JPMorgan elevates 2 women to run bank's biggest division

JPMorgan Chase will promote two women to jointly manage the bank’s consumer finance division, potentially signaling that a woman may eventually run the nation’s biggest bank

NEW YORK -- JPMorgan Chase will promote two women to jointly manage the bank's consumer finance division — the bank's biggest business by far — potentially signaling that a woman may eventually run the nation's biggest bank. The bank said Tuesday that Marianne Lake, who was JPMorgan's chief financial officer for several years until recently, and its current CFO Jennifer Piepszak will become co-CEOs of the consumer banking business. Gordon Smith, who has run that division for several years, plans to retire at the end of the year. The plans for Lake, Piepszak and Smith were announced in an internal memo from JPMorgan CEO Jamie Dimon. The promotion of Lake and Piepszak into the bank's second-most important post is a likely signal that Dimon, who has been at the helm of JPMorgan Chase since 2005, is leaning toward choosing a woman to lead the company after he retires. Dimon has made no public statements on his succession plans, even after some health issues the last couple of years.