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Marianne Lake. Photo: Jin Lee/Bloomberg via Getty Images

JPMorgan Chase announced on Tuesday that it has named Consumer Lending CEO Marianne Lake and CFO Jennifer Piepszak as co-heads of the bank's consumer unit.

Why it matters: The women had been named by the bank as front-runners to succeed JPMorgan CEO Jamie Dimon, who is now 65 years old, and placing them as finance chiefs cements their status as the most likely candidates to get the role.

  • "Among the six biggest U.S. banks, only Citigroup Inc. has ever named a woman CEO," Bloomberg writes.
  • They will report to Gordon Smith, co-president and COO, until he retires at the end of the year.

The big picture: Dimon has for years avoided answering the question of when he will retire, per CNBC. But his retirement has now become an important subject for the bank's board, particularly after Dimon last year had to recover from an emergency heart surgery that led to Smith and co-president Daniel Pinto to briefly run the bank, the Wall Street Journal reports.

  • Smith, who is 62, was considered too old to become Dimon's successor.

What they're saying: "We are fortunate to have two such superb executives in Marianne and Jenn — they both are examples of our extremely talented and deep management bench," Dimon said in a statement.

  • "Both have proven track records of working successfully across the firm and both are well known and respected within the financial industry for their exceptional character and capabilities," he added.

Go deeper

Bank of America to raise U.S. minimum wage to $25 by 2025

A person using an automated teller machine at a Bank of America bank branch in San Francisco in April 2021. Photo: David Paul Morris/Bloomberg via Getty Images

Bank of America announced in a statement Tuesday it will raise its U.S. minimum hourly wage to $25 by 2025.

Why it matters: The bank says its base hourly pay will have increased by more than 121% since 2010, which is a bump of nearly $14 per hour.

Biden says presidency "will be determined" by outcome of spending plans

President Biden walks with House Speaker Nancy Pelosi after addressing the House Democratic caucus on Thursday. Photo: Jim Watson/AFP via Getty Images

President Biden told the House Democratic caucus Thursday "my presidency will be determined" by the votes he wants in the next week on his $1.75 trillion social safety net expansion and $1.2 trillion infrastructure package.

Driving the news: Biden made the comment, according to a source in the room, as he tried to rally support for the $1.75 trillion package. House Speaker Nancy Pelosi acted immediately, calling for a vote on the $1.2 trillion bipartisan infrastructure bill later in the day.

Ben Geman, author of Generate
43 mins ago - Energy & Environment

China declines to speed emissions cuts in new UN pledge

A view of the skyscrapers in the haze in Shanghai, China, in December 2020. Photo: Feature China/Barcroft Media via Getty Images

Chinese leaders are sticking with a prior target to bring the country's carbon emissions to a peak before 2030, according to documents filed with the United Nations Thursday under the Paris climate agreement.

Why it matters: The new documents come just days ahead of the UN climate summit (COP26) in Glasgow. China is by far the world's largest greenhouse gas emitter, and its emissions path is key to whether the temperature-limiting goals of the Paris agreement can remain within reach.