Marianne Lake
About
Marianne Lake has built an impressive career underpinned by a solid educational foundation, having earned a Bachelor of Science in Physics from Reading University in the United Kingdom. Her early experience working as a chartered accountant at PricewaterhouseCoopers in London and Sydney set the stage for a long career in finance.
Over the course of more than 25 years at JPMorgan, she advanced through multiple significant roles. She served as the Global Controller for the Investment Bank, CFO of Consumer & Community Banking, and CFO of JPMorgan Chase. Later, she led the Consumer Lending division before stepping into leadership as Co-CEO and then as the sole CEO of Consumer & Community Banking in January 2024.
Beyond her formal roles, her career is distinguished by her strategic contributions to the firm's financial management and business innovation. Notably, she is a co-founder of the Women on the Move initiative, underscoring her commitment to fostering diversity and equality within the organization. Her journey reflects a blend of strong technical expertise and visionary leadership, impacting both the operational and cultural dimensions of the organization.
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| JPMorgan Chase | Co-CEO of Consumer & Community Banking | May 2021 - January 2024 | Former role |
| JPMorgan Chase | CEO of Consumer Lending | May 2019 - May 2021 | Former role |
| JPMorgan Chase | Chief Financial Officer for the Firm | January 2013 - April 2019 | Former role |
| JPMorgan Chase | CFO of Consumer & Community Banking | 2009 - 2012 | Former role |
| JPMorgan Chase | Global Controller for the Investment Bank | 2007 - 2009 | Former role |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Salary | $750,000 | Annual | Fixed base salary component |
| RSUs | 35,796 RSUs, $5,025,000 fair value | Vest in two installments: January 13, 2025 and January 13, 2026 | Grant Date: January 17, 2023; includes non-preferential dividend equivalents; based on the average of high and low prices on the grant date |
Performance Compensation
Cash Incentive Compensation
| Metric | Details |
|---|---|
| Amount | $7,100,000 |
| Payment Schedule | Awarded in January following the performance year (January 2024) |
| Performance Metrics | Not specifically provided; evaluated using a balanced holistic approach across multiple dimensions |
| Additional Notes | Paid in cash; not subject to vesting schedules |
Performance Share Units (PSUs)
| Metric | Details |
|---|---|
| Performance Metric | Return on Tangible Common Equity (ROTCE) with absolute thresholds: maximum payout at 18% and zero payout below 6% |
| Relative Performance | Compared against a peer group including Bank of America, Barclays, Citigroup, Goldman Sachs, Morgan Stanley, etc. |
| Risk-Based Hurdle | CET1 capital ratio below 8% may trigger a downward adjustment |
| Adjustment Provision | CMDC may adjust PSUs to maintain intended economics due to changes in accounting rules, capital structure, or other circumstances |
| Grant Details | Grant Date: January 17, 2023; Grant Date Fair Value: $5,325,000 |
| Vesting Schedule | 3-year cliff vesting (ending on March 25, 2026) followed by an additional 2-year holding period (total of 5 years) |
| Payout Range | Ranges from 0% to 150% of target shares |
| Dividend Equivalents | Reinvested during the vesting period |