Last month, JPMorgan Chase’s chairman and chief executive James Dimon announced he would be stepping down in five years. Though an unusual move for the bank, the announcement is part of a larger trend on Wall Street as the current generation of leaders prepare to retire.
The second-in-commands to Dimon, roles shared by Gordon Smith and Daniel Pinto, are not considered as possible contenders as sources close to the bank report the two men may be considered too old to inherit the bank’s top position in 2023, according to the Wall Street Journal.
As a result, attention has shifted to executives such as CFO Marianne Lake and executive Mary Callahan Erdoes, who received $19.5 million in compensation last year for her work leading the asset and wealth-management for the bank.
Inside sources speculate Lake in particular could be tapped to take over JPMorgan’s retail division or corporate and investment banking, which were businesses previously run by Smith and Pinto.