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Clashes with regulators and prosecutors added to JPMorgan Chase's chargeoffs and legal costs, casting a shadow over its strong mortgage and investment banking results in the third quarter.
October 12 -
Receiving Wide Coverage ...The JPMorgan Shuffle Continues: JPMorgan cannot stop revamping its organization chart. One month after an overhaul of its corporate and investment banking division and a week after two upper-level departures, multiple news outlets are reporting the bank's chief financial officer Douglas Braunstein will step down by the end of the year. The move isn't all that surprising given Braunstein found his role significantly diminished during another major executive shake-up back in September due largely to the botched London Whale trades. Both Braunstein and JPMorgan have yet to comment on the news, broken initially by the Journal and credited to "people close to the company." Braunstein is not expected to leave JPMorgan completely, but, instead, will take on a different job at the bank. Sources say this new role could be at the firm's corporate and investment division. New York Times, Financial Times
October 11 -
CEO Jamie Dimon named Matt Zames co-chief operating officer on Friday, igniting speculation that Zames could be a leading candidate to succeed him … some day.
July 27
JPMorgan Chase (JPM)
Chief Executive Jamie Dimon had
In October,
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."
