JPMorgan’s CFO Announced to Lead the Company’s Consumer Lending Business

On Wednesday, April 17, JPMorgan announced that it’s Chief Financial Officer Marianne Lake is leaving her post to oversee the bank’s consumer lending business.

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In a report by CNBC, the announcement was said to be distributed through a memo signed by CEO Jamie Dimon and co-Presidents and Chief Operating Officers Daniel Pinto and Gordon Smith. Describing Lake, together with Jennifer Piepszak, the incoming CFO, as “extraordinary executives and leaders who have been critical to our success,” the memo explained that Lake will now be the one in charge of credit cards, autos, and mortgage lending. Although she won’t be reporting to Dimon anymore, Lake will be immersed directly in the active operations of the bank that is usually required to become CEO.

“We are fortunate to have such an extraordinary executive taking the helm of our Consumer Lending businesses, a part of the firm she knows extremely well,” said CEO Jamie Dimon in the statement.

Lake, 49, has served as the Chief Financial Officer (CFO) of the company since 2013 after working as CFO of the consumer and community banking unit. She began her career as an accountant at PricewaterhouseCoopers.

Prior to the announcement, although the CEO has given no clear signal that he will be stepping down from his position soon, Lake has long been rumored to be a candidate to replace Dimon as JPMorgan’s CEO. Dimon, the current head of the company, has taken the post since 2006 and been standing as one of the giants of Wall Street since then.

Last week, during a hearing on Capitol Hill, when asked by a member of the Congress whether women would likely succeed them, Jamie Dimon, along with all other CEOs, did not raise his hand in agreement. Up to this day, the CEO declined to comment or give any hint about his succession.