JPM exec shuffle, U.S. Bank’s first digital chief, CFPB and debt collection: Top stories of the week

April 19, 2019 11:59 AM

Did JPMorgan just tip its hand on a succession plan?

Jennifer Piepszak (left) and Marianne Lake of JPMorgan Chase.

Marianne Lake (right), seen in recent months as a leading candidate to replace CEO Jamie Dimon, got the post she may have needed to round out her resume — consumer lending chief. And Jennifer Piepszak, another rising star at the company, will take over as CFO from Lake.

(Full story here.)

U.S. Bank hires its first chief digital officer

Derek White, as chief digital officer, U.S. Bancorp (holding company for U.S. Bank)

Derek White, an alumnus of BBVA and Barclays, will oversee digital innovation across all lines of business at the bank.

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SunTrust CFO to depart following merger with BB&T

Allison Dukes, Chief Financial Officer of SunTrust Banks.

Allison Dukes says she will not be joining the combined company because she wants to remain in Atlanta, where she is involved with several civic and philanthropic organizations. The merged company will be headquartered in Charlotte, N.C.

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'I know it's disappointing,' BNY Mellon chief says of 1Q

Charles Scharf, chief executive officer of Visa Inc., speaks during the Institute of International Finance G-20 Conference in Shanghai, China, on Friday, Feb. 26, 2016. The conference runs through Feb. 26. Photographer: Qilai Shen/Bloomberg *** Local Caption *** Charles Scharf

Qilai Shen/Bloomberg

Bank of New York Mellon's clients shifted more of their deposits to higher-rate products. It was one of several trends that hurt the custody bank's bottom line.

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How far will CFPB go to modernize debt collection rules?

Kathleen Kraninger, director of the Consumer Financial Protection Bureau (CFPB), waits to begin a House Financial Services Committee hearing in Washington, D.C., U.S., on Thursday, March 7, 2019. Chairwoman Maxine Waters is seeking information from the CFPB about recent settlements that did not include consumer relief and asking staff employees to blow the whistle on actions they see as weakening consumer protection. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

A key question is whether the agency will restrict the ability of firms to track down delinquent borrowers with emails and text messages, which weren't in use when current regulations were adopted.

(Full story here.)

Goldman Sachs plans wealth product aimed at mass affluent

"I'm encouraged by capital markets activity," Goldman Sachs CEO David Solomon said Tuesday. "I'm not going to say it's running back to 10-year averages right away, but it has materially improved."

The investment platform, which is in the early stages of development, will be part of Marcus, the consumer bank Goldman launched in 2016.

(Full story here.)