JPMorgan names retail finance executive Lake as new CFO

Mon Nov 19, 2012 9:43pm EST
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By David Henry

(Reuters) - JPMorgan Chase & Co (JPM.N: Quote) named little-known executive Marianne Lake as its chief financial officer on Monday, making her one of the most powerful women on Wall Street and the top ambassador to investors for the largest U.S. bank.

Lake, 43, will replace Doug Braunstein as CFO early next year and join only a handful of other women in top Wall Street roles, such as Ruth Porat, the chief financial officer of Morgan Stanley (MS.N: Quote).

Lake will answer directly to CEO Jamie Dimon in her new role, reestablishing a reporting line taken away from the CFO post this summer after a massive $6.2 billion trading loss hurt the company's credibility with securities analysts.

She will also join the bank's powerful operating committee, which has about a dozen members.

"I hope to be described as a great partner and someone who helped drive and develop the business," Lake said in a interview.

Braunstein, 51, a long-time investment banker, will become a vice chairman at JPMorgan and "focus on serving top clients," according to an announcement from the company.

His move could mark the last exit from the public spotlight of JPMorgan executives linked to the trading loss.

Braunstein, like Dimon, had insisted to analysts in April that press reports were wrong about risks the bank's Chief Investment Office faced from positions taken by Bruno Iksil, who was known to hedge funds as the "London Whale" for the size of his trades in derivatives.   Continued...

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