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JPMorgan Chase is responsible for the international expansion of its consumer business to Marianne Lake, raising her interests as one of her favorites to take over Jamie Dimon, the world’s largest bank.
The move was announced to staff on Tuesday along with the departure of Sanoke Viswanathan, who left JPMorgan and became CEO of US financial data provider Factset.
Viswanathan served as CEO of International Consumer and Wealth at the bank, coordinating the launch of the UK digital business.
JPMorgan entered the UK retail banking market four years ago, offering current and savings accounts to UK consumers through Chase UK Digital Bank and acquired digital wealth manager Nutmeg.
However, efforts to expand digital consumer operations in Germany, a notoriously competitive, low-competitive return market for retail banking, have been plagued by delays.
Considered as one of the three leading candidates for Dimon’s successful success as JPMorgan CEO, Lake will add oversight of the international consumer business to its existing role as head of the bank’s consumer and community banking department.
The international consumer business is overseen by Daniel Pinto. Daniel Pinto has steadily handed over his executive responsibility before becoming vice-chairman next month as bank chairman.
Like its UK operations, JPMorgan has a 46% stake in Brazil’s digital bank C6. Total international retailers had $27.6 billion in deposits at the end of last year, up from $21.8 billion the previous year. This is just a small portion of more than 2.4 tons of total US bank deposits.
Lake, who is responsible for JPMorgan’s Strategic Growth Office, is the forefront of making Dimon successful, along with Dimon, Doug Petno and Troy Rohrbaugh.
However, Dimon, the bank’s CEO and chairman of the bank, recently told Fox News that his retirement was “still a few years away,” and then suggested he could step up to become an executive chair. “Obviously, it’s always up to God and the committee,” he said: “I love what I do.”
Dimon and Pinto said in a note to staff that Viswanathan “had a positive impact that never faded” on the bank, “had a huge benefit from his entrepreneurial thinking.” He is expected to replace him with other roles as head of the International Consumer Bank and as head of the International Private Bank and Workplace Solutions Business.
