JPMorgan replaces the irreplaceable, Citigroup promotes

JPMorgan on Monday appointed its top lawyer, Steve Cutler, to fill the vice chairman position left empty by the death of Jimmy Lee last month.

The New York Post reports that the move is indicative of the bank’s increasing focus on legal and regulatory issues.

Cutler has been the general counsel since 2007 — just as the financial crisis was beginning — and has overseen some of the bank’s biggest legal headaches, from the 2012 'London Whale' fiasco in which JPMorgan lost $6bn on bad trades, to the $13bn settlement with the Justice Department the next year for its role in the economic collapse.

In the meantime, Reuters reports that Citigroup promoted Michael Lavelle to head of UK and Ireland corporate and investment banking and vice chairman of EMEA CIB with immediate effect, according to an internal memo seen by Reuters.

Lavelle will also become a member of the global leadership group, according to the memo.

JPMorgan replaces the late Jimmy Lee with its top lawyer

Citigroup names head of UK, Ireland corporate and investment banking

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