JPMorgan Chase consumer lending CEO and heiress apparent Marianne Lake appeared to be denied her destiny and rightful place as first woman to lead a major U.S. bank when Mike Corbat suddenly announced his plans to step down as Citi’s chief due to a very expensive little problem with internal controls and hand the reins to Jane Fraser. But that handover of power isn’t set to happen until February, and wouldn’t you know?

The bank disclosed the impending action late Monday in a filing, saying that one of its regulators told the New York-based company that it faced action “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.”

Coupled with the fact that Joe Biden might be looking for a Treasury nominee who could get through a Mitch McConnell-controlled Senate, and hope springs eternal.

JPMorgan warns of another potential regulatory fine tied to weak ‘internal controls’ at bank [CNBC]

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Marianne Lake's Destiny Is Now A Footrace

Michael Corbat promotes Jane Fraser to heir apparent at Citi, meaning Jamie Dimon better retire if he wants to make herstory.

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Both of which are completely unnecessary for purpose, but apparently necessary to maintaining Wall Street’s culture or something.