In a move that has sparked succession rumors and speculation, Marianne Lake and Jennifer Piepszak have been named to jointly run JPMorgan Chase’s sprawling consumer bank — the organization’s largest division — after its long-time manager and co-chief operating officer Gordon Smith announced his retirement at year’s end.
According to numerous publications including The New York Times and WSJ, both women are viewed as potential successors to the bank’s top spot when Dimon retires. They both have served as finance chief for the bank and have broad experience running key businesses for JPMorgan.
Many are wondering, will one of these two female executives move into the top position at JPMorgan when CEO Jamie Dimon leaves the company? Is Dimon ready to retire? These questions remain unanswered.
Dimon, now 65, has largely dodged the retirement question but last year’s heart surgery has put an emphasis on succession planning at the bank, according to media reports.