They'll succeed Gordon Smith, who is co-president and chief operating officer of parent JPMorgan Chase and chief executive of consumer and community banking.
The Wall Street Journal reported that both women, who are 51 years old, are among the top contenders to succeed Jamie Dimon in the CEO's office. Dimon is 65.
Lake was previously CEO of the New York bank's consumer-lending unit. Piepszak, was chief financial officer of the parent. The changes are effective immediately, the company said in a U.S. Securities and Exchange Commission filing.
The consumer-lending unit at JPMorgan generates about a fourth of the company’s revenue, according to Bloomberg.
Lake and Piepszak are "examples of our extremely talented and deep management bench," Dimon, who is also chairman, said in a statement.
Both have track records of "working successfully across the firm and both are well known and respected within the financial industry for their exceptional character and capabilities," Dimon added.
Smith, who had reported to Dimon, will retire from JPMorgan Chase at year's end. He'll continue as a senior adviser to Dimon and other executives, focused on consumer, digital and payments opportunities.
Dimon said Smith was one of his best hires: "He has achieved so much, made us a better company through his strategic focus, compassion and commitment to diversity, and has helped mentor so many of our people, including those being promoted today."
The announcement was part of JPMorgan’s largest management shuffle in years.
JPMorgan Chase said Daniel Pinto, co-president and chief operating officer of the parent and CEO of the corporate and investment bank unit, will succeed Smith as president and COO of the parent.
Smith had overseen JPMorgan’s sprawling consumer bank for almost a decade, and in 2018 added the titles of co-president and co-COO -- roles he'd split with Pinto.
Jeremy Barnum succeeds Piepszak as CFO. Barnum had served as head of global research for the corporate and investment bank unit since February.
On Monday, the nation's largest bank reopened offices to employees across the U.S., according to a Bloomberg report. The company said this included locations in Ohio, Texas and Arizona.
Shares of JPMorgan Chase at last check fell 0.2% to $164.32.