Breaking News
FONT-SIZE Plus   Neg
Share SHARE

JP Morgan Names Marianne Lake CFO - Update

RELATED NEWS
Trade JPM now with 

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%.

Click here to receive FREE breaking news email alerts for JPMorgan Chase & Co. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Beverages giant Coca-Cola Co. reported Tuesday a profit for the third quarter that decreased 14 percent from last year, despite higher worldwide volumes, reflecting a revenue drop. Adjusted earnings per share matched analysts' expectations, even as quarterly revenues missed their estimates. Following the announcement, the company's shares are trading more than five percent lower in early deals. Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Programmable chipmaker Xilinx Inc. (XLNX) said Thursday after the markets closed that its second quarter profit rose 21% from last year, helped by higher revenue and better cost control. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue....
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.