Most Powerful Women in Banking: No. 2, Marianne Lake, JPMorgan Chase

Lake Marianne this year, he has made some bold predictions about regulations that threaten the profitability of all banks. As CEO of consumer and social banking in JPMorgan Chase warned investors about the cumulative impact of new regulations overdraft limit AND credit card late payment feesand increased capital requirements for banks may affect credit costs.

If these regulations are implemented, they could put an end to one of the pillars of banking — free checking accounts.

“The industry is facing a storm of regulatory and potential legislative changes,” Lake said at the bank’s investor day in May. “The cumulative impact on the industry and consumers could be profound.”

Rules set by the Consumer Financial Protection Bureau that would cap overdraft fees at $3 and late fees on credit card payments at $8, as well as a proposal by prudential regulators to raise capital requirements, have not been adequately studied, Lake said. She believes the rules, if implemented, would affect consumers who can least afford them.

“I think you can expect the industry to make radical changes to how it offers and prices products and services,” Lake said. “As a result, credit will become much more expensive, and free checking accounts may become available only to the wealthiest Americans.”

Lake was born in Maryland but grew up in southern England. She had a head for numbers and graduated in physics from Reading University. She trained as an accountant at PwC in London and joined JPMorgan as the financial director of one of the sales departments. She moved to the U.S. in 2004, and eight years later Lake was promoted to the position of financial director.

In January, Lake was named CEO of the company’s consumer and community banking division, a role she shared for more than three years with Jennifer Piepszak, who was named co-CEO of the newly formed commercial and investment bank with Troy Rohrbaugh.

In her current role, Lake is focused on growing the bank’s customer base, which she says she wants to attract more credit card and deposit customers while keeping them engaged digitally and deepening their experiences with additional products and services.

Lake has set an ambitious goal of capturing 15% of all consumer deposits, up from its current market share of 11.3%. Another goal is to capture one-fifth of all credit card spending, up from 17%. Chase has seen a 30% increase in credit card adoption since 2019, while its digital banking platform now has 67 million active users. Checking accounts have grown 20% over the past four years, and it added 2 million new customers last year.

Chase is one of the few banks that continues to invest significantly in branches, which is no surprise considering that 900,000 people walk into a Chase branch every day. The bank has opened nearly 700 branches since 2019, more than all other major banks combined. It plans to open 500 more over the next three years.

The bank is increasingly launching online platforms where customers can interact more often, whether it’s meeting with a banker, seeking financial advice or seeking help with investing. Earlier this year, the bank launched Chase Travel, which offers hotel reservations, airport lounges and other benefits for Chase credit card customers to earn and redeem points. The bank has 10 million active users of Credit Journey, which offers free credit checks. A digital financial coach, Wealth Plan, helps customers review their finances and create a plan to achieve their financial goals.

“We’ve consistently demonstrated that when we introduce new solutions, they evolve rapidly,” Lake said.

Lake is a member of Chase’s operating committee. In addition to her role at the company, she is a member of the Federal Advisory Council of the Federal Reserve Board of Governors, where she serves as the bank’s representative to the New York Fed. She is also a co-founder of Women on the Move, an initiative supported by the bank that works to expand women-owned businesses by providing financial literacy training and coaching.

As if she doesn’t have enough to do, Lake also sponsors the Access Ability Operating Committee, a group that provides a resource for the bank’s 30,000-plus employees with disabilities, chronic health conditions or caregiving responsibilities.