Recently, JPMorgan Chase & Co elevated Marianne Lake and Jennifer Piepszak, largely seen as contenders for the top job at the largest U.S. bank, as co-heads of its consumer and community bank. Lake, the CEO of the bank's consumer lending arm, and Piepszak, the chief financial officer, will reinstate Gordon Smith, who is also the chief operating officer of the bank.

Gordon had recently informed Chief Executive Officer Jamie Dimon of his decision to retire at the end of this year. Marianne has long been viewed as a latent successor to Dimon. Lake held the job of CFO from 2012 to mid-2019 when she was named the head of consumer lending. Piepszak was heading card services at the time and was named to replace Lake as CFO. The consumer and community banking unit accounts for roughly 40 percent of the bank's total revenue, making both appointments an important stepping stone for Piepszak and Lake.

Daniel Pinto, co-president and chief operating officer of the bank and CEO of JPMorgan's corporate and investment bank, will become the sole president and chief operating officer of the firm when Smith leaves.

Gordon and Daniel ran daily operations at the bank when Jamie was away for heart surgery last year. Jeremy Barnum, head of global research for the corporate and investment bank unit, will succeed Piepszak as finance chief, effective immediately. JPMorgan's consumer and community banking unit in April reported a 6 percent decline in first-quarter revenue, as overall credit card balances fell.