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HomeMarketJPMorgan consumer banking boss Marianne Lake on Trump, the Fed and 2025

JPMorgan consumer banking boss Marianne Lake on Trump, the Fed and 2025

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Marianne Lake runs JPMorgan Chase’s (JPM) sprawling consumer banking operations, making her one of the most powerful people in the industry.

She is also one of the frontrunners to succeed CEO Jamie Dimon when the longtime boss decides to stop running the nation’s largest bank.

Lake stepped into the spotlight this past week at Goldman Sachs (GS) financial services conference in Manhattan, giving investors a bullish update about the bank’s fourth quarter performance (investment banking fees will be up 45%) and 2025 (a key revenue source will be $2 billion more than expected).

JPMorgan’s CEO of consumer and community banking told investors there were “reasons to be optimistic” about 2025, a sentiment that many others in her industry echoed this past week as they cheered the incoming Trump White House.

The CEO of Consumer and Community Banking, Marianne Lake poses for portraits at the JP Morgan headquarters in New York City, U.S., July 2, 2024.  REUTERS/Kent J. Edwards
Marianne Lake, JPMorgan’s CEO of consumer and community banking, at the JPMorgan headquarters in New York City. REUTERS/Kent J. Edwards · REUTERS / Reuters

The hope is that lending and dealmaking churn higher while a new Republican administration loosens some rules for banks and applies more leniency in approving the sort of corporate mergers that produce big profits for Wall Street giants.

Read more: How do banks make money?

Banks are also hoping that a new administration would think twice about a new set of controversial capital rules proposed by top bank regulators that would require lenders to set aside greater buffers for future losses.

Lake, who is 55 years old, went into more detail about her outlook in a conversation with Yahoo Finance, covering a number of topics that are front of mind for her industry.

Lake has not been shy in the past about expressing her concern with pending regulation and legislation that she and others argue will harm banks and their customers.

Along with the proposal that could increase bank capital requirements, she cited three specific examples this week of rules or legislation that are of concern.

One reduces debit card fees, one reduces debit card interchange fees, and one makes it simpler for customers to transfer their personal data between banks.

The day after she spoke, the Biden administration released another new rule opposed by banks: a $5 cap on bank overdraft charges imposed by the CFPB. It quickly resulted in a lawsuit from bank lobbying groups.

FILE PHOTO: Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew Kelly/File Photo
The Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C. REUTERS/Andrew Kelly/File Photo · Reuters / Reuters

She does expect there is an opportunity with the new administration to reverse some of these proposals.

When it comes to the “onslaught of new regulatory constraints,” Lake told Yahoo Finance, “we’re optimistic about the opportunities for collaboration between the business community and the new administration.”

Some economists are worried that the policies of Trump 2.0 will prove to be inflationary, adding to persistent pricing pressures.

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