JPMorgan names retail finance executive Lake as new CFO
November 20, 2012 9:00 AM EST
JPMorgan Chase & Co
Lake, 43, will replace Doug Braunstein early next year, the largest U.S. bank said in a statement on Monday. Braunstein, a former investment banker, will become a vice chairman at the company, the statement said.
Lake, has been the CFO for the company's retail branch systems since 2009. From 2007 to 2009, she worked in JPMorgan's investment bank as global controller in finance and business management.
Press reports last month said Doug Braunstein was looking at other positions in the bank. JPMorgan Chase, which has been roiled by $6.2 billion of trading losses from bad credit bets, has had a series of management shake ups in recent months.
A person familiar with the matter last month said any move by Braunstein would be his decision, and was unrelated to the credit trades.
(Reporting by David Henry in New York; Editing by Carol Bishopric and Diane Craft)
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