JPMorgan Names Veteran Execs to Co-Lead Commercial Banking
JPMorgan Chase has named two longtime executives to oversee its banking business.
Matt Sable and Melissa Smith have been named co-heads of commercial banking, the lender said in a news release provided to PYMNTS Friday (Feb. 7).
“Sable and Smith will lead a dynamic and growing business that serves more than 70,000 clients across 154 locations in the U.S. and Canada,” the release said. “Clients of the commercial bank include early-stage startups to midsize corporations, government entities, not-for-profit organizations and commercial real estate investors.”
According to the release, Sable has been with the bank for almost 25 years, with experience leading teams in banking, finance and strategy, most recently managing the Financial Institutions Group (FIG) in JPMorgan’s global corporate banking unit.
Smith has been with JPMorgan for 27 years and “has been instrumental in building teams that deliver deep industry expertise and tailored solutions to clients across sectors,” the release said.
Her most recent role with the bank was as head of specialized industries and co-head of innovation economy for the commercial banking division’s middle market banking unit.
Smith and Sable will report to John Simmons and Filippo Gori, co-heads of global banking.
“Matt and Melissa are exceptional leaders who have played critical roles in CB’s success,” said Simmons and Gori. “We’re thrilled that they’ll continue to drive the business forward in this exciting next chapter.”
The announcement follows other recent leadership changes at the world’s largest bank. Last month, Daniel Pinto, JPMorgan’s president and chief operating officer, announced his retirement after 40 years with the bank. He is being replaced by Jennifer Piepszak, co-CEO of commercial and investment banking.
In other banking news, PYMNTS wrote last week about efforts by financial institutions (FIs) to recapture credit card “outsiders,” a group that includes “Second Chancers” (people who once owned a credit card and are interested in doing so again) and the “Credit Curious” (people who’ve never owned a credit card but are curious about obtaining one).
“Crucially for FIs is that contrary to the assumption that credit card outsiders avoid all credit products, 62% hold at least one type of credit account,” that report said.
“Store cards and buy now, pay later (BNPL) plans are particularly prevalent, indicating a preference for accessible, short-term credit solutions over traditional loans. Notably, Second Chancers and the Credit Curious are more inclined to utilize these alternatives, suggesting their openness to credit products that offer flexibility and immediate utility.”
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