In a reshuffling of its top ranks, JP Morgan Chase has raised up two potential successors to chief executive Jamie Dimon while co-chief operating officer Gordon Smith will step down from his roles at the end of 2021.
The two possible earmarked successors, Marianne Lake and Jennifer Piepszak, will take new roles as Daniel Pinto is to become sole president.
Veterans in the company, Lake and Piepszak will become co-heads of JP Morgan’s consumer and community banking (CCB) unit – the largest division in the bank by revenue.
In their new roles the two women will oversee a business that generated $51.3bn (£36.1bn) in revenue last year, equivalent to around 42 per cent of JP Morgan’s total turnover, with over 120,000 employees.
“It looks like a two-woman race for the CEO job of JP Morgan,” Wells Fargo analyst Mike Mayo told the Financial Times. Both Lake and Piepszak are widely considered to be potential replacements for Dimon when he eventually steps down.
Gordon Smith described the forerunners as “both terrific business people,” according to the Financial Times. In a statement Dimon said: “We are fortunate to have two such superb executives in Marianne and Jenn — they both are examples of our extremely talented and deep management bench.”
Dimon, who is 65, has led the bank for fifteen years since 2006. The JP Morgan board has said it would like him to stay a “significant number of additional years”.