JPMorgan Chase today announced the creation of a new U.S. wealth management division led by Kristin Lemkau as CEO. The appointment was effective on Dec. 12.
Lemkau (recognized as part of the Adweek 50 in 2016) has been with the bank for 21 years, most recently as CMO. A statement noted Lemkau helped to double CCB revenue in six years. JPMorgan Chase also said a replacement will be announced in the coming weeks.
Lemkau will work closely with Gordon Smith, co-president, COO and CEO of consumer and community banking. According to JPMorgan Chase, Lemkau “helped lead the JPMorgan branding that we have today. She has the leadership experience, commercial skills and proven business results to help us harness all of our assets to be a top player.”
The statement outlined “unprecedented change” in the wealth management industry due to “digitization, consolidation, moves to passive and robos, and fierce competition.”
JPMorgan Securities, Digital Wealth Management and You Invest all report to Lemkau in her new position. The combined business covers around $400 billion in assets under management and oversees roughly 4,000 advisers at 3,500 branches and 21 offices.
JPMorgan Chase recently faced allegations of racism in its handling of wealth management cases after a former employee and client secretly recorded conversations with financial advisers at an Arizona branch. In response to The New York Times report, a spokesperson said one of the bank’s executive directors is on leave until an investigation into the incident is complete.