Title : 'First woman of Wall St' could be new boss of JPMorgan
link : 'First woman of Wall St' could be new boss of JPMorgan
'First woman of Wall St' could be new boss of JPMorgan
- Marianne Lake, 48, has been tapped by insiders as the potential next head
- Current CEO James Dimon, 61, plans to retire after five years, he said in January
- Lake would be a historic choice as the first female chief executive of the largest US bank
- A single mother of three young children and a banking veteran of 19 years, Lake became CFO of Chase in 2013
- Some insiders say she would need to move into another job leading a business and do well to create enough momentum to succeed Dimon
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. She is known for her tough demeanour and self-deprecating sense of humour.
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 would be the US bank’s first female boss, running a £300billion empire with 240,000 staff in more than 60 countries.
Miss Lake, who has been at JP Morgan Chase & Co for 19 years, was made chief financial officer in 2012.
In the past five years she has earned more than £30million and built up a JP Morgan shareholding worth up to £53million.
She had her first child at 42 and twins when she was 45, deciding on both occasions to do so without a partner.
Asked about this for an interview with Marie Claire after the arrival of her first child, a boy, she said: ‘I never worried about raising a kid on my own. I’m 42, not 20 with my eyes closed. The circumstances aren’t traditional, but I didn’t hesitate to do it.’
She is unconventional in other ways, joking about her reputation for liking a tipple, which has raised eyebrows on largely teetotal Wall Street.
Her position as Mr Dimon’s deputy allowed her to ‘sit down and drink through the speeches’, she said.
Miss Lake was born in Maryland in the US to a British father and American mother.
The family moved to the UK when Miss Lake was just two, and she studied physics at the University of Reading before getting into the banking industry in Britain.
She once said that her first hope had been to become a film star, quipping in a talk at an awards evening that it was still a cherished ambition and the speech could be her ‘breakthrough moment’.
She went to New York with JP Morgan in 2004 and rose rapidly through the ranks, impressing Mr Dimon as controller of the investment bank before holding top finance jobs on the retail side.
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.
Thus Article 'First woman of Wall St' could be new boss of JPMorgan
You are now reading the article 'First woman of Wall St' could be new boss of JPMorgan with the link address https://coneknews.blogspot.com/2018/02/first-woman-of-wall-st-could-be-new.html
0 Response to "'First woman of Wall St' could be new boss of JPMorgan"
Post a Comment