JP Morgan Shuffles Senior Executives in International Banking Expansion
JP Morgan Chase (JPM) shuffled three senior executives as part of a push to broaden international banking operations, the company said today. JPM named Heidi Miller president of international business operations -- a new role at the firm. Miller will spearhead efforts to streamline and prioritize JPM's overseas obligations and previously served as head of treasury and securities services (TSS) at the firm. Succeeding Miller is Michael Cavanagh, previously chief financial officer (CFO) since 2004. JPM also named Doug Braunstein, former head of investment banking for the Americas, as the new CFO, succeeding Cavanagh. The reshuffling comes as part of JPM's international expansion. JPM added Miller's new role to help accelerate growth of business lines outside the US. Miller will lead expansion in JPM's global corporate bank along with investment bank CEO Jes Staley and new TSS head Cavanagh. Miller will also chair a newly-created international operating committee, which consists of JPM's senior global leaders. She will develop an international business strategy alongside senior colleagues, identifying growth opportunities around the world and accelerating expansion in countries like China, Brazil, India and Russia. "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 JPM chairman and CEO Jamie Dimon, in a statement. "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." Write to Diana Golobay. Disclosure: the author holds no relevant investments.