JPMorgan Names Marianne Lake Next CFO

Current CFO Doug Braunstein will become the bank’s vice chairman.

JPMorgan Chase & Co., the largest U.S. bank by assets, named Marianne Lake to succeed chief financial officer Doug Braunstein, extending an overhaul of the lender’s senior ranks.

Braunstein, 51, will become a vice chairman after Lake’s move to the new role in the first quarter, the company said today in a statement. Lake, 43, is currently CFO of the New York-based firm’s consumer and community banking business.

Braunstein is relinquishing oversight of the bank’s finances after Chief Executive Officer Jamie Dimon, 56, shuffled other senior leaders in the wake of more than $6.2 billion in losses on botched trades by the firm’s chief investment office. Braunstein had reported to Dimon until July when Matt Zames, 42, the executive assigned to clean up the bad trades, became his boss as co-chief operating officer.

“It’s not at the top of my mind to make sweeping changes right now,” Lake said in an interview. “It’s a well-run function that I have been a part of. I have huge amounts of respect for Doug, and the people who worked with him.”

She has been CFO of the consumer and community banking business since 2009. The unit, with 160,000 employees and 50 million customers, offers services including banking, loans, credit cards, mortgages and wealth management.

Lake, who said it was “surreal” to see her name on television after today’s announcement, has a bachelor’s degree in physics and has worked in finance and accounting for more than two decades. She started out as an accountant for PricewaterhouseCoopers in London and Sydney when she was 21 years old.

 

Bloomberg News

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