Plus   Neg

Glass Ceiling? Female May Be Next To Lead JPMorgan

mariannelake jpm 022618 lt

JPMorgan Chase & Co.'s (JPM) next Chief Executive Officer might be a female. The company's Chief Financial Officer Marianne Lake has for years, been on its short list of possible successors to current CEO Jamie Dimon, according to the Wall Street Journal.

Dimon announced in January that he will be stepping down from the company in five years.

In January, JPMorgan said it has appointed Daniel Pinto, CEO of its Corporate & Investment Bank, and Gordon Smith, CEO of Consumer & Community Banking, as Co-Presidents and Co-Chief Operating Officers of the company.

However, the Wall Street Journal reported that both Pinto and Smith may be considered too old to inherit the CEO position in 2023, and are therefore, not seen as possible contenders.

According to the WSJ report, Lake is one of the senior and most powerful women on Wall Street and is a single mother of three young children. She is seen a role model for women in finance, as she juggles a high-profile job and family demands.

Lake was appointed JPMorgan's CFO on January 1, 2013. She previously served as the CFO of the Consumer & Community Banking business from 2009 through 2012.

Prior to that, Lake served as the Investment Bank's Global Controller in the Finance organization from 2007 to 2009, and was previously in the Corporate Finance group managing global financial infrastructure and control programs.

Lake had won praise for her handling of the fallout from JPMorgan's 2012 "London whale" scandal, in which JPMorgan's European bankers lost some $6 billion on bad trades.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT