After Morgan Stanley, its now the turn of JPMorgan Chase to get a woman CFO, with the company naming Marianne Lake its new CFO. Making her one of the most powerful women on Wall Street, she will be replacing Doug Braunstein who will become Vice Chairman. Braunstein who has been the CFO of JPMorgan since 2010, from early next year would “focus on serving top clients,” according to an announcement from the company. He was also in the thick of JP Morgan’s massive $6.2 billion trading loss which also put the ban’s credibility on the line globally.Doug Braunstein
Marianne Lake would also join the operating committee of the banking major, and would be reporting directly to CEO Jamie Dimon as she takes over the responsibility of the CFO early next year. “Marianne Lake is an outstanding choice for this critically important role,” said Jamie Dimon, Chairman and CEO, noting that “she has developed an impressive breadth of knowledge and experience in finance across both our wholesale and our consumer businesses — in the United States and around the world.”
“I hope to be described as a great partner and someone who helped drive and develop the business,” Lake said in a interview. Marianne Lake worked for PriceWaterhouseCoopers in London and Sydney before joining JPMorgan. She joined JPMorgan Chase as a senior financial officer for its UK operations, and took charge of its global finance infrastructure and control functions in its corporate finance group from 2004, running it till 2007.From 2007-09, she worked in JPMorgan’s investment bank as global controller in finance and business management.
Here is wishing her all the very best in her new role as one of the most powerful women on Wall Street.