JPMorgan Chase (JPM) - Get Report said Chief Financial Officer Marianne Lake will step down to become head of the bank's consumer-lending operations, while Jennifer Piepszak, the company's head of card services, will be finance chief.
The changes takes effect on May 1.
Lake, who was named chief financial officer in 2012, has long been viewed as a contender to succeed Jamie Dimon as JPMorgan Chase CEO, according to The Wall Street Journal. Analysts and others monitoring the succession race believed Lake first needed experience running one of the bank's major businesses, the Journal noted.
Piepszak's move to finance chief makes her one of JPMorgan's most prominent representatives and gives her broad influence over the bank's businesses, according to the Journal. Piepszak will be responsible for a number of areas, including finance and business management, the chief investment office, and the chief administrative office, the company said in a press release.
"Marianne Lake has served with distinction as our firm's CFO and as a deeply knowledgeable and trusted partner to me and my colleagues," Dimon said. "We are fortunate to have such an extraordinary executive taking the helm of our Consumer Lending businesses."
As for Piepszak, Dimon said she is "an enormously talented executive who has greatly strengthened the world-class Card Services business we have today. Even more importantly, she is a first-class leader and partner who has excelled over the past 25 years in increasingly critical business and finance roles."