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JPMorgan Chase has handed responsibility for the international expansion of its consumer business to Marianne Lake, raising the stakes for her as one of the favourites to succeed Jamie Dimon in running the world’s biggest bank.
The move was announced to staff on Tuesday alongside the departure of Sanoke Viswanathan, who is leaving JPMorgan to become chief executive of US financial data provider FactSet.
Viswanathan served as chief executive of international consumer and wealth at the bank, orchestrating the launch of its UK digital business.
JPMorgan entered the UK retail banking market four years ago, offering current and savings accounts to British consumers through its Chase UK digital bank, as well as acquiring digital wealth manager Nutmeg.
But its efforts to expand its digital consumer operation in Germany, a notoriously competitive and low return market for retail banking, have been beset by delays.
Lake, who is seen as one of three leading contenders to succeed Dimon as JPMorgan CEO, will add oversight of the international consumer business to her existing role as head of the bank’s consumer and community banking division.
The international consumer business has been overseen by Daniel Pinto, who has been steadily handing over executive responsibilities before he steps down as president of the bank next month to become vice-chair.
As well as its UK operation, JPMorgan has a 46 per cent stake in Brazilian digital bank C6. The combined international retail operations had $27.6bn of deposits at the end of last year, up from $21.8bn a year earlier. That is a tiny fraction of the US bank’s more than $2.4tn of total deposits.
Lake, who is also taking on responsibility for JPMorgan’s strategic growth office, is a frontrunner to succeed Dimon along with Doug Petno and Troy Rohrbaugh, co-heads of its vast corporate and investment bank.
But Dimon, who is both CEO and chair of the bank, told Fox News recently that his retirement was “still several years away” and suggested he could then step up to become executive chair. “Obviously, it’s always up to God and the board,” he said, adding: “I love what I do.”
Dimon and Pinto said in a memo to staff that Viswanathan had “made an indelible and positive impact” on the bank, which had “greatly benefited from his entrepreneurial mindset”. He is expected to be replaced as head of the international consumer bank and in his other roles as head of its international private bank and its workplace solutions business.
