Did JPMorgan just lean over a succession plan?

JPMorgan Chase may be close on Wednesday to clarify who could one day succeed Jamie Dimon as CEO.

Marianne Lake, Chief Financial Officer, has been appointed Chief Executive Officer of the bank's Consumer Loans Division effective May 1st. Jennifer Piepszak, currently Director General, Card Services, will succeed Lake as CFO.

Lake – No. 2 on the list of the most influential women in the banking sector published by American Bank in 2018 – was widely viewed as a possible successor to Dimon, who had announced last year that he was considering to stay at the helm for five years. She has been CFO since January 2013 and has worked in the commercial and retail divisions for two decades within the company. But JPMorgan should eventually give her some experience of managing a business line in order to prepare her to lead the entire company.

"If she's going to be in the running [to succeed Dimon] then she has to run some businesses and generate positive revenue, "said Marty Mosby, an analyst at Vining Sparks.

"CFOs gain a lot of market experience," said Mosby. "However, they do not have the vision of a business leader who has to compete in the market every day. This new job could give him that experience."

When asked in her Women in Banking profile if she would be interested in running a business line, Lake pointed out that she was happy as a CFO – but what about her? also kept all his options on the table.

"I'm pretty open to what could be next," she said in a profile released in September. "There are many interesting places in this business."

The fact that Wells Fargo is looking for a new CEO adds to the plot of the estate. Early speculation on Wells Fargo's research focused on JPMorgan Chase executives, including Lake and Gordon Smith, the executive on whom she will now depend as consumer loan officer.

In the newly created position of CEO of Consumer Loans, Lake will be responsible for monitoring card services, housing loans and auto financing. She will report to Gordon Smith, Co-President and Co-Chief Operating Officer of JPMorgan. Lake, 49, previously reported to Chief Executive Officer Jamie Dimon. She will continue to serve on the company's operating committee.

"Marianne Lake has served with distinction as the CFO of our company and as a deeply informed and trusted partner for me and my colleagues," said Dimon in a press release. "We are fortunate to have such an extraordinary leader leading our consumer credit business."

As CFO, Piepszak, also 49, will report to Dimon and join the operations committee. Prior to leading card services, Mr. Piepszak was CEO of JPMorgan's Commercial Banking division. She began working at JPMorgan in 1994 and is also considered a rising star in the company.

She was No. 4 on the list of the most influential women in the banking sector.

"Jennifer Piepszak is an extremely talented executive who has significantly strengthened the world-class card services industry we have today," said Dimon in his release. "More importantly, she is a leader and a first class partner who has excelled over the past 25 years in increasingly critical roles in the business and finance sectors within our banking business. financing and investment and consumer banking and personal banking.