Stacey Friedman will become the general counsel of JPMorgan Chase early next year, and Steve Cutler will be its vice chairman, the company announced Monday.
Friedman, currently general counsel of JPMorgan's corporate and investment banking unit, will succeed Cutler as the top lawyer for the entire company.
She joined JPMorgan in 2012 from the law firm Sullivan & Cromwell, where she spent more than a year representing the bank in mortgage-backed-securities litigation and in its purchase of Washington Mutual.
Friedman will act as Cutler's deputy for the remainder of the year. Both will report to Chief Executive Jamie Dimon in their new roles. Friedman will join JPMorgan's operating committee a group of 15 of the company's key decision-makers when she takes over as general counsel.
As JPMorgan's vice chairman, Cutler will be a senior adviser to a number of the firm's executives, including Dimon, and to the board of directors. He is expected to advise on corporate governance, shareholder matters, regulatory issues and corporate-culture initiatives.
Cutler led the company's legal team for nine years and wanted "to try something different," Dimon said in news release.
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Corrected July 6, 2015 at 11:54AM: An earlier version of this story mistakenly said Cutler would assume the vice chairmanship that had belonged to the late Jimmy Lee. JPMorgan has multiple vice-chair posts, a company spokesman said.