Dimon and Gorman look to the future
The CEOs of JPMorgan and Morgan Stanley will be tough acts to follow, so it is well that they are managing the careers of candidates to succeed them now.
One of the most perilous positions in banking is as possible successor to Jamie Dimon. So, Marianne Lake and Jennifer Piepszak have already demonstrated their bravery in accepting a role previously filled by a string of highly regarded and long-serving JPMorgan executives who never managed that final step.
Think of Bill Winters, ousted in 2009 and now chief executive of Standard Chartered; Charlie Scharf, who worked for Dimon for 25 years from the early days at Commercial Credit but left JPMorgan in 2012 and now heads Wells Fargo; Jes Staley, who quit in 2013, already eight years into Dimon’s tenure, now chief executive of Barclays; and Michael Cavanagh who departed a year later for Carlyle and is now CFO of Comcast. There are many others.
Lake, former chief financial officer and most recently chief executive of consumer lending, has been talked of as a potential chief executive at the largest US bank since 2014. So, she has presumably learned to live with the pressure.
Though now being asked to co-head all of JPMorgan’s consumer and community banking businesses, which brought in $50 billion of revenue last year, along with Piepszak, who succeeded Lake as chief financial officer two years ago, takes this to a whole new level.