JPMorgan Chase has appointed Matt Sable and Melissa Smith as co-heads of commercial banking, announced the largest U.S. lender on Friday as part of ongoing unit reorganization. The pair's promotion comes after Jennifer Piepszak was recently named the chief operating officer.
Piepszak, formerly a co-head of the commercial and investment bank, has now shifted roles, leading to John Simmons being promoted to jointly oversee global banking with Filippo Gori. This resulted in a vacancy for Simmons' previous leadership in commercial banking.
Sable and Smith will jointly manage the commercial banking division, catering to over 70,000 clients across 154 locations in the U.S. and Canada, reporting directly to Simmons and Gori.
Sable, a veteran of over two decades at JPMorgan, most recently led the financial institutions group in global corporate banking, while Smith, with nearly three decades at the bank, previously headed the specialized industries and co-led the innovation economy sector for middle-market banking.
The commercial banking unit serves diverse clients, including early-stage startups, medium-sized companies, government entities, nonprofits, and commercial real estate investors.