JPMorgan Chase & Co. shuffled some of its executives Tuesday, appointing a new chief financial officer and creating a new position to oversee the banking giant's international operations.
Michael Cavanagh will give up the CFO post after six years to become chief executive of JPMorgan's Treasury & Securities Services, which includes payment and collection efforts to companies and governments. Heidi Miller, who had headed up TSS, moves into the new role to run international operations.
Doug Braunstein, who had led JPMorgan's investment-banking division in the Americas, will succeed Cavanagh as CFO. Before heading up investment banking in the Americas, he had served in "a number" of senior investment-banking roles, including as head of global mergers and acquisitions.
"Mike Cavanagh has done an outstanding job as CFO of our company and has built one of the most respected financial teams in banking," said Chairman and CEO Jamie Dimon. "Mike is well-suited to build on Heidi's success as the new head of TSS, one of our six major businesses."
Miller, the new "president of international" is tapped to "develop a comprehensive and coordinated international business strategy and growth plan," the company said, as it believes prospects for further growth in all of its businesses outside the U.S. are "significant."
The company will "shortly" announce a successor to Braunstein as head of investment banking in the Americas.
Shares were flat premarket at $38.87. As of Monday's close, the stock had risen 18% in the past year.
