JPMorgan Shuffles CFO, Other Executives

Tuesday, 22 Jun 2010 10:18 AM

 

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JPMorgan Chase & Co. said Tuesday it is shuffling the positions of three executives, including naming a new chief financial officer.

The shake up is part of a program JPMorgan Chase has put in place to have executives work across multiple divisions to broaden their experience.

Doug Braunstein is taking over as CFO. He was previously head of the bank's investment banking division in the Americas.

Braunstein, 49, replaces Michael Cavanagh, who had served as CFO since 2004. Cavanagh was named head of the bank's treasury and securities services business.

Cavanagh, 44, oversaw JPMorgan's finances during one of the most tumultuous periods in the financial markets since the Great Depression. During that time, JPMorgan Chase was considered one of the strongest banks as many others booked big losses and charges tied to the collapse of the mortgage market and other risky investments.

Heidi Miller, who was head of treasury and security services, is now the president of international operations. Miller's position is a new one for the bank, which is looking to expand overseas.

Miller, 57, will work in coordination with leaders from each of JPMorgan's business lines around the world to help prioritize growth strategies. In the new position, Miller will focus on areas such as growth in emerging markets and expanding the bank's global corporate bank.

She will also head a newly formed international operating committee. The committee will be made up of the bank's senior global leaders.

JPMorgan Chase said it will announce a new head of investment banking for the Americas shortly.

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