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When Wells Fargo made it very public that it was deadset on hiring the first female CEO of a big four bank, it looked like Marianne Lake's destiny as the first female CEO of a big four bank appeared to be in jeopardy due to the fact that she has never seemed crazy enough to make the kamikaze leap from JPMorgan Chase to Wells Fargo.

But when The Stagecoach chose Charles Scharf to run things, and it gave Lake a second life as an inevitable pioneer. But now Michael Corbat is making poor Marianne nervous once again:

Citigroup Inc. tapped its Latin America chief, Jane Fraser, to serve as the bank’s No. 2 executive, putting her atop the list to succeed Chief Executive Michael Corbat.

The New York bank named Ms. Fraser president and head of its consumer bank, where she replaces Stephen Bird. Mr. Bird, who had been considered a potential CEO candidate, is leaving the bank after being passed over for the president role, according to people familiar with the matter.

Fraser seems a real threat to beat Lake to the corner office of their respective banks. She's got the management seasoning that Jamie Dimon and the JPM board are rumored to think Marianne needs more of, the number two seat at Citi is not nearly as hot as the one next to Jamie always is, and Corbat seems way more interested in not being CEO of his bank for life than the Khaleesi of Wall Street does.

To be fair, Corbat has done a quietly sold job shrinking his massive megabank and whoever takes over will not have to worry about doing a huge job and/or filling the shoes of a charismatic leader. Lake has never been rumored to be under the impression that she's walking into an easy situation, but some less scrupulous news blogs have put a lot of stock in her taking over and making herstory. 

For that to happen now, the best thing would be for the JPM board to get nervous that huge loans to WeWork are a template for Jamie's vision of the future and give him a subtle hint that he might want to just go do something political.

Regardless, this will be fun to watch, especially considering what Cathy Bessant got from BriMo and Bank of America for not taking the big gig at Wells Fargo a few months back.

Citigroup Puts Jane Fraser in Line to Succeed Corbat as CEO [WSJ]


jane fraser 2

All Hail The Queen

Of course, Jane Fraser should remember what happened to the last Queen Jane.


Someone Is Getting Marianne Lake’s Hopes Up Again

An unidentified regulator has some bad news for Jamie Dimon.

(Getty Images)

Jamie Dimon Pretty Certain That Wells Fargo Is Not Being Run Very Well

The Khaleesi of Wall Street throws some shade at The Stagecoach.


Citi’s S****y Risk Controls Prove Fatal To Marianne Lake’s Ambitions

It was a risk she could neither account for nor do anything about.

Forese Citi

Citi President Decides To Spend More Time Not Dreading The Day He Turns Into Michael Corbat

Jamie Forese is stepping down from his role as Corbat's heir apparent.

Wells Fargo.Insane

Wells Fargo Narrowing Down CEO Candidates To Mostly Women, Hoping Any Of Them Will Take It

There is a lot of wild chatter coming from inside The Stagecoach.