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JPMorgan Chase names two women executives to lead the biggest U.S. consumer bank

Pedestrians pass a JPMorgan Chase bank branch in New York.

Michael Nagle | Bloomberg | Getty Images

JPMorgan Chase has named Marianne Lake and Jennifer Piepszack to run the company’s sprawling consumer banking operations after its long-time manager announced his retirement.

Lake, the bank’s former chief financial officer who most recently served as consumer lending head, and current CFO Piepszack will jointly run the division, New York-based JPMorgan said Tuesday in a statement. They will report to Gordon Smith until he retires at the end of the year, the firm said.

The move shores up the succession planning for CEO Jamie Dimon, which has been a priority of the board as he is 65 years old. The two female executives are considered front-runners to eventually succeed Dimon. With this move, they will have broad experience running key businesses, as well as stints as finance chiefs.

“We are fortunate to have two such superb executives in Marianne and Jenn – they both are examples of our extremely talented and deep management bench,” Dimon said in the statement. “Both have proven track records of working successfully across the firm and both are well known and respected within the financial industry for their exceptional character and capabilities.”

It also leaves Daniel Pinto, who had been co-president and co-chief operating officer with Smith, as sole owner of those titles, along with his responsibilities running the firm’s massive Wall Street division.

The bank named Jeremy Barnum, head of global research for the corporate and investment bank, as CFO to succeed Piepszak.

This story is developing. Please check back for updates.

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