JP Morgan Chase appoints new chief financial officer

JP Morgan Chase has replaced chief financial officer Doug Braunstein with Marianne Lake.

It is reported that Braunstein has wanted to move out of the CIO role after the bank made $6bn of losses of the back of the “London Whale” derivatives trading scandal.

Lake was previously CFO of JPMorgan’s consumer business and worked as global controller of the investment bank between 2007 and 2009.

Braunstein will move to become a vice-chairman of the company in the first quarter of next year

Speaking to the FT, JPMorgan chief executive Jamie Dimon denied the trading losses were not the reason behind the switch.