JPMorgan appoints CEO candidates as co-heads of Consumer banking business

JPMorgan Chase & Co named two of the widely regarded candidates for the top position at the largest U.S bank as co-heads of its consumer and community bank on Tuesday.

The bank announced that consumer lending head Marianne Lake and Chief Financial Officer Jennifer Piepszak will take over the consumer and community bank from Gordon Smith, who will retire at the end of the year.

This modification will be done immediately.

Lake has long been considered a possible heir to Chief Executive Jamie Dimon. Lake served as a chief financial officer from 2012 until mid-2019 when she was promoted to head of consumer credit. Piepszak was in charge of card services at the time, and she was named to succeed Lake as CFO.

The decision to put the women, both 51 years old, in control of a unit that represents half of all US households and accounts for nearly 40% of the bank's income solidifies the position even more.

Smith is JPMorgan's co-president and co-chief operating officer, working with Daniel Pinto, who heads the bank's corporate and investment banking. Last year Dimon was recovering from emergency heart surgery when the two men took over JPMorgan. Smith's age, —62—put him out of the running to replace Mr. Dimon, who is 65.

Smith said in an interview that he is stepping down to spend more time with his wife and family. He described Lake and Piepszak as "superb leaders" who made the decision easier, WSJ reported. 

Daniel Pinto will become the sole president and chief operating officer of the bank after Smith will retire at the end of the year.

Jeremy Barnum, the bank's global research head, will take over as finance chief.

Picture Credits: WSJ