logo
Share SHARE
FONT-SIZE Plus   Neg

JP Morgan Names Marianne Lake CFO - Update

JP Morgan Chase & Co. (JPM) 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
President Donald Trump has continued his assault on one of his favorite targets on Wednesday, lashing out at major media outlets in a series of posts on Twitter. Trump singled out the New York Times and the Washington Post in his tweets, describing the newspapers as "fake news." Christoph, born on-board a Spirit flight destined to Dallas from Fort Lauderdale airport, can celebrate all his forthcoming birthdays in life with a free travel on Spirit airline. Blue Apron Holdings Inc. has cut the expected price range for its initial public offering amid worries about the potential impact on the food retail sector of Amazon.com Inc.'s recent deal to buy grocery chain Whole Foods Market Inc. for $13.7 billion.
comments powered by Disqus
Follow RTT