Apr 17, 2019

JP Morgan switches up top executive roles

Courtenay Brown

Outgoing JP Morgan CFO Marianne Lake. Photo: Abhijit Bhatlekar/Mint via Getty Images

JP Morgan's CFO Marianne Lake will now serve as the new chief executive of the firm's consumer lending and card services businesses, while Jennifer Piepszak — currently CEO of Chase Card Services — will step in as CFO, effective May 1.

Between the lines: Per an internal memo, Lake will " be heading a major group of businesses that is core to how [JP Morgan] serve[s] millions of Chase customers." Lake — who has been seen as a possible successor to CEO Jamie Dimon — has "more direct experience in running a business unit within J.P. Morgan," as CNBC points out.

Go deeper

Axios

Situational awareness

Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone
Keep ReadingArrowUpdated 43 mins ago - Politics & Policy
Orion Rummler

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Go deeperArrow45 mins ago - Economy & Business
Fadel Allassan

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.

Go deeperArrow53 mins ago - Politics & Policy