Co-CEO of Consumer and Community Banking
When Jennifer Piepszak was promoted in May to
The chief marketing officer role was open. So too were the jobs of head of business banking, CEO of card services, chief product officer and the group’s chief controls officer and chief information officer.
Within four months, Piepszak and her co-CEO,
“We didn’t make any quick decisions. We had the fortitude to keep interviewing and interviewing and meeting people,” said Piepszak. “In the end, we feel awesome about the team we have in place.”
In an unconventional setup, Piepszak and Lake — whose offices are next to each other — are sharing the duties of running JPMorgan’s consumer and community banking, which makes up about 40% of total revenues for the $3.7 trillion-asset bank. Piepszak oversees consumer banking, business banking and U.S. wealth management, while Lake handles cards, mortgages and auto lending.
“These jobs are really big jobs, so to have someone to bounce things off, I think it makes the business better,” said Piepszak, who joined JPMorgan in 1994 and served in various roles, most recently as chief financial officer for two years.
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Being in the highly visible CFO role during a pandemic and a recession meant Piepszak, who is the mother of three teenage sons, has been endlessly busy. She said she “learned, finally, in a way [she] could understand” that taking care of herself is critical to her performance at work, and that taking a longer view of her contributions — at work and at home — is the best way for her to determine whether she’s doing a good job in both places.
“If you measure yourself on any one day or even any one week, you’ll be disappointed,” she said. “But if you measure yourself over a longer period of time, you’re more likely to know whether you’re getting it right.”
Piepszak, who is considered by many industry observers to be a potential successor to JPMorgan CEO Jamie Dimon, was instrumental in developing the firm’s $30 billion racial equity commitment.
Piepszak and Lake also recently increased compensation for nearly 5,000 front-line workers at Chase branches, a move that Piepszak said was designed to increase retention in a competitive hiring environment.
