consumer and community banking unit accounts for roughly 40% of the bank’s total revenue, making both appointments an important stepping stone for Piepszak and Lake.

During the many years that Dimon has run the bank, he…

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