JPMorgan Chase elevated Marianne Lake and Jennifer Piepszak to co-heads of consumer and community banking, placing them a step closer to potentially succeeding Jamie Dimon as CEO of the US’s largest bank.

The announcement was part of JPMorgan’s largest management shuffle in years. Lake and Piepszak will take over from Gordon Smith atop the consumer operation effective immediately, while Smith will retire as co-president and co-COO at the end of the year, according to a memo on Tuesday...

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