Three members of JPMorgan Chase & Co.’s (New York) senior leadership team have taken on new responsibilities. Heidi Miller, head of Treasury & Securities Services (TSS), has been named President of International; Michael Cavanagh, Chief Financial Officer, will succeed Miller as Chief Executive Officer of TSS. Also, Doug Braunstein, head of Investment Banking, Americas, will succeed Cavanagh as CFO.
As part of the announcement, JPMorgan Chase has created the new role of President of International. According to a press release, the company believes prospects for further growth in all of its businesses outside the United States are significant. “This 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.
Working with her senior colleagues, Miller will develop a comprehensive and coordinated international business strategy and growth plan – ensuring that JPMorgan Chase identifies opportunities for growth all over the world; accelerates its expansion in countries like China, Brazil, India, and Russia; seeks out opportunities in other emerging economies; properly resources and governs lines of business and functions; continues the build-out of local branches; and cuts out any bureaucracy and inefficiencies, according to the company’s statement.
Additionally, the company says, Miller will take the lead in further expanding its global Corporate Bank, managing it in close coordination with Investment Bank CEO Jes Staley as well as with TSS Head Mike Cavanagh. As part of her new responsibilities, Miller also will chair a newly formed International Operating Committee, consisting of the firm's senior global leaders, and she will focus on growing international branches across lines of business.
"Over the years at JPMorgan Chase we have worked hard to build a highly talented senior management team," said Jamie Dimon, Chairman and CEO, in the press release. "In developing great leaders and building a strong company, we focus on continually broadening the experience of our executives and working to deploy their talents and expertise across the organization. Our firm has developed an excellent management bench, and today's moves reflect our goal of building on our team's experience and providing them with new opportunities to make our company even better."
Dimon added, "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."