JPMorgan Chase promotes two women as potential Dimon successors

[NEW YORK] JPMorgan Chase promoted two female executives on Tuesday who are potential successors to chief executive Jamie Dimon as it announced several leadership shifts near the top of the bank.

The biggest US bank by assets, JPMorgan said in a securities filing that Marianne Lake and Jennifer Piepszak would serve as co-chiefs of its Consumer & Community Banking business, putting the two executives in line to potentially take over Mr Dimon.

Mr Dimon, 65, congratulated the two executives during JPMorgan's annual meeting on Tuesday, noting that the division's current chief, Gordon Smith, will retire at the end of 2021.

Mr Smith, 62, has also served as co-president with Daniel Pinto, 58, who will become the bank's lone president and chief operating officer.

The consumer and community banking division - which includes home lending, credit cards and auto loans in addition to consumer and business banking - accounted for nearly 40 per cent of JPMorgan's revenues in the most recent quarter, and comprises key public-facing functions.

Ms Lake and Ms Piepszak, both 51, have been seen as possible successors to Dimon.

Ms Piepszak was named chief financial officer in April 2019, succeeding Ms Lake, who became chief of consumer lending.

"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," Mr Dimon said in a press release.

"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."

JPMorgan also announced Jeremy Barnum will succeed Ms Piepszak as CFO. Mr Barnum currently leads global research for the corporate and investment bank.

AFP