JPMorgan Chase & Co. is putting Marianne Lake, one of the leading contenders to one day take over for Chief Executive Officer Jamie Dimon, in charge of strategic growth and the firm’s fast-growing overseas consumer bank.
The appointment follows the departure of Sanoke Viswanathan, who’s leaving to become CEO of the data company FactSet, according to a memo to staff seen by Bloomberg News. Viswanathan had been a member of JPMorgan’s executive committee and had previously been seen as another possible successor to Dimon.
In addition to leading the international consumer bank, he was overseeing the international private bank and the workplace-solutions businesses inside JPMorgan’s asset and wealth management division.
“Sanoke has made an indelible and positive impact on JPMorgan Chase, and we have greatly benefited from his entrepreneurial mindset,” Dimon and Daniel Pinto, president of the firm, said in the memo.
JPMorgan’s consumer offering in the UK has attracted billions of deposits, and the company began testing a new credit-card product in the country last year, Bloomberg previously reported. The business already has 2.5 million customers and is “set to expand” to continental Europe, Dimon and Pinto said in the memo.
In his strategy role, Viswanathan oversaw many of JPMorgan’s investments and acquisitions in recent years. He was previously a partner and the co-head of global corporate and investment banking at McKinsey & Co.
Lake, who was previously the chief financial officer, is now head of the firm’s consumer and community banking division, which serves 84 million consumers in the US.
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