Published November 19, 2012
J.P. Morgan Chase (JPM) promoted Marianne Lake to the position of chief financial officer on Monday, instantly making the former CFO of consumer and community banking one of Wall Street’s highest ranking females.
The move comes just months after the resignation of the banking giant’s former chief investment officer, Ina Drew, in the wake of the London Whale trading debacle.
In addition to taking over as CFO, Lake has been tapped to join J.P. Morgan’s operating committee, its closely watched circle of high-level executives.
“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,” CEO Jamie Dimon said in a statement.
The promotion makes Lake, 43, one of the few high-ranking females on Wall Street, an aggressive industry that is still dominated by males.
Lake is currently serving as CFO of J.P. Morgan’s consumer and community banking division, which is one of the largest financial-services businesses in the country. She previously worked as global controller of the investment bank from 2007 to 2009 and also had a stint in the company’s corporate finance group.
Lake is expected to take her new position in the first quarter of 2013, succeeding current CFO Doug Braunstein, who will become a vice chairman. The bank said Braunstein will focus on serving the company’s top clients.
Before becoming CFO in June 2010, Braunstein served as head of J.P. Morgan’s investment banking Americas division since 2008 and also previously led its M&A team.
“Doug is a highly experienced and respected banker and an exceptional client-facing executive, who in this new role will work alongside our investment bankers to further strengthen the capabilities of our world-class Corporate & Investment Bank,” Dimon said.
Shares of New York-based J.P. Morgan traded flat in after-hours action, maintaining their 2.68% leap during regular trading to $40.59. The bank’s stock has rallied about 19% so far this year, outperforming the broader markets.