JPMorgan Chase has handed over the responsibility for the international expansion of its consumer business to Marianne Lake, which has boosted her stake and become one of the favorites of inheriting Jamie Dimon's running the world's largest banks.
The move was announced to staff on Tuesday to leave with Sanoke Viswanathan, who left JPMorgan to become CEO of U.S. financial data provider Factset.
Viswanathan has served as CEO of International Consumers and Fortune at the bank and has planned the launch of his UK digital business.
JPMorgan entered the UK retail banking market four years ago, providing current and savings accounts to UK consumers through its Chase UK Digital Bank and acquired Digital Wealth Manager Nutmeg.
However, its efforts to expand German digital consumer operations, retail banks’ competitive and low-return markets have been plagued by delays.
Lake, seen as one of the three main contenders for JPMorgan CEO to replace Dimon, will include oversight of international consumer business in his existing role as head of the bank’s consumer and community banking division.
Daniel Pinto, who oversees international consumer business, has been steadily handing over executive duties before he becomes vice chairman as president of the bank next month.
JPMorgan, in addition to its UK operations, also owns a 46% stake in Brazil's digital bank C6. United International's retail business had $27.6 billion in deposits at the end of last year, up from $21.8 billion in the same period last year. This is a small portion of the total deposit of Bank of America over $2.4TN.
Lake, who is also in charge of JPMorgan’s strategic growth office, is a leader who succeeds Dimon along with Doug Petno and Troy Rohrbaugh, co-heads of its sprawling corporate and investment banking.
But Dimon, who is both the bank’s CEO and the chairman, recently told Fox News that his retirement “is still a few years away” and suggested he could step up as executive chairman. "Obviously, it's always up to God and the board, I love my work," he said.
In a memo to employees, Dimon and Pinto said Viswanathan had “an indelible and positive impact” on the bank, which “benefited greatly from his entrepreneurial mindset.” He is expected to be appointed head of the International Consumer Bank and hold other positions in its international private banking and its workplace solutions business.