JP Morgan exec shuffle witnesses emergence of women

The Wall Street Journal and Bloomberg News reported Wednesday that JP Morgan Chase, one of the leading investment banks in Wall Street, has tapped two women as the company’s new CEO of the consumer lending business and CFO. As there is a good chance that Jamie Dimon, the company’s current CEO, will also be replaced with a woman, Wall Street is witnessing an unprecedented dominance of female leadership.

JP Morgan announced that it would promote Marianne Lake, the company’s CFO since 2012, to CEO of its consumer lending business, and tapped Jennifer Piepszak, previously head of its card services unit, as Lake’s successor. The two will assume their new roles on May 1.

Lake, who joined he firm in 1999, has been said to be the most likely successor to Dimon, but her lack of operating experiences has been cited by analysts as Lake’s weakness. So, the recent reshuffles will present a new opportunity to Lake. Piepszak, the newly appointed CFO who worked for JP Morgan for 25 years, is considered as a potential CEO of the company as well.

When asked about his retirement plan at an investment conference in February, Dimon, who has turned 63 this year, said that it will happen in “five or four years from now.” Dimon has recovered his throat cancer diagnosed in 2014, and he was mentioned as potential candidate for Treasury Secretary after Donald Trump won the presidential election.


Ga-In Koo comedy9@donga.com