JPMorgan Chase Names New CFO; Lake to Head Consumer Lending

Jennifer Piepszak, new CFO of JPMorgan Chase

Jennifer Piepszak, JPMorgan’s current CEO of card services, is headed to the office of the CFO. After the markets closed on Wednesday, JPMorgan Chase confirmed that Piepszak would take Marianne Lake’s place as the chief financial officer of the banking giant, effective May 1, and hold a seat on the bank’s operating committee.

Lake was appointed head of JPMorgan Chase consumer lending, which includes the bank’s credit card, home, and auto loan businesses. She will remain on the operating committee.

Piepszak, a 20-year veteran of the bank, headed up Chase business banking before taking on the card services unit in 2017. At card services, she was instrumental in forging a partnership with online lender OnDeck, according to American Banker.

Prior to that, among other jobs, Piepszak served as CFO of JPMorgan Chase’s mortgage banking unit and controller of the mortgage banking and retail financial services unit.

Marianne Lake, new CEO of card services

CEO Jamie Dimon called Piepszak an “enormously talented executive” who is a “first-class leader.”

Lake, long rumored to be a top contender to succeed Dimon when he retires, was named finance chief in November 2012 in the wake of the London Whale fiasco.

At that time, a partner in the financial services practice of an executive recruiting firm told CFO: “Talking to [Lake], you can see her brain is always working a million miles an hour.” She’s “a huge driver of change with incredible energy. And most importantly, she’s got a personality that meshes well with Jamie Dimon’s.”

Said Dimon on Wednesday: “We’re extremely fortunate that she will be heading a major group of businesses that is core to how we serve millions of Chase customers.” Analysts see Lake’s appointment to CEO of a major Chase business as a possible precursor to her taking Dimon’s spot.

As head of the office of the CFO, Piepszak will report to Dimon and be responsible for a number of areas, including finance and business management, the chief investment office, and the chief administrative office.