When Jennifer Piepszak got her start at JPMorgan Chase, the bank was years away from the storm of acquisitions that would vault it to being America's biggest bank.
Piepszak is jointly in charge of one the bank's most wide-reaching segments: consumer and community banking. She and the co-CEO of the division, Marianne Lake, are widely seen as the top contenders to take over when current CEO Jamie Dimon steps down.
In her present role, Piepszak directs operations in the bank's division that deals with more than 80 million consumers and 5.7 million small businesses across the country. Revenue for the segment totaled $17.2 billion in the second quarter, up 37% from a year ago.
Over her 29 years at JPMorgan, Piepszak has worked across the bank's divisions, including serving as chief financial officer for the $3.9 trillion-asset bank from 2019 to 2021. Prior to the CFO role, Piepszak was chief executive officer of JPMorgan's card services and businesses banking units and chief financial officer of the bank's mortgage banking arm.
This year marked Piepszak's second full year as co-CEO of JPMorgan's community and consumer banking. It was also the first time the banking industry has faced a systemwide threat, thanks to the forced closure of three regional banks this
JPMorgan played a major role in the resolution of the crisis, including
"Adding about $200 billion in assets and about 200 advisors represents a meaningful acceleration of our wealth management business,"
The assets acquired in the deal delivered a boost of almost 5% to JPMorgan's assets under management when the deal was inked in early May. A major part of Piepszak's job in the coming years will be
When considering threats to the broader banking industry, Piepszak said public policy and regulation have the greatest impact over the long term. New policies, she said, should look to maintain the strength of the banking system at big and small banks alike.
"We believe lawmakers and regulators should be thoughtful and holistic in considering new policies and understand any unintended consequences on the economy, the system and the people it serves," Piepszak said.
This summer, the FDIC voted to issue a rule that would require the largest banks, including giants like JPMorgan, to
When it comes to establishing work-life balance, Piepszak said early-career professionals should first figure out the kind of lifestyle they want and then find a job that fits.
"Don't wait for someone to give you work-life balance — it's up to you," she said. "And remember, taking care of yourself is part of your job."
Piepszak said she benefited from the examples of both male and female role models at JPMorgan as she built her career.
"While we have to remain focused on the pipeline of talent and keeping the industry an attractive destination for women, progress is real," Piepszak said in an email.
Piepszak's total compensation for her work was $17.5 million in 2022, making her one of the highest-paid women in banking. She and Lake received the same compensation package: $750,000 in salary, $6.7 million in cash and about $10 million worth of stock.
In addition to running one of the bank's most prominent segments, Piepszak is actively involved with the Black Organization for Leadership Development (BOLD), an internal group aimed at empowering Black leaders, and Advancing Black Pathways, a fellowship program at the bank.
She also serves on the board of the American Bankers Association, a leading trade group based in Washington, D.C. Outside of her role at JPMorgan, Piepszak is on the board of directors for the nonprofit United Way of New York City.
