The Most Powerful Women in Banking, No. 2, Jennifer Piepszak, JPMorganChase

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Jennifer Piepszak stepped into a firmwide role at the largest bank in the U.S. during one of the fastest-evolving times for the industry in years.

After more than three decades in various leadership positions across JPMorganChase 's divisions, Piepszak took on the chief operating officer role in January. Now, she oversees various pillars of the $4 trillion-asset bank's strategy, including the technology modernization agenda, corporate initiatives, efficiency streamlining and talent development.

The move has been "a lot of fun," said Piepszak, who previously served as co-CEO of the commercial and investment bank and spent nearly 20 years in the investment banking business. (American Banker's methodology requires that a woman be in her role for at least one year, so Piepszak is ranked based on her performance as co-CEO of the commercial and investment bank and not her current position as COO.)

"I really enjoy covering strategic priorities across the firm, from global real estate to our product operating model to talent development, and more," she said in an email to American Banker. "This role has also given me the opportunity to get proximate to areas like tech and data at a time when they couldn't be more relevant and critical."

Since she started as COO, banking regulators under the Trump administration have made sweeping moves to roll back initiatives that JPMorgan executives had lambasted, such as capital requirements and data sharing rules. But rapid shifts in trade policies and geopolitical conflicts have also thrown some uncertainty and risk into the economic environment.

JPMorgan's financial metrics, though, have remained strong. In July, the bank upped its earnings guidance for 2025.

Piepszak told American Banker that JPMorgan doesn't take for granted the challenges of operating in a "deeply competitive and fast-moving world." Her top priority is "future-proofing" the company and its operations, she said, reiterating comments from her letter to shareholders in April.

"We fight complacency every day with a strong dose of humility and a relentless focus on customers and clients," she said.

She added that the company's leadership is focused on "investing in all the right business priorities, as well as in our people, to ensure we remain at the forefront of innovation."

The bank has continued to expand its digital asset capabilities, with transactions on blockchain totaling several billion dollars each day. JPMorgan also launched its own stablecoin-like deposit token in June, and announced in July that it would partner with cryptocurrency exchange Coinbase, allowing customers to link their Chase bank accounts with Coinbase wallets.

In its commercial banking operations, the bank has been expanding its offerings in private credit — a sector that has been booming over the past few years. Piepszak said JPMorgan is "uniquely positioned to sit at the center of the private credit ecosystem" through its banking and capital markets and trading units.

Both Piepszak and Chairman and CEO Jamie Dimon have said the bank will meet client demands for private credit. But Dimon also said earlier this year that he thinks private credit poses "a bad risk" for investors and funds, adding a few months later that it was possible the sector had peaked.

Looking ahead, Piepszak said she's proud of the bank's new headquarters in Midtown Manhattan, which began a phased move-in in August. As of mid-September, JPMorgan was planning a grand opening in the fall, but declined to confirm a specific date.

"This milestone is the culmination of years of tireless work with many partners, and one that marks 225 years of JPMorganChase history as part of the very bedrock of New York City," she said in an email to American Banker.

Piepszak also said that "uplifting the employee experience and preserving our inclusive culture" is "always top of mind," adding that investing in the right people is important to stay at the forefront of innovation.

Looking ahead to Dimon's long-anticipated retirement, Piepszak has said she doesn't want the job. In February, she said at an industry conference that "it is an incredible honor to even be in the conversation" as Dimon's heir.

"But we all make our own life choices and have to own them. And for me, it was a life choice," Piepszak said. "And to be able to work with people that I enjoy, that I trust, that I respect and people that I would be happy to work for in the future is just terrific."

Dimon said during an earnings call earlier this year that having continuity of management is "a great thing."