JPMorgan CFO Braunstein may step down

Thu Oct 11, 2012 8:12am EDT
 
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By Dan Wilchins

(Reuters) - JPMorgan Chase and Co's (JPM.N: Quote) chief financial officer, Doug Braunstein, may step down and take another position with the bank, a person familiar with the matter told Reuters.

The move would be the latest management change at the bank, which has been roiled by $6 billion of losses from bad bets on derivatives.

The person familiar with the matter said Wednesday that any shift would be Braunstein's decision, and would be unrelated to the trades.

In July, JPMorgan announced new co-heads for commercial and investment banking and placed a co-chief operating officer in the reporting line between Braunstein and Chief Executive Jamie Dimon.

Dimon had testified a month earlier to a U.S. Senate committee that Braunstein was one of the people who had wrongly assured him in April that the derivatives losses were not a big deal.

Analysts believed the executive changes in July were designed to add checks and balances to the bank's senior ranks after the trading losses, which have brought intense regulatory scrutiny to the bank.

Dimon told Reuters at the time that the shifts had been in the works before the bad trades, and were designed to help the bank cope with the increased complexity that financial companies face globally.

Braunstein did not return a call to his cell phone seeking comment on his possible job change, and the bank declined to comment. The timing for any job change for Braunstein is unclear.   Continued...

 
The entrance to JPMorgan Chase's international headquarters on Park Avenue is seen in New York October 2, 2012. REUTERS/Shannon Stapleton