JP Morgan Chase Appoints a New CFO
JPMorgan Chase has appointed Marianne Lake to become its next Chief Financial Officer and a member of its Operating Committee, effective early next year. Currently, Chief Financial Officer of JP Morgan's Consumer & Community Banking business, Ms. Lake will succeed Doug Braunstein, who will become a Vice Chairman of the company in its investment banking division.
Prior to her current role, Ms. Lake, 43, served as Global Controller of the Investment Bank from 2007 to 2009. From 2004 to 2007, she was in the Corporate Finance group managing global finance infrastructure and controls functions.
Before that, she was the Senior Financial Officer for the company in the United Kingdom, and according to Reuters, has dual U.S. and UK citizenships.
Ms. Lake started her career as a chartered accountant at PriceWaterhouseCoopers in their London and Sydney offices.
In a statement released to the media, the bank said Ms. Lake's transition into the CFO position will occur in first quarter 2013 and that Braunstein will remain in that role until that time. When that happens, she will become one of the most powerful women on Wall Street.
"Marianne Lake is an outstanding choice for this critically important role," said Jamie Dimon, Chairman and CEO. "She has developed 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."
Dimon called Braunstein "an outstanding colleague" who he thanked "for his hard work and dedication in the CFO role."
In his new role, Braunstein will return to investment banking and serve the firm's top clients. Prior to taking on his CFO role, Braunstein had been head of Investment Banking Americas from 2008.