Thasunda Brown Duckett, CEO of JP Morgan’s Chase consumer banking division, is leaving the major US bank to join TIAA.
Duckett will join TIAA as its president and CEO, replacing the retiring Roger Ferguson. She takes up her new role on 1 May.
At Chase, Duckett led a banking network with more than $600 billion in deposits, 4,900 branches and over 40,000 employees.
She undertook a major branch expansion, adding 400 new locations in 20 new markets over five years.
“I often think about the day my father asked me to help him plan his retirement,” says Duckett. “I had to tell him, ‘Dad, your pension is not enough’.
“Now, thanks to his work and sacrifices and the support of many others who have guided me throughout my life and career, I am blessed to join TIAA.
“I am extraordinarily grateful for the opportunity to lead a company that has helped millions of people retire with ‘enough’ to live in dignity.”
James R. Chambers, chairman elect of the board, hails Thasunda’s “dedication to putting people first”.
He adds: “My fellow board members and I look forward to working with her and her leadership team to further enhance our ability to serve our clients, our communities and our people.”
TIAA, or the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, was founded in 1918.
TIAA serves five million active and retired employees with more than $1 trillion in combined assets under management.