Jpmor­gan’s Mar­i­anne Lake to suc­ceed Braun­stein as CFO

The Pak Banker - - Front Page -

WASH­ING­TON

JPMor­gan Chase & Co named Mar­i­anne Lake to suc­ceed Chief Fi­nan­cial Of­fi­cer Doug Braun­stein, ex­tend­ing an over­haul of se­nior lead­er­ship at the largest US bank by as­sets.

Lake, 43, will as­sume the new role in the first quar­ter as Braun­stein, 51, be­comes a vice chair­man, the com­pany said Tues­day in a state­ment. Lake most re­cently was CFO of the New York-based firm’s con­sumer and community bank­ing busi­ness.

Braun­stein is re­lin­quish­ing over­sight of the bank’s fi­nances af­ter Chief Ex­ec­u­tive Of­fi­cer Jamie Di­mon, 56, shuf­fled other top man­agers in the wake of more than $6.2 bil­lion of losses linked to a trader nick­named the Lon­don Whale. Braun­stein had re­ported to Di­mon un­til July when Matt Zames, 42, the ex­ec­u­tive as­signed to clean up the bad trades, be­came his boss as cochief oper­at­ing of­fi­cer.

“There’s been a lot of change re­cently, some­what driven by the Whale, but that’s life, and we tried to do the right thing there and we’re do­ing fine,” Di­mon said in an in­ter­view. JPMor­gan is “ba­si­cally done” with the man­age­ment over­haul that be­gan in May af­ter the bank dis­closed ini­tial losses on a credit-de­riv­a­tives port­fo­lio. “I hope we’re back to what I call a steady state,” he said.

Lake has been CFO of the con­sumer and community bank­ing busi­ness since 2009. The unit, with 160,000 em­ploy­ees and 50 mil­lion cus­tomers, of­fers ser­vices in­clud­ing bank­ing, loans, credit cards, mort­gages and wealth man­age­ment.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.