Bloomberg reports that Lake, 43, will assume the new role in the first quarter as Braunstein, 51, becomes a vice chairman, the company said Monday in a statement. Lake most recently was 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 top managers in the wake of more than $6.2bn of losses linked to a trader nicknamed the London Whale. 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.
'There’s been a lot of change recently, somewhat driven by the Whale, but that’s life, and we tried to do the right thing there and we’re doing fine', Dimon said in an interview. JPMorgan is 'basically done' with the management overhaul that began in May after the bank disclosed initial losses on a credit-derivatives portfolio. “I hope we’re back to what I call a steady state', he said.
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