Top Five Stories of the Week on Finance Chief

JPMorgan Sets Co-Presidents as Dimon Successor Race Narrows

What does succession look like when a Chief Executive has led a bank for 20 years and is not signalling an exit? JPMorgan Chase delivered its clearest indication yet this week – and it included a high-profile departure.

On 25 June, Doug Petno and Troy Rohrbaugh were appointed Co-Presidents with immediate effect, positioning them clearly at the front of the extended contest to replace Jamie Dimon. 

On the same day, Marianne Lake, a 25-year veteran long seen as a leading candidate, announced she would retire.

In a statement, Jamie described the leadership changes as “an important step in our Board's thoughtful process around succession planning" and added he has "never been more excited about the future of JPMorganChase”.

PayPal: UK Firms Back BNPL Rules to Boost Trust and Sales

British businesses are highly optimistic about the impending Financial Conduct Authority (FCA) deferred payment credit regulation. 

According to new research from PayPal, which surveyed 1,000 British business owners and representatives, nearly two thirds (64%) believe the new rules will aid their operations by improving consumer trust (59%) and transparency (58%).

Rather than viewing the regulatory shift as a barrier, 49% of firms believe the framework will help them establish a more sustainable long-term business model. Almost a quarter (23%) plan to expand their Buy-Now-Pay-Later (BNPL) offerings after the rules are implemented, anticipating higher quality customers (20%) due to increased consumer confidence, which will subsequently boost conversion and sales (18%).

Xero Links with Microsoft to Embed Live Financial Data

Small business platform Xero has launched a direct integration with Microsoft 365, a move designed to bring real-time financial data directly into everyday office applications. 

The partnership aims to streamline operations for small businesses and accountants by embedding Xero's proprietary AI financial superagent, JAX, within Microsoft 365 Copilot. It will provide customised insights as business owners use it to ask financial questions. 

From a strategic perspective, the move tackles a persistent productivity drain in corporate finance: the friction of switching between siloed software systems.

By anchoring live financial data inside tools like Excel, Word and PowerPoint, the integration attempts to eliminate manual data entry and reduce data fragmentation risks.

Revolut Names Ex-Chase Kuba Fast as New European Bank Boss

Revolut has appointed Kuba Fast as the CEO of Revolut Bank UAB, its Lithuania-based European banking entity. The move follows formal approval from both the European Central Bank and the Bank of Lithuania.

Kuba joins the fintech heavyweight from JPMorgan Chase, where he helped launch its international consumer business and served as CEO of digital bank Chase UK. His background also includes senior leadership roles at Poland's mBank SA and a partnership at McKinsey & Company. He holds an MBA from Harvard Business School.

In a post on LinkedIn, Kuba explains: “I've spent my career building digital banking businesses, but taking a role with Revolut had a unique appeal: the ambition here isn't just to build another bank, it's to build a truly global one.

Trump Accounts Supported by Major FinServ and Tech Brands

The US Department of Treasury has announced the launch of Trump Accounts on 4 July, celebrating the nation’s 250th year of existence. The launch takes place at the White House on 6 July. 

In an announcement, the state says the goal of the accounts is to boost financial literacy with aims of long-term financial security, ultimately boosting the economy. 

Families will also gain an understanding of how American markets work, as the department notes it will do this by “helping children start with a foothold in the American economy from birth or early childhood”. 

US President Donald Trump states: “This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation. And they'll really be getting a big jump on life.”