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JPMorgan Chase CEO Jamie Dimon has named two high-ranking initiates as his possible successors.
Marianne Lake will assume a new role and lead the bank's consumer lending business, which includes card services, home loans and auto financing. She will step down as the bank's chief financial officer effective May 1st.
The current JPMorgan card services CEO, Jennifer Piepszak, who is also in the running to lead the bank, will succeed him as Dimon pulls out.
"I'm proud of those two," said Maria Bartiromo of FOX Business in Dimon on Thursday. "Marianne Lake is just an outstanding CFO."
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Piepszak will also join Lake on the operating committee of the senior executive bank.
"[Piepszak] held financial positions throughout the company and became the new CFO. And like Marianne, she has character, talent, brains and trust in people, "said Dimon.
Dimon said that realigning responsibilities and roles within the operations committee was somehow part of the company's succession plan.
"It's very important, if you're on my board, to say, you know, to move people, to give them different experiences, to see what they are really good at. And so, I think it's part of a succession plan whereby we could move people, try something different, "he said.
Dimon, 63, intends to run the largest US bank for at least five years. He was praised by investors for leading the bank out of the financial crisis and recently launched new investments in education and training programs.
He has also established himself in Washington as a business advocate and also chairs the business roundtable. Dimon dismissed rumors that he was interested in a presidential race.
Speaking to FOX Business, Dimon spoke about the creation of AdvancingCities by JPMorgan Chase, a new $ 500 million program designed to create better economic opportunities in cities around the world. Five cities, Chicago, Louisville, Miami, San Francisco and Syracuse, will receive $ 3 million each over five years.
"This money goes to a group of local non-profit organizations that are launching skills development initiatives in low- and middle-income neighborhoods to provide children with jobs and job insights, Training for jobs and what they need to do for – to be successful, said Dimon of Louisville, Kentucky.
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Dimon pointed out that JPMorgan Chase is very active in places like Louisville where communities need a lot of help to create affordable housing and improve their job skills.
"It really only works if local governments, the mayor, schools, civil society, Metro United Way and business leaders come together and say," This is what we want to do for our community. "
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