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JPMorgan Reshapes Executive Team

JPMorgan has promoted two female executives within its executive team. The bank tapped Jennifer Piepszak, Head of the bank’s card services unit, as the new CFO, following the announcement that current CFO Marianne Lake will run the consumer lending business. Piepszak will assume her new role on May 1, at which time Lake will take over as CEO of the Consumer Lending Business.

“I am bursting with pride over those two,” JPMorgan Chase CEO Jamie Dimon told FOX Business’ Maria Bartiromo Opens a New Window. on Thursday. “Marianne Lake is just an exceptional CFO.”

In the internal announcement memo signed by Dimon, both women are described as “extraordinary executives and leaders who have been critical to our success.” CNBC reports that Lake has been considered as a top contender to take Dimon’s place following his retirement.

In an interview last year, Dimon stated that he intends to stay at the company for five more years, and described Lake as an “extraordinarily talented executive.”

“She has all of the qualities of a great leader,” said Dimon.

“I want to be at this company 10 years from now and I will be quite open-minded about what the next step could look like,” Lake told Reuters last year. “I have told the board that I want to be here for the long-term.”

“When you are a successful company,” she added, “you have to fight really hard to make sure you avoid complacency, arrogance, bureaucracy.”

JPMorgan’s Q1 2019 financial results proved to be successful, exceeding expectations and reporting $9.2 billion in net income.

“In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses and a more constructive environment,” said Dimon in a statement. “Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”

JPMorgan Chase’s home lending net revenue was $1.3 billion, up from the previous quarter by down 11% year over year, driven by lower net servicing revenue.

Who are the leading women who have left an indelible mark both on your career, and the mortgage and housing industry? honor their achievements, by nominating them for a 2019 Keystone Award—to be presented live on stage to the industry at the 2019 Five Star Conference and Expo this September.

Nominate the deserving women you know here.

About Author: Seth Welborn

Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer.
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