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JP Morgan Reshuffles Senior Management Team

JP Morgan Chase has assigned new responsibilities for three members of its senior leadership team that consists of Heidi Miller, Michael Cavanagh and Doug Braunstein.

Ms Miller, head of Treasury & Securities Services (TSS), has been appointed in a newly created role as president of international; Mr Cavanagh, chief financial officer, will succeed Ms Miller as CEO of TSS; Mr Braunstein, head of investment banking, Americas, will succeed Mr Cavanagh as new chief financial officer.

JP Morgan Chase said that the newly created president of international role will enhance- not replace – business lines around the world and will help it to accelerate and prioritize efforts and investments for growth.

JP Morgan added that Ms Miller will develop a comprehensive and coordinated international business strategy and growth plan to ensure that the company identifies opportunities for growth all over the world; accelerates its expansion in countries like China, Brazil, India, and Russia; seeks out opportunities in other emerging economies; properly resources and governs lines of business and functions; continues the build-out of local branches; and cuts out any bureaucracy and inefficiencies.

Ms Miller will take the lead in further expanding the global corporate bank, managing it in close coordination with investment bank CEO Jes Staley as well as with TSS head Mike Cavanagh. As part of her new responsibilities, she will also chair a newly formed international operating committee, consisting of the company’s senior global leaders, and she will focus on growing our international branches across lines of business.

Jamie Dimon, chairman and CEO of JP Morgan Chase, said: “Our firm has developed an excellent management bench, and today’s moves reflect our goal of building on our team’s experience and providing them with new opportunities to make our company even better.”

Jamie Dimon said, “The breadth and depth of Heidi’s international business and leadership expertise are virtually unmatched in our industry, and I’m very excited about her taking on this important new role.

Ms Miller said: “JP Morgan Chase is uniquely positioned for extraordinary success and growth globally if we work together and execute well, and I’m very fortunate to be leading this effort.”