JPMorgan Appoints CFO Marianne Lake as Head of Consumer Credit Business

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CNN Affairs

Last week, JPMorgan’s Jamie Dimon and other bank CEOs were questioned at a hearing on Capitol Hill about whether women and minorities were likely to succeed them. Dimon hesitated.

Wednesday, JPMorgan

announced that CFO Marianne Lake is stepping down to take the reins of the bank’s consumer credit business. She will oversee JPMorgan

credit card services, home loans and auto finance divisions. She was seen as a potential successor to Dimon.

And Lake will be replaced as CFO by Jenn Piepszak, who is currently CEO of Card Services. Piepszak will also join the bank’s operating committee, while Lake will remain on the committee.

Both women are 49 years old.

Lake became CFO 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 leading the card services division since 2017. She has been with the company for over 20 years.

Dimon, 63, has led 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 down soon.

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

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