logo
Share SHARE
FONT-SIZE Plus   Neg

JP Morgan Names Marianne Lake CFO - Update

JP Morgan Chase & Co. (JPM: Quote) Monday named Marianne Lake as its new chief financial officer, replacing Douglas Braunstein, who will now take up responsibilities in a new role as vice chairman of the company.

Lake, whose tenure as CFO starts early next year, will also become a member of the company's operating committee. She will be reporting to CEO James Dimon.

Lake currently serves as CFO of JP Morgan's Consumer & Community Banking unit. Earlier, she served as Global Controller of the Investment Bank from 2007 to 2009, and prior to that was in the Corporate Finance group.

The management reshuffle comes months after a nearly $6 billion trading loss JP Morgan suffered in its London Chief Investment Office, leading to a slew of executive exits.

Meanwhile, outgoing CFO Braunstein is among those facing regulatory scrutiny over the trading losses. Braunstein has been the company's finance chief since 2010. Prior to that, he was responsible for the lender's investment-banking operations in North and South America.

JPM closed Monday at $40.59, up 2.68%, on a volume of 26.8 million shares on the NYSE. In after hours, the stock dropped 0.20%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
RELATED NEWS
Trade JPM now with 
Follow RTT