British lady Marianne Lake tipped for prime at JP Morgan

A British banker is within the body to grow to be JP Morgan’s first feminine chief govt.

Single mom Marianne Lake, 54, who grew up within the UK, is closely tipped to tackle the world’s prime banking job following a reshuffle.

JP Morgan boss Jamie Dimon handed her new duties in a single day, granting her sole management of the patron and neighborhood financial institution.

The promotion offers her oversight of a sprawling unit that in itself can be the sixth-largest US financial institution by property.

It contains bank cards, small enterprise lending and wealth administration and accounted for half of the financial institution’s income within the last quarter of final yr.

Top job: JP Morgan boss Jamie Dimon handed Marianne Lake new duties in a single day

The excessive stakes reshuffle by Dimon comes after JP Morgan achieved the most important annual revenue of any financial institution in US historical past in 2023, whereas its shares are up virtually 1 / 4 previously yr.

The query of who may take over from Dimon, 67, is one which looms over the trade with gossip rife on Wall Street about who will take the highest job.

Dimon has repeatedly brushed apart recommendations he may step apart amid hypothesis that he has political ambitions.

He has been on the helm since 2006, and in 2021 the board gave him a particular incentive bundle price greater than £40m to remain till a minimum of 2026.

Under Dimon, JP Morgan has grow to be the most important financial institution within the United States, even outgunning the mighty Goldman Sachs.

Lake has been a part of the rise, succeeding in a notoriously male-dominated trade to be named probably the most highly effective ladies in banking. If she had been to land the highest job she would grow to be the second British lady to guide a Wall Street titan, alongside Jane Fraser, 56, who has run Citigroup since 2021.

But Lake, who has twin nationality, faces stiff competitors from inner rivals Jennifer Piepszak and Troy Rohrbaugh, who had been promoted to co-heads of the business and funding banking division.

Lake has been well-known to buyers since she was named chief monetary officer in 2013.

She held that place till 2019, when she was assigned to supervise client lending.

Known for her robust manner and self-deprecating sense of humour, Lake juggles her high-profile job with elevating three kids.

The Reading University graduate has joked about her status for having fun with a tipple – an admission that has raised eyebrows amongst Wall Street’s largely teetotal main gamers.

She had her first youngster at 42 and twins when she was 45, deciding on each events to take action and not using a accomplice.

On juggling household life with the calls for of her high-profile profession, Lake has beforehand stated she depends on ‘a small circle of pals and my nice nanny’.

Lake was born in Maryland within the US to a British father and American mom.

The household moved to the UK when she was simply two.

She went to the US with JP Morgan in 2004 and rose quickly by the ranks, impressing Dimon as she went.

Dimon stated: ‘JP Morgan Chase is stronger as we speak than it has ever been, and that is due to our a whole bunch of 1000’s of staff and our excellent senior administration workforce.’

He has made it clear he has no near-term plans to depart but additionally brazenly mused about life after JPMorgan.

‘I am unable to do that ceaselessly, I do know that,’ Dimon informed analysts final summer season.