JPMorgan’s new co-heads of consumer banking offer fresh clues about Jamie Dimon’s succession plans

  • JPMorgan, headed up by CEO Jamie Dimon, is the biggest US bank by assets. 
  • JPMorgan this week shook up leadership of its massive consumer bank. 
  • JPMorgan has also made new digital banking hires, including poaching an exec from Goldman. 
  • Visit Business Insider’s homepage for more stories.

JPMorgan is the biggest bank in the US and a bellwether for the global financial system. So when the firm’s senior-most leaders talk, Wall Street pays attention.

The bank on May 18 promoted two women to co-lead the firm’s massive consumer and community banking business: consumer-lending chief Marianne Lake and chief financial officer Jennifer Piepszak. The pair will take over running the division from Gordon Smith, who made the surprising announcement that he was retiring this year from his roles as co-president and co-chief operating officer of the firm and CEO of CCB. 

The moves shine a light on succession planning at the firm, as Lake and Piepszak are two of the top contenders to take over for CEO Jamie Dimon when he eventually retires. Smith had also been rumored to be in the running for the top job before announcing his retirement.

JPMorgan also continues to feast on hires from Goldman Sachs’ Marcus division: Sherry Ann Mohan, a 15-year Goldman veteran who was mostly recently CFO of the bank’s consumer business, will start as CFO of JPMorgan’s business banking in August. This comes after the bank poached three Marcus executives in April. 

JPMorgan is also beefing up its tech offerings for employees, appointing CIOs to newly formed groups.

The bank opened its U.S. offices on May 17 and is requiring all employees to come in by July, according to an internal memo sent in May. JPMorgan is also planning to bring some interns to the office this summer, and CEO Jamie Dimon has said he expects staff to be maskless in the office later this year.

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Recent hires and exits at JPMorgan

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Melissa Goldman and James Reid


There have been many opportunities in recent weeks for existing JPMorgan executives to step into new roles at the firm. In addition to Marianne Lake’s and  Jennifer Piepszak’s promotions to co-heads of consumer and community banking, the firm named James Reid and Melissa Goldman to be CIOs of two newly-formed groups to help modernize tech for employees.

Reid is CIO of the firm’s employee experience and corporate technology organization, which is modernizing the tech employees use internally. And Goldman, also the firm’s chief data officer, is CIO of the finance, risk, data, and controls (FRDC) technology group.

JPMorgan also hired another ex-Marcus executive, Sherry Ann Mohan, chief financial officer for business banking, CNBC first reported. Mohan, who will start August, was previously at Goldman Sachs for 15 years and most recently the CFO of the consumer business, including the Marcus brand and Apple Card.

And the bank’s former global head of diversity and inclusion for the wealth and asset management business, Tia Counts, departed last week for index giant MSCI, where she will be the new chief diversity and inclusion officer.

More on people moves here:

Wealth management plans

MASPETH, NY - NOVEMBER 17: Shivani Siroya, Kristin Lemkau and Stephanie Cohen speak onstage at Girlboss Rally NYC 2018 at Knockdown Center on November 17, 2018 in Maspeth, New York. (Photo by JP Yim/Getty Images for Girlboss Rally NYC 2018)

Kristin Lemkau, center, the chief executive of JPMorgan’s US wealth management business.

JP Yim/Getty Images for Girlboss Rally NYC 2018

JPMorgan is planning to significantly expand its financial advisor force, bringing the firm closer in size and scope to its rival firms in wealth management. Over the next five to six years, the bank is considering hiring as many as 4,000 advisors to roughly double its current base, US Wealth Management Chief Executive Officer Kristin Lemkau told Business Insider this fall. 

Lemkau, who has been with the bank for over two decades and was previously its chief marketing officer, was named head of JPMorgan’s new wealth division in December 2019. Its various wealth businesses, including its self-directed wealth product, were reorganized under one umbrella.

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