The Women to Watch: No. 4, JPMorgan Chase's Jennifer Piepszak
CEO, Chase Card Services, JPMorgan Chase
By now, JPMorgan Chase employees have grown accustomed to receiving emails from longtime senior executive Jennifer Piepszak that are tagged with this: #GSD.
It stands for "getting [expletive] done," and including it in emails is Piepszak's not-so-subtle way of reminding colleagues that, while she expects ideas to be thought out, analyzed and debated, there comes a time for action and execution.
Piepszak has held a number of high-ranking posts at JPMorgan Chase over the past two decades, and it's a testament to her ability to get "stuff" done that the bank picked her last year to run one of its most consequential business lines.
Chase Card Services is the nation's No. 1 issuer of consumer and business credit cards, with 22% market share and roughly $145 billion of loans outstanding, and it is the world's largest issuer of cobranded credit cards.
Piepszak took over as CEO on Feb. 1, 2017, two weeks after the bank signed a deal to become the exclusive issuer of the Amazon Prime credit card. She and her team hit the ground running by overseeing the launch of the high-profile card and continued the momentum by striking new card partnerships or renewing existing ones with a number of other big-name retailers, including Starbucks, United Airlines, Southwest Airlines, Marriott International, Hyatt Hotels and Expedia.
The cards group has also been busy innovating. For example, it recently created new mortgage and private-client offers for users of the high-end Sapphire Reserve card as part of an effort to deepen relationships with customers whose only product with Chase is a credit card.
Piepszak had previously been CEO of Chase Business Bank, and one of her key achievements in that role was forging a partnership with the online lender OnDeck.
Like many business bankers, she had grown frustrated that some small-business owners were turning to OnDeck and other fintechs for loans — even if they might qualify for bank loans — because they found banks' application process to be lengthy and cumbersome. She contemplated buying a fintech or building something similar, but ultimately decided that a partnership with OnDeck was the most efficient way to enter the online-lending fray and get a leg up on its competitors.
Chase Business Capital, powered by OnDeck's technology, went live in April 2016. The companies have not disclosed how many loans have been made through the platform, but it's telling that they recently extended the partnership for four more years.
As she has worked her way up the ranks at the nation's biggest bank, Piepszak has made it a priority to help advance the careers of other women at the firm. She serves on the executive steering committee for the bank's global Women on the Move program and at any given time maintains informal mentoring relationships with half a dozen up-and-coming female leaders.