JPMorgan's Lake Aims High, Bank Targets 15% Share of Consumer Deposits: Report

JPMorgan Chase & Co. JPM shares are trading lower today. In an interview at New York headquarters, Marianne Lake, CEO of consumer and community banking, reportedly stated that the bank has set a bold objective to capture 15% of the nation’s consumer deposits.

The lender aims to increase its share of national credit card spending from 17% to 20%, reported Reuters.

In the first quarter, the bank held $1.96 trillion in deposits, including wholesale deposits, vs. $1.95 trillion a year earlier. At the end of the first quarter, U.S. retail deposits totaled $1.1 trillion.

As of June 2023, the bank held an 11.3% share of U.S. retail deposits, based on the most recent data available, the report highlighted.

Lake said, “Market share is a game of inches, and it is a very powerful game…While we are not putting any timeline on it, our strategies are geared towards achieving it.”

“We’re continuing to build our capabilities to compete and win and investing in modernizing our infrastructure and data, leveraging AI, payments and other business strategies.”

As per the report, investors and analysts will be keenly observing for any updates on CEO succession plans. The bank’s board has named Marianne Lake as a potential successor to Jamie Dimon, who has been CEO since 2006.

According to the report, other potential CEO candidates at JPMorgan include Jennifer Piepszak and Troy Rohrbaugh, co-CEOs of the commercial and investment bank, and Mary Erdoes, head of the asset and wealth management businesses.

Also Read: JP Morgan’s Chief Market Strategist Kolanovic Departs Amid Contrarian Views On US Equities: Report

Last week, Lake issued a warning to its 86 million customers: prepare for potential new charges on their bank accounts.

JPMorgan is scheduled to report its earnings this Friday.

Price Action: JPM shares are down 0.25% at $207.28 at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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