Sideways: The Jamie Dimon ex-deputies club
If JPMorgan CFO Marianne Lake becomes the banker most likely to succeed Jamie Dimon as chief executive before mysteriously deciding to pursue interests outside the group, she will be in good company.
Two of the three most recent holders of this title are now chief executives of big banks, while the third may be plotting a return to a high-profile position from the shadows of a private equity partnership.
Bill Winters, the former co-head of investment banking at JPMorgan, was with the firm well before Dimon was installed as chief executive; the two had an uneasy relationship. Although Winters is American, he insisted on remaining based in London and appears to have tried to make any move to New York conditional on a commitment that he would succeed Dimon.
If that was really his gambit (full details never emerged), then it failed and he left the bank in 2009, despite being widely viewed as the investment bank chief who had handled the 2008 credit crisis most adroitly.
Winters was succeeded by Jes Staley, who inherited JPMorgan’s investment bank along with the honorific of potential heir to Dimon.
Staley’s departure came soon after the London Whale credit derivatives trading disaster in 2012 that cost JPMorgan $6.2 billion. As with the exit of Winters, there was no obvious business reason to force Staley from his position.