TIAA Names JPMorgan's Thasunda Brown Duckett as CEO
By Justin Baer
Teachers Insurance and Annuity Association of America named
JPMorgan Chase & Co.'s Thasunda Brown Duckett as president and
chief executive, tapping a powerful consumer banker and one of Wall
Street's most-prominent Black executives.
As CEO of Chase Consumer Banking, Ms. Duckett overseas a
sprawling network of 4,900 branches, more than $600 billion in
deposits and 40,000 employees. She led Chase's first retail-branch
expansion in a decade, extended its digital offerings and pushed
the bank to help improve customers' financial literacy. Ms. Duckett
has also been a leading voice among bankers in the need to close
the wealth gap between white and Black Americans.
The 47-years-old executive will succeed Roger Ferguson, who
announced his retirement from TIAA in November after a 13-year run
as CEO. Mr. Ferguson will remain in his role until Ms. Duckett
joins the firm on May 1, TIAA said Thursday.
Ms. Duckett is leaving consumer-banking for a part of the
financial world that is confronting many of the same challenges,
albeit at a different stage. Technology and evolving customer
tastes have driven down the costs of investing, squeezing money
managers' margins and forcing firms to consider mergers that give
them the scale to compete. The U.S. banking industry's
consolidation wave began decades ago, leaving JPMorgan as one of a
handful of systematically important lenders.
TIAA manages $1.3 trillion in assets through its retirement
accounts and investment funds.
"I am extraordinarily grateful for the opportunity to lead a
company that has helped millions of people retire with 'enough' to
live in dignity and excited about the opportunity to help TIAA
chart its next 100 years," Ms. Duckett said in a statement.
JPMorgan's consumer- and community-banking division, which
includes Ms. Duckett's business, earned $4.33 billion in the fourth
quarter on $12.73 billion in revenue. Ms. Duckett joined the bank's
operating committee in September, becoming the first Black
executive to sit on the bank's top leadership group. She previously
served as chief executive of Chase's auto-finance arm, and before
that worked at the bank's mortgage business.
Under Mr. Ferguson's direction, TIAA expanded beyond its own
core business of managing retirement accounts for employees at
colleges, healthcare systems and nonprofits. He engineered the
firm's 2014 acquisition of Nuveen Investments, which broadened
TIAA's investment offerings and beefed up a distribution network
that sells those products through pension funds and other
institutions. He also expanded the firm's traditional banking
A former vice chairman of the U.S. Federal Reserve, Mr.
Ferguson, 69 years old, emerged after last year's presidential
election as a contender for a cabinet post in the Biden
administration. He will serve as an adviser to TIAA following Ms.
Duckett's arrival, the firm said.
David Benoit contributed to this article.
Write to Justin Baer at firstname.lastname@example.org
(END) Dow Jones Newswires
February 25, 2021 10:46 ET (15:46 GMT)
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