J. P. Morgan (JPM) CFO to Shift Roles as CIO Loss Fallout Continues
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JPMorgan shares are indicated for a higher open Thursday amid chatter that its CFO will be shifting roles at the bank nearly as the paint is still drying on his office door.
Doug Braunstein -- who has held the CFO role since 2010 -- has been on the outs following the recent management shake-up stemming from multi-billion CIO losses in May. He is now reporting to co-COO Matt Zanes versus previously reporting directly to CEO Jamie Dimon.
Prior to holding the CFO post, Braunstein was head of J.P. Morgan's investment banking operations. He might decide to go back to the investment banking segment, which was recently combined with the corpoarte banking unit.
Braunstein's decision will be made over the next quarter or so, according to the WSJ.
In May, J. P. Morgan disclosed losses in the CIO unit, which would eventually amount to billions for the bank. Heads of the unit have since left or have been shifted out, as J.P. Morgan looks to unwind the complex derivative trades. For more color on the then=surprising conference call, click here.
JPMorgan is indicated 0.8 percent higher ahead of the bell, after closing 0.94 percent higher on Wednesday.
Doug Braunstein -- who has held the CFO role since 2010 -- has been on the outs following the recent management shake-up stemming from multi-billion CIO losses in May. He is now reporting to co-COO Matt Zanes versus previously reporting directly to CEO Jamie Dimon.
Prior to holding the CFO post, Braunstein was head of J.P. Morgan's investment banking operations. He might decide to go back to the investment banking segment, which was recently combined with the corpoarte banking unit.
Braunstein's decision will be made over the next quarter or so, according to the WSJ.
In May, J. P. Morgan disclosed losses in the CIO unit, which would eventually amount to billions for the bank. Heads of the unit have since left or have been shifted out, as J.P. Morgan looks to unwind the complex derivative trades. For more color on the then=surprising conference call, click here.
JPMorgan is indicated 0.8 percent higher ahead of the bell, after closing 0.94 percent higher on Wednesday.
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