NEW YORK (
is shuffling the roles of three members of senior management with a possible new succession candidate getting lined up behind Chairman and CEO Jamie Dimon as the bank places a deeper emphasis on expansion abroad.
The bank named Heidi Miller to a new role as president of its international banking franchise. CFO Mike Cavanagh will move into Miller's prior position, becoming CEO of the Treasury & Securities Services business. Doug Braunstein, currently head of Investment Banking, Americas, will assume the CFO post, and a replacement to take on Braunstein's duties will be announced shortly.
Dimon, 54, will remain at the helm of the $2.1 trillion-asset bank.
"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," Dimon said.
Miller added: "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."
JPMorgan's decision to create the new international executive is indicative of the expansion potential Dimon sees, particularly given the strong financial reform legislation being finalized that is sure to crimp domestic revenue, and moving Miller into such a high-profile role is telling.
The bank has been making news of late regarding its expansion in the international space. Last week, it announced
in China in order to grab more fees related to the lucrative capital markets business there. And
The Financial Times
reported Sunday that JPMorgan was in talks to acquire Brazilian hedge fund and private equity firm Gavea Investimentos.
"This important new role will augment -- not replace -- business lines around the world, helping them accelerate and prioritize their efforts and their investments for growth," the company said.
Miller will be in charge of developing the bank's international business strategy and growth plan, identifying opportunities all over the world and accelerating expansion in countries like China, Brazil, India, and Russia, according to the company's statement.
She will also chair a newly formed International Operating Committee, consisting of the firm's senior global leaders, that will only focus on growing international branches across lines of business, and "take the lead" on further expansion of the company's global Corporate Bank business, working with Investment Bank CEO Jes Staley and Cavanagh in his new role.
JPMorgan shook up the ranks of its investment banking unit in September 2009, naming Jes Staley as the new CEO of the business. Previously the business was run by co-heads Steve Black and Bill Winters. The appointment of Staley, a 30-year veteran, stoked discussion about whether he was being primed as an
Shares of JPMorgan were up a dime in early trades to $38.87. Year-to-date, the stock is down nearly 7%, compared to gain of roughly 15% for the
KBW Bank Index
--Written by Laurie Kulikowski in New York.