JPMorgan shuffled management Wednesday, taking the chief financial officer and placing her in charge of an expanded consumer lending business and taking the head of cards and making her CFO.
The bank said Marianne Lake, the CFO, would now be in charge of credit cards, autos and mortgage lending. She’ll report to consumer banking chief and co-president Gordon Smith, according to a statement. While Lake won’t be reporting to Dimon anymore, she will be getting on-the-ground experience running a business that is usually required to become CEO.
This will be the first time running a business unit for Lake, 49. She’s been CFO of JPMorgan since early 2013, and served as CFO of the consumer and community banking unit before that. Prior to that she was the investment bank’s comptroller. She began her career as an accountant at PricewaterhouseCoopers.
“We are fortunate to have such an extraordinary executive taking the helm of our Consumer Lending businesses, a part of the firm she knows extremely well,” CEO Jamie Dimon said about Lake in the statement.
Jennifer Piepszak, head of cards, will replace Lake as CFO. The changes are effective May 1.
Lake has long been rumored to be a frontrunner to replace Dimon atop the bank, though speculation took a new turn last week at a Congressional hearing in Washington. When Dimon and other US bank CEO were asked by a member of Congress to raise their hands if a woman was likely to succeed them, none of them did so.
“That’s a board-level issue,” Dimon said on the bank’s first quarter earnings call. “But also I was confused by the question ‘likely’ without a timetable.”
He added: “So, we have exceptional women. And my successor may very well be a woman and it may not. And it really depends on the circumstance…And it might be different if it’s one year from now versus five years from now.”
Piepszak has run JPMorgan’s massive credit card operation, and got much of the credit for the firm’s huge success in rolling out the Sapphire Reserve card. The card proved so popular that JPMorgan briefly ran out of the metal the card is made out of.
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