Some months back, I visited JPMorgan's midtown location (not the new one!) To have a discussion with Kristin Lemkau. Lemkau holds the position of CEO for JPMorgan Wealth Management, managing the advisor network that spans over 4,800 Chase branches. This encompasses more than $1 trillion in assets under management, primarily from regular investors rather than the affluent clients JPMorgan caters to elsewhere in its operations.
TL;DR
- JPMorgan Chase develops female talent by placing employees in unfamiliar roles to foster growth.
- CEO Jamie Dimon supports this strategy, believing leaders should bring out the best in people.
- Kristin Lemkau, CEO of JPMorgan Wealth Management, exemplifies this approach, benefiting from career shifts.
- This method has resulted in women being strong contenders for CEO succession at JPMorgan.
We discussed the business she manages, her recommendations for women investing, and other subjects—but my most cherished subject we explored was how JPMorgan has nurtured its senior female employees. The financial institution stands out from others on Wall Street for having had several women as strong contenders to succeed CEO Jamie Dimon.
Lemkau’s career is a prime example of the approach JPMorgan, and Dimon, have taken to talent. She was previously the firm’s CMO, behind some of its biggest consumer moments like the overhaul of the Chase Sapphire Reserve. Moving from CMO to running a wealth management business might not be an obvious move—but it’s a signature one for the bank. “We’ve taken this many women in extremely different jobs than what they’re in now and found the pathway to promote them,” Lemkau explains. The strategy requires “identifying the people that have the raw talent and then placing them in jobs where you are unfamiliar with the subject matter, and having the patience for that person to fumble their way into it.” Success at JPMorgan requires an ability to collaborate—and execute. If you can’t do either, it won’t work, Lemkau says.
When Jamie Dimon joined us at the Coins2Day Most Powerful Women Summit in October, I asked him about this approach to talent. He confirmed that that’s how he likes to operate. He describes it as moving people around to try out “test” jobs. As a leader, it’s your responsibility to bring out the best in people, he believes—and that includes putting talent into opportunities they may not have gone after themselves and sometimes even making room for more reserved people to voice their opinions.
Dimon appears to favor this strategy partly due to its not gender-specific nature. (He's recently criticized Democrats and corporate America “overdoing” it on DEI.) While his method benefits all types of employees, a consequence is its success in advancing women to higher positions. Women frequently aren't not offered similar chances elsewhere and might hesitate to volunteer for roles unless they feel completely prepared.
That was true for Lemkau. “I have not asked for any of these jobs. They’ve asked me to do them. Maybe that’s not how it typically works,” she says. “I’ve been scared of every job I’ve gone into—but that’s great too.”
Jennifer Piepszak and Marianne Lake exemplify this approach, with both having been strong contenders to succeed Dimon as JPMorgan's chief. Lake was a leading candidate (still is), while Piepszak withdrew her candidacy earlier this year. However, these executives consistently assumed diverse responsibilities across the company, ultimately leading to swapping jobs. Each gained valuable experience as the firm's CFO and head of the consumer bank, before jointly managing a business unit.
This approach to the talent at the top has influenced the bank’s lower levels; Lemkau deploys it for her own team frequently.
Could other organizations benefit from this strategy, particularly with the reduction of formal DEI initiatives? Instead of aiming to advance more women, companies might foster environments conducive to such advancements.
“You have to take a bet on somebody,” Lemkau says.
Emma Hinchliffe
emma.Hinchliffe@coins2day.com
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