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JPMorgan Chase Picks New CFO in Management Shuffle

JPMorgan Chase & Co. named a new chief financial officer Tuesday, part of an executive shuffle it said would help groom the company's future leaders.

Doug Braunstein, head of investment banking in the Americas, is the new CFO. He replaces Michael Cavanagh, who was named chief executive of treasury and securities services.

Heidi Miller, who was CEO of treasury and securities services, is now president of international operations — a newly created position. The company said in a news release that growth prospects in all of its businesses outside the United States are "significant" and that Miller's job will be to develop a comprehensive business strategy to accelerate expansion in countries like China, Brazil, India and Russia.

Part of her mission will be expanding global corporate banking, working closely with investment bank CEO Jes Staley and Cavanagh, the release said.

"In developing great leaders and building a strong company, we focus on continually broadening the experience of our executives and working to deploy their talents and expertise across the organization," said Jamie Dimon, Chairman and CEO, in the release. "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."

Cavanagh had been CFO since 2004. Dimon credited him with "outstanding" work in helping oversee merger integration efforts and conduct the company through the financial crisis.

Braunstein held a number of senior investment banking roles, including head of global mergers and acquisitions, before becoming head of investment banking in the Americas. The company said it will announce his successor in that job shortly.

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