JPMorgan Chase CEO Jamie Dimon’s decision to pass over Marianne Lake as his successor marked a surprising end to her 26-year career — and she’s leaving $50 million in unvested stock on the table after quitting, according to a report.
Lake, 56, found out about Dimon’s decision just three days before the bank publicly announced he was elevating two of her rivals, instead, the Financial Times reported.
The move ended years of speculation that Lake — widely viewed as one of Wall Street’s most accomplished executives — would eventually replace Dimon, who is considered the most influential bankers in the US.
Instead, she decided to retire before tens of millions of dollars worth of stock had vested, people familiar with the matter told FT. Employees who leave before their stocks’ vesting period has ended forfeit the shares, according to JPMorgan.
Behind the scenes, Lake’s relationship with Dimon gradually frayed, according to the report, even as she remained one of the bank’s most prominent executives.
JPMorgan disputed that characterization, telling the FT that Dimon and Lake “had an excellent relationship.”
The report also found some colleagues questioned whether Lake possessed the emotional intelligence needed to run one of the largest companies in the US.
Former colleagues described her as exceptionally bright but said she could come across as heavy-handed, while others said she was coached during her tenure as chief financial officer to slow down when speaking because her thoughts often outran her delivery.
Some believed she managed too much through layers of subordinates rather than directly engaging with teams — claims JPMorgan disputed.
Others inside the bank strongly rejected that criticism.
Employees who worked under Lake while she ran Chase described her as demanding but highly accessible, according to the FT.
She regularly visited branches across the country, met with frontline employees and accompanied Dimon on his annual summer bus tours, with one executive describing her as “the opposite of far-removed” because she routinely dug through multiple layers of the organization to gather information firsthand.
Lake learned on June 22 that JPMorgan planned to announce the promotions of Doug Petno and Troy Rohrbaugh later that week. The men, who were co-CEOs of JPM’s commercial and investment bank, were named co-presidents of the company, though it’s far from a done deal that one of them will actually succeed Dimon.
On the morning of June 25, Lake gathered employees on an emotional video call and informed them she was leaving just before the bank made the public announcement.
Some members of her team cried as she delivered the news, according to the FT. That day was her last one in the office, though she has continued helping with the transition remotely.
JPMorgan has insisted there is no designated front-runner, though the FT reported that many inside the bank believe Rohrbaugh is now the favorite to eventually take the top job.
Lake had long been viewed as one of Dimon’s strongest potential heirs.
Born in the US and raised in Britain, she joined JPMorgan in 1999 after working at PricewaterhouseCoopers and steadily climbed through finance and control roles before becoming the bank’s chief financial officer in 2013.
She later moved into operating roles, first leading consumer lending, then becoming co-head — and eventually sole chief executive — of the bank’s massive consumer and community banking division.
Her elevation to lead Chase’s sprawling consumer business was widely viewed as the final step in preparing her for a possible run at the CEO job.
At one point, Jennifer Piepszak had been viewed internally as the favorite to replace Dimon.
But after serving in expanded leadership roles, she withdrew herself from consideration for the top job and now serves as the bank’s chief operating officer.
According to the FT, Dimon previously discussed giving Lake experience inside JPMorgan’s investment bank to broaden her résumé, but she preferred to remain running the Chase retail business, a role she enjoyed.
The succession battle comes as investors continue to closely watch Dimon’s future after nearly two decades atop JPMorgan.
Dimon, 70, has repeatedly pushed back retirement expectations, with people close to him telling the FT he is expected to remain CEO for about three more years before transitioning to executive chairman.
The bank has publicly said Dimon plans to remain executive chair after eventually relinquishing the CEO title.
JPMorgan declined to comment to The Post.
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