JPMorgan appoints top job contenders as co-heads of consumer business

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Lake, the CEO of the bank’s consumer lending arm, and Piepszak, the chief financial officer, will replace Gordon Smith, who is also the chief operating officer of the bank.

Smith had recently informed Chief Executive Jamie Dimon of his decision to retire at the end of this year, the bank said.

Lake has long been viewed as a potential successor to Dimon. Lake held the job of chief financial officer from 2012 to mid-2019 when she was named the head of consumer lending. Piepszak was leading card services at the time, and she was named to replace Lake in the CFO job.

During the many years that Dimon has run the bank, he has made it a practice to move top executives into different roles to give them more experience across the banking franchise.

Daniel Pinto, the co-president and chief operating officer and chief executive officer of JPMorgan (NYSE:JPM)’s corporate and investment bank, will become the sole president and chief operating officer of the firm when Smith leaves.

Jeremy Barnum, head of global research for the corporate and investment bank unit, will succeed Piepszak as finance chief, effective immediately, the bank said.

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