JPMorgan names CFO Marianne Lake to lead consumer lending business

JPMorgan names CFO Marianne Lake to lead consumer lending business
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Last week, JPMorgan’s Jamie Dimon and other bank CEOs were asked at a hearing on Capitol Hill whether women and minorities would likely succeed them. Dimon demurred.

On Wednesday, JPMorgan announced that CFO Marianne Lake is leaving her post to take the reins of the bank’s consumer lending business. She will oversee JPMorgan’s card services, home lending and auto finance divisions. She has been considered a potential successor to Dimon.

And Lake will be succeeded as CFO by Jenn Piepszak, who currently serves as CEO of card services. Piepszak will also join the bank’s operating committee, while Lake will remain a committee member.

Both women are 49 years old.

Lake became chief financial officer in 2013 after working in the investment banking, consumer banking and retail divisions at JPMorgan. She started her career as an accountant at PriceWaterhouseCoopers.

Piepszak, meanwhile, has been running the card services division since 2017. She has been with the firm for more than 20 years.

Dimon, age 63, has run JPMorgan as CEO since 2006. He is one of Wall Street’s most prominent figures and has given no public indication that he plans to step aside soon.

Dimon declined to comment about his succession during the bank’s earnings call Friday, pointing out that JPMorgan’s board appoints a CEO, not the departing executive.