JP Morgan names new CFO, and Marianne Lake moves to top consumer lending role

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J.P. Morgan Chase has tapped Jennifer Piepszak as its new chief financial officer, according to an internal memo.

Piepszak, currently chief executive officer for card services, will assume the role on May 1. Outgoing CFO Marianne Lake will become CEO of the consumer lending business, which includes card services, home lending and auto finance.

Piepszak will join J.P. Morgan’s operating committee and Lake will also continue to serve as a member.

The announcement was made in an memo to employees from CEO Jamie Dimon and co-Presidents and Chief Operating Officers Daniel Pinto and Gordon Smith, who said Lake and Piepszak “have been critical to our success.”

Lake had long been considered a top contender to succeed Dimon as CEO when he retires in about four years. She has served as CFO of J.P. Morgan, the largest U.S. bank by assets, since 2012.

This is breaking news. Please check back for updates.

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