A reshuffle among top female executives is said to prepare a successor for CEO Jamie Dimon, who is expected to retire in four years.
American multinational investment bank and financial services company J.P. Morgan Chase & Co. is swapping around roles of its top female executives, with Jennifer Piepszak set to take over Marianne Lake as chief financial officer, while the latter will become the firm's head of consumer lending, CNBC reported Thursday.
The announcement was made in a memo circulated to employees, signed by CEO Jamie Dimon and co-presidents and chief operating officers Daniel Pinto and Gordon Smith.
Piepszak, who is currently CEO of card services, has been with the firm for 25 years. She will assume her new position and join the bank's operating committee on May 1. She has held a number of senior roles in the corporate and investment banking business, as well as the consumer and community banking division, but has never been part of the firm's top leadership, until now.
Female Successor to Dimon?
Lake, who has been CFO since 2012, is seen as the front runner to take over Dimon's job. Her new role will give her the experience running one of the firm's major business lines, which includes card services, home lending and auto finance. She will report to Smith and remains on the firm's operating committee.
Dimon, 63, who has headed the U.S.' largest bank by assets since 2005, said in 2010 that finding a successor was his top priority. He handed some of his responsibilities to Pinto and Smith, aged 56 and 60 respectively. However, Lake, asset management chief Mary Erdoes and commercial bank chief Doug Petno have been touted as more likely to replace him because they are younger.
«Marianne and Jenn are extraordinary executives and leaders who have been critical to our success. We are also proud that JPMorgan Chase has developed such a deep bench of extraordinary talent in these areas and across the firm,» Dimon, Pinto and Smith wrote in the memo, Bloomberg reported.
New Asia Co-Head
In March, Reuters announced the appointment of Paul Uren as co-head of investment banking Asia-Pacific. He replaced John Hall, who returned to the U.S. after six years in Asia to take over as vice-chairman of investment banking. Uren, along with co-head Murli Maiya, reports to the firm's Asia-Pacific head of banking and deputy chief executive Filippo Gori.
According to financial markets data provider Refinitiv, J.P. Morgan ranked fifth in Asia ex-Japan in terms of M&A deals advised in 2018, and sixth in Asia ex-Japan on the equity markets league table.
