Suffice it to say, things have not gone exactly as Marianne Lake hoped and expected. She will not be the first woman to lead a Big Four bank. She might not even be the second. Hell, she might not ever lead one at all. And to rub salt in that last wound, she now has to get the management seasoning Jamie Dimon and the JPMorgan Chase board think she so desperately needs alongside the woman who could keep her from her birthright.

The bank on Tuesday said consumer-lending chief Marianne Lake and Chief Financial Officer Jennifer Piepszak are taking the reins of its consumer and community bank from Gordon Smith, who will retire at the end of the year…. The move comes two years after JPMorgan put Ms. Lake and Ms. Piepszak in their current roles and established them as front-runners to one day run America’s biggest bank. The decision to place the women, both 51 years old, in charge of a unit that serves half of all U.S. households and accounts for roughly 40% of the bank’s profits further cements that status.

Worse, she won’t even get to cosplay CEO if something unfortunate and totally accidental were to happen to JD.

The move will leave the 58-year-old [investment banking chief Daniel] Pinto alone in the role of CEO in an emergency, known internally as the “Jamie got hit by a bus” scenario.

On the bright side for Lake, maybe a bald Stephanie Cohen won’t be taking over at Goldman Sachs once David Solomon is finished turning it into a plain-vanilla Main Street consumer lender.

Peeyush Nahar is set to join Goldman on June 1 as a partner and head of its consumer business, according to an internal memo reviewed by The Wall Street Journal. At Uber, Mr. Nahar oversaw teams that developed software for payments, insurance and financial-technology services…. One of Mr. Nahar’s tasks will be achieving targets that Goldman executives had set for Marcus before the coronavirus pandemic hit last year. Those include amassing more than $20 billion of loan balances and attracting more than $125 billion of deposits by 2024. At the end of March, Marcus had about $8 billion of loan balances and about $100 billion of deposits.

JPMorgan Chase Puts CEO Contenders in Charge of Consumer Operation [WSJ]
Goldman Taps Uber Executive to Run Its Consumer Bank [WSJ]

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