JPMorgan Chase has handed a brand new job to a high banker who’s seen as a potential successor to its legendary, 69-year-old boss Jamie Dimon.
Marianne Lake — the 55-year-old head of the monetary big’s client and neighborhood banking items — has been tapped to run JPMorgan’s strategic development workplace in addition to its abroad client enterprise, a supply near the financial institution’s management confirmed.
In a memo to staffers, CEO Dimon and president Daniel Pinto wrote that Lake “will continue to build on the achievements of the two banking units “as we expand our consumer franchise beyond the US.”
The information of Lake’s new tasks was first reported by Bloomberg Information.
A 25-year veteran of JPMorgan and a graduate of the UK’s College of Studying, Lake is seen as the principle frontrunner to take over from Jamie Dimon when he finally leaves the agency’s high job.
Different contenders embody Doug Petno and Troy Rohrbaugh, co-CEOs of JPMorgan’s funding banking operations, and Mary Erdoes, who leads the agency’s asset and wealth administration unit.
She is taking on her new function from Sanoke Viswanathan, 50, who in resigned as the top of the financial institution’s worldwide client and wealth unit to take over as CEO of FactSet, a monetary information supplier, in line with the supply.
Dimon and Pinto added that Viswanathan had “made an indelible and positive impact” on the financial institution, which had “greatly benefited from his entrepreneurial mindset.”
A veteran of greater than three many years at JPMorgan, chief working officer Jennifer Piepszak was seen as one other title within the body.
However she withdrew from the race to exchange the present chief government in January, insisting she didn’t need the highest job.
On Monday, Dimon dismissed recent questions from Fox Enterprise anchor Maria Bartiromo concerning the firm’s management succession plan, insisting that he was retirement was “several years away.”
The Queens native, who raked in $39 million final 12 months as JPMorgan posted document earnings, advised the monetary information community that he might keep on as government chairman for just a few years as soon as he stands down as CEO.
“Obviously, it’s always up to God and the board,” Dimon advised Bartiromo on Monday. “I love what I do.”
Hypothesis has swirled on Wall Road about Dimon’s future after his title was repeatedly floated as a potential Treasury Secretary choose throughout final 12 months’s presidential marketing campaign.
When the banking veteran advised JPMorgan’s investor day in Could of final 12 months that his succession timeline was not 5 years anymore, it led to an instantaneous decline within the agency’s inventory value.
Dimon additionally has one more reason to stay round: the financial institution is constructing a $3 billion, 60-story headquarters at 270 Park Ave in midtown Manhattan that can embody a yoga studio, a meals court docket and even a pub.
He has been a vocal critic of working from residence and is slowly forcing staffers again to the workplace 5 days every week, scrapping a Covid-era coverage that he sees as resulting in decrease ranges of productiveness.
