Jennifer Piepszak, head of cards, will replace Lake as CFO.
This will be the first time running a business unit for Lake, 49. She's been CFO of JPMorgan since early 2013, and served as CFO of the consumer and community banking unit before that. Prior to that she was the investment bank's comptroller. She began her career as an accountant at PricewaterhouseCoopers.
"We are fortunate to have such an extraordinary executive taking the helm of our Consumer Lending businesses, a part of the firm she knows extremely well," CEO Jamie Dimon said about Lake in the statement. Lake has long been rumored to be a frontrunner to replace Dimon atop the bank, though speculation took a new turn last week at a Congressional hearing in Washington. When Dimon and other US bank CEO were asked by a member of Congress to raise their hands if a woman was likely to succeed them, none of them raised their hands.
Piepszak has run JPMorgan's massive credit card operation, and got much of the credit for the firm's huge success in rolling out the Sapphire Reserve card. The card proved so popular that JPMorgan briefly ran out of the metal the card is made out of.
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