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JPMorgan Chase CFO Marianne Lake to lead bank’s consumer lending business

Jennifer Piepszak becomes CFO

JPMorgan Chase is making some changes to its senior leadership.

The megabank announced Wednesday that it its current chief financial officer, Marianne Lake, will become the CEO of its consumer lending business, which includes mortgage lending, card services, and auto finance.

Lake, who is considered to be among the potential replacements for CEO Jamie Dimon when he retires, has been with the bank since 1999.

Prior to becoming serving as Chase’s CEO, Lake was CFO of consumer & community banking. Lake also served as the investment bank’s global controller from 2007 to 2009 and held a number of roles in the consumer bank and investment bank in New York and London.

Replacing Lake as CFO is Jennifer Piepszak, who is currently CEO of the bank’s card services business.

Piepszak joined Chase in 1994 and has held a number of positions during her time with the bank. Prior to leading card services, Piepszak served as CEO of the bank’s business banking unit. Earlier in her Chase career, Piepszak held other senior roles, including CFO of mortgage banking and controller of mortgage banking and retail financial services.

As CFO, Piepszak will report directly to Dimon. Piepszak will also serve a member of the bank’s operating committee.

“Jennifer Piepszak is an enormously talented executive who has greatly strengthened the world-class card services business we have today,” Dimon said. “Even more importantly, she is a first-class leader and partner who has excelled over the past 25 years in increasingly critical business and finance roles across our corporate and investment bank and consumer & community banking businesses.”

In her new role, Lake will report to Co-President Gordon Smith and continue serving as a member of the operating committee.

“Marianne Lake has served with distinction as our firm’s CFO and as a deeply knowledgeable and trusted partner to me and my colleagues,” Dimon said. “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 having acted as CFO of consumer & community banking from 2009-2012.”

Smith, who also serves as chief operating officer and CEO of consumer and community banking, added: “I’ve had the privilege of working closely with both Jenn and Marianne for many years. They are truly exceptional talents who will not only build on our company’s successes, but also help us to accelerate our strong momentum in serving customers and communities in the future.”

The changes take effect on May 1, 2019.

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