[ by Larry Goldfarb ]

Following in the tradition of JPMorgan hiring woman CFOs, it was announced yesterday that Marianne Lake will replace Douglas Braunstein as chief financial officer early next year.  Dina Dublon was the CFO from 1998 -2004.

MS Lake  is the C.F.O. for the consumer and community banking business.  The reshuffling follows a spate of executive changes that have come in the wake of the trading loss by JPMorgan's chief investment office in London, a misstep that undercut the bank's reputation as a deft manager of risk and renewed warnings from lawmakers that some firms on Wall Street are too unwieldy to manage. Since announcing the losses on a soured bet on credit derivatives in May, the losses have swelled and stand at $6.25 billion for the year.

With her latest role, Ms. Lake will become one of the most powerful women on Wall Street, joining Ruth Porat of Morgan Stanley as the only other woman working as a chief financial officer of a leading American bank.  Jamie Dimon, the chief executive of JPMorgan, described Ms. Lake as "exceptionally talented." As the controller of the bank's investment banking business, Ms. Lake worked with Mr. Dimon after JPMorgan swooped in to rescue Bear Stearns in March.

Following the trading losses. and the resignation of Ina R. Drew, who ran the chief investment office and was long a trusted lieutenant of Mr. Dimon, the thin ranks of women in the top ranks of Wall Street grew even thinner. Last year, another high ranking executive at JPMorgan, Heidi Miller, announced that she was leaving the bank.

For more information, please read [NYT, 11/20/12].