said Tuesday that Doug Braunstein, currently head of Investment Banking, Americas, will assume the CFO post from Mike Cavanagh, who will become CEO of the Treasury & Securities Services business. Heidi Miller vacates that position to become president of JPMorgan's international banking franchise.
"JPMorgan 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," CEO Jamie Dimon said in a statement.
Shares of JPMorgan were lately up 43 cents, or 1.1%, to $39.30.
Other major U.S. bank stocks were trading mixed as the House and Senate continue to craft a merged version of the financial reform bill.
climbed 0.9% to $28.20,
advanced 0.7% to $25.78, and
Bank of America
rose 0.5% to $15.88. On the downside,
slipped 0.5% to $137.
was down 0.3% to $4.01 after Astenbeck Offshore Commodities Fund II Ltd, a Connecticut-based hedge fund run by former Citi trader Andrew Hall, said it has raised $1.08 billion, according to a filing with the
Securities and Exchange Commission
Hall, the former head of Citigroup's Phibro Commodities Fund, received a $100 million pay package from the bank in 2009, which drew the ire of politicians who called the payout excessive. Citigroup eventually sold its Phibro energy-trading unit to
for $250 million.
Among the other winners of the financial sector,
rallied 8.2% to $24.75 after the investment bank posted second-quarter net income of $84.8 million, or 41 cents a share, rising from a year-ago profit of $61.9 million, or 30 cents a share. Analysts were expecting second-quarter earnings of 36 cents a share, according to Thomson Reuters.
traded in opposite directions one day after Assistant Senate Majority Leader Dick Durbin said an agreement on regulation regarding interchange fees on debit-card transactions has been reached.
One compromise Durbin announced provides that the
cannot regulate network fees, which Visa and MasterCard charge and that accrue to themselves, except to ensure that the fees are not used to circumvent interchange fee regulation. Durbin said the compromise will still protect consumers from loopholes which would allow banks to raise fees to cover any loss in interchange revenue.
Visa, which climbed 6.3% Monday, was off 0.8% Tuesday to $80.27. MasterCard climbed 4.2% Monday and was up another 1.1% to $225.75.
Among Tuesday's decliners,
shares fell after the company said Tuesday it is exploring options for its Transamerica life reinsurance business in the U.S. and plans to restructure its U.K. operations.
in a statement Tuesday said it will look for a "suitable buyer" for the Transamerica business and that it "believes that, over the longer term, there is only a limited strategic fit between Transamerica Reinsurance and Aegon's core activities."
Shares were lately down 1.3% to $6.12.
-- Written by Robert Holmes in Boston
Follow Robert Holmes on
and become a fan of TheStreet.com on