The Most Powerful Women in Banking: No. 3, Jennifer Piepszak, JPMorgan Chase

For Jennifer Piepszak, co-CEO of the commercial and investment bank at JPMorgan Chase , emotional intelligence is what separates leaders from mere managers.

"We talk a lot about the importance of curiosity at JPMorgan Chase; we usually assume this refers to technical curiosity," said Piepszak, whose division has 90,000 employees in more than 60 countries. But EQ "becomes increasingly important as you start to manage people and take on clients."

"Be curious about the people you work with," she said, suggesting that leaders ask questions of the people that they work with, inquiring about recent trips and special occasions like birthdays.

"Building relationships and personal connections are key to creating an inclusive workplace where everyone feels they belong," she said.

Even before she was elevated to her current job in January, Piepszak had been considered by the financial press to be one of the leading candidates to eventually replace JPMorgan Chase CEO Jamie Dimon, who is in his late 60s and implied to investors in May that he would retire within five years.

Piepszak declined to answer questions from American Banker about her ascension prospects, but multiple media outlets have named her among a top group of candidates that includes Piepszak's co-CEO, Troy Rohrbaugh; Marianne Lake, CEO of consumer and community banking; and Mary Erdoes, CEO of asset and wealth management.

Piepszak acknowledged that her commercial and investment banking division has been dealt "an exceptional hand," but said she still sees multiple challenges ahead. The division reported record revenues of $35.5 billion in the first half of 2024, and its second-quarter investment banking fees were $2.4 billion, up 50% from a year earlier.

"We're not complacent about the leadership positions we have," she said. "Competition is fierce in nearly every segment of our business," including traditional banks, boutique banks, financial technology companies and high-frequency-trading firms.

"We are constantly conducting business reviews to identify and address anything hindering our competitive position," Piepszak said. The bank's "culture of collaboration and humility" fosters "honest assessments of what's not working and how we can do better."

Piepszak said she enjoys the teamwork in her job. "My love for being part of a team extends to being around people who have different perspectives, experiences and opinions. That's ultimately how you come up with the best ideas and solutions," she said.

"Our company's future success depends on our ability to support, provide access to and increase the visibility of the next generation of women and other emerging talents inside the firm. That means guiding them, giving them feedback, offering them opportunities to present and getting them a seat at the decision-making table," she said.

Through her career, she's discovered "that many opportunities arise during periods of change," she said. "As companies and industries evolve, those who raise their hand and volunteer for projects or assignments outside their usual responsibilities often reap the benefits. Doing so demonstrates your willingness to help, your engagement and your dependability during more challenging or uncertain times."

Piepszak started her career in accounting and moved into banking, joining JPMorgan Chase 30 years ago. For the first 17 years, she worked her way up in the investment banking business.

For eight years, she worked in the consumer and community banking division before being named the company's CFO in 2019. Two years later, she was named co-CEO of consumer and community banking, which serves about 82 million consumers and 6 million small businesses in the U.S..

In switching industries at the start of her career and later moving to new roles within the bank, Piepszak said she didn't limit herself based on her previous experiences.

"I took a few leaps of faith," she said, "knowing that in most cases I could learn from others and build my skills on the job. Everyone has their own experiences, doubts and insecurities, but confidence can be built over time through hard work, studying the material, preparing for meetings and sharing perspectives."