A mother of three dubbed the ‘first woman of Wall Street’ has been tapped as a contender to succeed CEO James Dimon at JPMorgan Chase.
Chief Financial Officer Marianne Lake, 48 has been on the bank’s short list of possible successors for years, people familiar with its board say, according to The Wall Street Journal.
Lake would be a historic choice as the first female chief executive of the largest US bank.
Marianne Lake (pictured, March 2014), a mother of three dubbed the ‘first woman of Wall Street’ has been tapped as a contender to succeed CEO James Dimon at JPMorgan Chase
However, talk of replacement is still in its early days. In January, the bank said 61-year-old Dimon (pictured, July 2017) planned to stay on the job for five more years.
As a single mother of three young children, Lake has climbed her way to the top. A banking veteran for 19 years, she became CFO of Chase in 2013.
She has become well known to investors and analysts both as someone very knowledgeable and more diplomatic than her outspoken boss.
In one case, during an October call with The Journal, Dimon had been hurling criticism at bitcoin, calling the digital current a fraud.
After Dimon reportedly deflected follow-up questions, Lake gave a more careful response, saying the bank is ‘very open minded to the potential-use cases…for digital currencies that are properly regulated.’
However, talk of replacement is still in its early days. In January, the bank said 61-year-old Dimon planned to stay on the job for five more years.
Lake, 48 (pictured, March 2014), a banking veteran for 19 years, she became CFO of Chase in 2013 and has become well-known to investors and analusts
Some people supporting Lake (pictured, March 2014) say she would need to move into another job leading a business and do well to create enough momentum to succeed Dimon
Additionally, people supporting Lake say she would need to move into another job leading a business and do well to create enough momentum to succeed Dimon.
Some other potential candidates for the next CEO have run divisions that generate revenue.
For example, there is Doug Petno, 52, who is head of the bank’s commercial-banking business and Mary Callahan Erdoes, 50, who leads the asset and wealth-management businesses.
Erdoes was awarded $19.5million in compensation last year, compared to Lake’s $13.5million and Petno’s $12million.
Some other potential candidates for the next CEO have run divisions that generate revenue. But the most likely candidates are Gordon Smith and Daniel Pinto – an announcement in January featured their promotion to the No 2 role below Dimon (pictured, September 2017)
Lake has also emerged as diplomatic foil to the outspoken Dimon (pictured, January 2018) who is sometimes known for outbursts
However, the most likely candidates are Gordon Smith and Daniel Pinto – an announcement in January featured their promotion to the No 2 role below Dimon.
But bank sources tell The Journal that the five-year retirement plan for Dimon might put the two executives out of the running because they will both be 60 or older at the end of that period.
Lake, Petno and Erdoes would be in their 50s, a more common age for a new bank CEO. According to The Journal, at the big-six US banks, the current CEOs took over when they were at or between the ages of 49 and 56.
A JPMorgan spokesman said all the executives declined to comment.