Heidi Miller, previously head of J.P. Morgans Treasury & Securities Services, has been shuffled to the new role of President of J.P. Morgan International. Michael Cavanagh, Chief Financial Officer, will replace Miller as CEO of TSS.
Doug Braunstein, head of Investment Banking, Americas, will succeed Cavanagh as Chief Financial Officer.
J.P. Morgan explained that the new role of International President has been created in order to further growth in all of our businesses outside the United States, highlighting China, Brazil, India and Russia as major prospects.
J.P. Morgan is in talks to purchase Gvea Investments, a Brazilian asset management firm, and has recently launched a joint venture with First Capital Securities, a Chinese brokerage house. Miller also has been flying the flag for J.P. Morgan, recently hosted an opening ceremony for the banks new office in Abu Dhabi.
Miller will also expand J.P. Morgans global Corporate Bank, managing it in coordination with Investment Bank CEO Jes Staley as well as with TSS Head Mike Cavanagh.
A new International Operating Committee has also been founded, chaired by Miller.
According to an interview with the New York Times, chief executive, Jamie Dimon made the decisions in order to develop the team of younger managers to succeed him. Staley remains the favourite among Wall Street pundits.
New TSS boss Mike Cavanagh, who has been the company’s Chief Financial Officer since 2004, said, “I couldn’t be more excited about the opportunity to succeed Heidi in leading our TSS business, and I look forward to building upon [Millers] success.”
Doug Braunstein, who has served as head of Investment Banking for the Americas, will become Chief Financial Officer and a member of the firm-wide Operating Committee. Prior to heading Investment Banking, Americas, Braunstein served in a number of senior Investment Banking roles, including as head of Global Mergers and Acquisitions. He has been a member of the firm’s Executive Committee since 2005.
The company will shortly announce a successor to Braunstein as head of Investment Banking, Americas.