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JPMorgan CFO Marianne Lake has a new role in charge of an expanded consumer lending business.
It will be the first time running a business for Lake, who is considered to be a frontrunner to replace CEO Jamie Dimon when he retires.
JPMorgan - Management - Wednesday - Officer - Charge
JPMorgan shuffled management Wednesday, taking the chief financial officer and placing her in charge of an expanded consumer lending business and taking the head of cards and making her CFO.
The bank said Marianne Lake, the CFO, would now be in charge of credit cards, autos and mortgage lending. She'll report to consumer banking chief and co-president Gordon Smith, according to a statement. While Lake won't be reporting to Dimon anymore, she will be getting on-the-ground experience running a business that is usually required to become CEO.
Time - Business - Unit - Lake - CFO
This will be the first time running a business unit for Lake, 49. She's been CFO of JPMorgan since early 2013, and served as CFO of the consumer and community banking unit before that. Prior to that she was the investment bank's comptroller. She began her career as an accountant at PricewaterhouseCoopers.
"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," CEO Jamie Dimon said about Lake in the statement.
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