Marianne Lake and Jennifer Piepszak | The most powerful women of 2021
Two years ago, Marianne Lake and Jennifer Piepszak switched jobs, as the company’s CFO and senior CEO of consumer banking. It was a moment that revealed to industry watchers just how serious JPMorgan Chase was in giving every executive the experience they would one day, perhaps, need to take charge of the entire operation. .
This year, JPM raised the bar and achieved our first ever MPW list tie by putting the pair in the same job at the same time: Co-CEOs of Consumer Banking and Community.
Neither woman technically heads a Wall Street bank yet (that honor is still only held by Jane Fraser at Citi), but that shared work is near. With $ 51 billion in net income and $ 8 billion in net income, Chase is bigger than Goldman Sachs and is said to be the sixth largest bank on Wall Street alone.
The pair have complementary resumes. Lake, 52, earned his stripes as a financial executive with a knack for numbers that analysts find remarkable, while Piepszak, 51, rose through the ranks in merchant and investment banking positions.
In this role of co-CEO, each continues to gain experience in areas in which they do not yet have much. Lake, a British registry in New York, oversees payments, loans, and commerce – divisions like auto finance and card services – while Piepszak manages personal and business banking and wealth management.
Some observers wonder why two women were placed in what appears to be a showdown for the top post (the pair took over from retired executive Gordon Smith, who led the solo operation). Others are simply skeptical of the effectiveness of co-leadership roles at such a high level (although job sharing arrangements are not uncommon in finance). “In the rare situation where it does work, it’s great,” says Jane Stevenson, vice president of board services and CEO of leadership consulting firm Korn Ferry. “But if you have competition between the two leaders, it tends to create destructive or toxic elements.”
In public statements, Lake and Piepszak have always underlined their mutual respect and support – and analysts say they see the two as top candidates to succeed Jamie Dimon (though likely not for some time, given its new retention of 1.5 million options over five years). premium). “You just have to look at them and you are in awe of their quality,” says Glenn Schorr, Evercore analyst.
For those who wish to see another woman run a bank on Wall Street, an arrangement that puts two respected executives closer to the top is only good news. —Emma Hinchliffe
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