JPMorgan Replaces CFO Braunstein with Insider Lake

By Maria Aspan November 19, 2012, 5:49 p.m. EST 1 Min Read

Consumer banking

Issues Lurk Behind JPM's Jump in Mortgages, Investment Banking

Clashes with regulators and prosecutors added to JPMorgan Chase's chargeoffs and legal costs, casting a shadow over its strong mortgage and investment banking results in the third quarter.

By Andy Peters

October 12
JPMorgan CFO to Step Down, Dimon Rants, Authorities Build Case Against London Whale

Receiving Wide Coverage ...The JPMorgan Shuffle Continues: JPMorgan cannot stop revamping its organization chart. One month after an overhaul of its corporate and investment banking division and a week after two upper-level departures, multiple news outlets are reporting the bank's chief financial officer Douglas Braunstein will step down by the end of the year. The move isn't all that surprising given Braunstein found his role significantly diminished during another major executive shake-up back in September due largely to the botched London Whale trades. Both Braunstein and JPMorgan have yet to comment on the news, broken initially by the Journal and credited to "people close to the company." Braunstein is not expected to leave JPMorgan completely, but, instead, will take on a different job at the bank. Sources say this new role could be at the firm's corporate and investment division. New York Times, Financial Times

By Jeanine Skowronski

October 11
Consumer banking

Parsing JPMorgan's Latest Exec Shakeup (Meet Matt Zames)

CEO Jamie Dimon named Matt Zames co-chief operating officer on Friday, igniting speculation that Zames could be a leading candidate to succeed him … some day.

By Maria Aspan

July 27

JPMorgan Chase (JPM) named a new chief financial officer on Monday, promoting Marianne Lake from its consumer and community banking operation and ending weeks of speculation about the fate of current CFO Doug Braunstein.

Chief Executive Jamie Dimon had appeared to demote Braunstein in July, during an executive reshuffle meant to help JPMorgan move on from a $6 billion trading loss. Braunstein, who became CFO in 2010, kept his title but started reporting to co-chief operating officer Matt Zames instead of directly to Dimon.

In October, reports surfaced that Braunstein would step down by the end of the year. The bank said Monday that he would become a vice chairman after Lake replaces him "early next year."

Lake, 43, will also join the bank's operating committee and will report directly to Dimon, a spokesman said.

Lake has held multiple roles at JPMorgan, including her current position as CFO of JPMorgan's large consumer and community bank. She has also been the global controller of its investment bank, and has worked in its corporate finance and United Kingdom units. Before joining JPMorgan, she was a chartered accountant for PriceWaterhouseCoopers in London and Sydney.

Dimon glowed about Lake in a press release Monday, calling her "an outstanding choice for this critically important role," who has "an impressive breadth of knowledge and experience in finance across both our wholesale and our consumer businesses — in the United States and around the world."

Maria Aspan

National Editor, AMERICAN BANKER