JPM JP Morgan Chase and Co

By WSJ City 

JP Morgan put two women with decades of experience at the bank at the top of the list to one day succeed James Dimon as chief executive.

KEY FACTS

--- Marianne Lake, who has served as chief financial officer since 2012, will leave the role to run all of the bank's consumer-lending businesses, including its growing credit-card operations as well as auto lending and mortgages.

--- Lake has long been viewed as a contender to succeed Dimon, but analysts and others monitoring the succession race believed she first needed experience running one of the bank's major businesses.

--- Jennifer Piepszak, who was running JPMorgan's credit-card business, will take over as finance chief. The changes will take effect May 1.

--- Piepszak will join the company's operating committee of top executives, a group that already includes Lake.

--- A rising star within the bank, Piepszak's move to the CFO role makes her one of JPMorgan's most prominent representatives and gives her broad influence over its far-flung businesses.

Dimon, 63, is in no hurry to retire. Asked at the bank's February investor day when he planned to step down, he said: "Five years. Maybe four now."

The ascension of either Lake or Piepszak to the top job at the largest US bank would be a major development for women, who occupy few senior roles in the banking business and on Wall Street.

The suggested time frame for succession has led some to assume the bank's co-chief operating officers-- Gordon Smith, who runs the bank's consumer and community operations, and investment-banking head Daniel Pinto--would be too close to retirement themselves when Dimon departs.The two men, who assumed their current roles plus president titles in a shake-up a year ago, are considered candidates were Dimon to depart sooner than expected.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

April 18, 2019 06:33 ET (10:33 GMT)

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