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Marshall Lux

Former Chief Risk Officer, JPM

Marshall Lux has been a financial services consultant and practitioner for 30 years. He began his career at McKinsey where he served all manner of financial service firms across a variety of subsectors and functional areas. Lux led McKinsey’s and Boston Consulting Group’s (BCG) private equity practice. He has extensive relationships across private equity firms. He left McKinsey after approximately 25 years to become the Chief Risk Officer for Chase (all consumer products globally) during the 2008 financial crisis. He then joined BCG, where he was a Senior Partner for 5 years, and in particular, helped build a private equity practice.

Lux continues to be an active advisor to BCG. He sits on several private equity boards and advises companies ranging from consumer credit, wealth, insurance, and cybersecurity. Lux has a broad network of financial services C-suite executives with whom he has worked on some of their most important issues. He has also diligenced many of the largest private equity deals that have been done. Along with his client work, he has also done 35 probono assignments and has served on a number of not-for-profit boards, including the Harlem Children’s Zone, the New York Historical Society’s Chairman’s Council, the New York Tenement Museum, Junior Achievement, and Reading is Fundamental.

Lux is a member of the Council on Foreign Relations and is active at the New York Historical Society. He was a Senior Fellow at the Mossavar Rahmani Center for Business and Government at the Harvard Kennedy School and he continues to do research there. He is also a Senior Advisor to the Committee on Capital Markets Regulation and a Senior Fellow to the Program on International Financial Systems, both at Harvard Law School. His overall writings have concerned the unintended consequences of Dodd-Frank on financial services. He has written papers entitled: “The State and Fate of Community Banking,” “What’s Behind the Non-Bank Mortgage Boom?” and “Out of Reach: Regressive Trends in Credit Card Access.” All papers have been cited in the Financial Times, Wall Street Journal, The New York Times, among others. In late 2017 he released a paper entitled: “When Markets Quake: The Past, Present, and Future of Online Lending.”

Lux also teaches private equity at the University of Pennsylvania, Wharton Business School. He has spoken broadly, including at the House Small Business Committee, the Federal Reserve, and various universities and trade groups. He is a member of the Board of Governors of the Online Lending Policy Institute. Lux’s board, advisory, and academic work consume most of his time.

Lux attended the Woodrow Wilson School at Princeton University and graduated Summa Cum Laude. He also attended Harvard Business School where he was a Baker and Ford Scholar. He was the first person in his family to attend college.