JPMorgan Replaces CFO Braunstein with Insider Lake

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JPMorgan Chase (JPM) named a new chief financial officer on Monday, promoting Marianne Lake from its consumer and community banking operation and ending weeks of speculation about the fate of current CFO Doug Braunstein.

Chief Executive Jamie Dimon had appeared to demote Braunstein in July, during an executive reshuffle meant to help JPMorgan move on from a $6 billion trading loss. Braunstein, who became CFO in 2010, kept his title but started reporting to co-chief operating officer Matt Zames instead of directly to Dimon.

In October, reports surfaced that Braunstein would step down by the end of the year. The bank said Monday that he would become a vice chairman after Lake replaces him "early next year."

Lake, 43, will also join the bank's operating committee and will report directly to Dimon, a spokesman said.

Lake has held multiple roles at JPMorgan, including her current position as CFO of JPMorgan's large consumer and community bank. She has also been the global controller of its investment bank, and has worked in its corporate finance and United Kingdom units. Before joining JPMorgan, she was a chartered accountant for PriceWaterhouseCoopers in London and Sydney.

Dimon glowed about Lake in a press release Monday, calling her "an outstanding choice for this critically important role," who has "an impressive breadth of knowledge and experience in finance across both our wholesale and our consumer businesses — in the United States and around the world."

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