JPMorgan Chase & Co reshuffled three top executives, including its chief financial officer, as part of an effort to ensure a deep bench of executives who could eventually succeed CEO Jamie Dimon.

The second-largest U.S. bank by assets said on Tuesday that it had replaced Chief Financial Officer Michael Cavanagh with Doug Braunstein, the company's head of investment banking for the Americas.

Cavanagh, CFO since 2004, will become the bank's chief executive of treasury and securities services, the company said in a statement.

The shuffle is part of the bank's effort to broaden the experience of its executives, Dimon said in the statement.

It follows a reorganization in September, when the bank named former asset management head Jes Staley as chief executive of its investment bank in a promotion that was widely seen as anointing him a frontrunner to succeed Dimon.

Dimon, 54, has been CEO of JPMorgan since 2005.

Cavanagh is now getting a chance to show what he can do in a line position, said Gary Townsend, chief executive of Hill-Townsend Capital. Cavanagh was chief administrative officer of the commercial bank at Bank One in 2004 when it combined with JPMorgan. He then headed middle market banking before becoming CFO.

He's very young still and (the move) certainly doesn't hurt his prospects, said Townsend. Cavanagh, who has also in the past been tipped to replace Dimon, is 44, while Staley is 53.

Treasury and securities services is an important business in the bank and one that JPMorgan likely wants to develop, added Nancy Bush, analyst at NAB Research. Treasury services is underdeveloped there for a bank of their size and prominence, she said.

It is certainly not the profit-driver that the investment bank has been lately for JPMorgan. In the first quarter, the investment bank reported net income of $2.5 billion, up from $1.6 billion a year earlier, helped by a pickup in trading revenue and scooping up advisory business from rivals.

Braunstein, 49, worked on JPMorgan's 2008 acquisitions of troubled investment bank Bear Stearns Cos and failed Seattle thrift Washington Mutual Inc.

Along with other JPMorgan investment banking heads globally, he has helped the bank rise in the rankings for advisory business -- as well as debt and equity underwriting -- during the financial crisis. In the first quarter, JPMorgan was ranked fourth by global mergers and acquisitions deal value, behind Goldman Sachs Group , Credit Suisse and Morgan Stanley .


Cavanagh now replaces Heidi Miller, who was named to a newly created role as president of international business. In this role, Miller will be responsible for boosting JPMorgan's businesses outside of the United States, with a focus on finding opportunities in emerging markets and speeding up the bank's expansion in China, Brazil, India and Russia.

Miller will chair a new international operating committee made up of the bank's senior business heads globally, the statement said.

Braunstein will also join the bank's operating committee. JPMorgan said it would name a replacement for him shortly.

The reshuffle is effective immediately, but since it comes close to the end of the quarter, Cavanagh and Dimon will host the July 15 call with analysts to discuss second-quarter results, a JPMorgan spokesman said.

Shares of JPMorgan were up 1.2 percent at $39.32 on the New York Stock Exchange late on Tuesday morning.

(Reporting by Elinor Comlay; Editing by Derek Caney, Lisa Von Ahn and Matthew Lewis)