JPMorgan Chase Names Jeremy Barnum CFO

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With Jennifer Piepszak being named co-head of JPMorgan Chase’s consumer and community banking (CCB) business, the banking giant this morning named Jeremy Barnum its new finance chief.

Barnum was head of global research for JPMorgan’s corporate and investment bank (CIB), a post he was named to in February. Before that, he had been CFO of CIB.

Jennifer Piepszak, JPMorgan Chase

In a press release, CEO Jamie Dimon called Barnum an “extraordinary talent. His breadth of experience within our complex, global CIB positions him well for this critical firmwide role. In addition, he is recognized within our company and in the financial and regulatory communities for his deep intellect and integrity.”

Piepszak had been CFO for only two years, but the retirement of Gordon Smith left a hole open in CCB. Piepszak and Marianne Lake, CEO of consumer lending and Piepszak’s predecessor as finance chief, will co-lead the CCB business, including home lending, auto finance, small business, wealth management, and credit cards. The CCB businesses generated revenues of more than $50 billion last year.

The new appointments will be effective immediately, the bank said.

Both Lake and Piepszak are reported to be contenders to succeed Dimon as CEO.

Piepszak is a 27-year Chase veteran who ran the bank’s credit card business before being tapped CFO in May 2019, and Lake joined JPMorgan in 1999 and was appointed CFO in 2012.

In addition to being CEO of JPMorgan’s consumer and community banking business, Smith was the bank’s co-president and chief operating officer. In December, when Smith’s retirement takes effect, Smith, co-president Daniel Pinto will become the bank’s sole president and chief operating officer.

In another finance-related move occurring at JPMorgan, CNBC reported that Sherry Ann Mohan, the CFO of Goldman Sachs’ consumer business, is leaving Goldman for JPMorgan. She is slated to become the CFO of the business banking unit, according to CNBC. The appointment will become effective in August.