JPMorgan Chase Names Jennifer Piepszak CFO, Marianne Lake to CEO of Consumer Lending -- 2nd Update

   By Josh Beckerman

JPMorgan Chase & Co. (JPM) said Chief Financial Officer Marianne Lake will move to a new role as chief executive of consumer lending, which will include card services, home lending and auto finance.

Jennifer Piepszak, currently CEO for card services, will become CFO of JPMorgan May 1. Ms. Piepszak, a former CEO of the business banking unit, joined JPMorgan in 1994.

Ms. Lake will continue as a member of the operating committee. In addition to leading consumer lending, she will be CEO of card services. Home lending CEO Mike Weinbach and auto CEO Mark O'Donovan will report to her.

Chief Executive Jamie Dimon said in a statement that "Marianne Lake has served with distinction as our firm's CFO and as a deeply knowledgeable and trusted partner to me and my colleagues." He said "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 having acted as CFO of Consumer & Community Banking from 2009-2012."

Mr. Dimon said "Jennifer Piepszak is an enormously talented executive who has greatly strengthened the world-class Card Services business we have today."

In her first year as CFO, 2013, Ms. Lake won praise for her handling of the fallout from the bank's 2012 "London whale" trading loss.

In after-hours trading, JPMorgan shares were down 20 cents to $114.10.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 17, 2019 17:42 ET (21:42 GMT)

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