Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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%.

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
This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, 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.