Jennifer Piepszak has been named CFO of JPMorgan Chase, succeeding Marianne Lake, who will become chief executive officer of Consumer Lending.
On Friday, Walter V. Shipley, the former chairman and CEO of Chase Manhattan Bank and an influential architect of bank mega-mergers in the 1980s and 90s, passed away. He was 83 years old.
JPMorgan CEO Jamie Dimon and Berkshire Hathaway chair Warren Buffet contended in a Wall Street Journal article that quarterly earnings reports are promoting a short-term corporate strategy that is hurting the economy.
JPMorgan Chase elected Mellody Hobson to its board of directors. Hobson will also join the boards of the company’s affiliates, including JPMorgan Chase Bank, Chase Bank and JPMorgan Chase Holdings.
JPMorgan Chase reported Q4/17 earnings of $4.23 billion were down 37% from $6.73 billion a year earlier. The bank noted the decrease included $2.4 billion of estimated net impact of the Tax Cuts and Jobs Act.
JPMorgan Chase reported Q1/17 net income of $6.45 billion, up 17% from $5.52 billion a year earlier. The bank noted revenue was up $1.5 billion and provision charges were down 28% helped by oil & gas releases.
SNL Financial reported that in fiscal 2014, the highest paid U.S. Bank CEO was JPMorgan’s Jamie Dimon, followed by John Stumpf of Wells Fargo.
Bloomberg reported that JPMorgan Chase will let Jamie Dimon collect about $37 million in stock options created during the financial crisis.
In his annual shareholder letter, Jamie Dimon, chairman and CEO of JPMorgan Chase notes that the company’s 2013 performance could be characterized as the “Tale of Two Cities.”