JPMorgan Chase & Co 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 and previously head of the commercial bank, 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, Chief Executive Officer Jamie Dimon said in the statement.
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.
In September, JPMorgan named former asset management head Jes Staley as chief executive of its investment bank in a promotion that was widely seen as making him one of the frontrunners to succeed Dimon. In the past, Cavanagh had been tipped to replace Dimon.
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 down 0.3 percent at $38.77 in early New York Stock Exchange trading.
(Reporting by Elinor Comlay; Editing by Derek Caney and Lisa Von Ahn)