Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

JPMorgan Shuffles Executives, Expands International

JPMorgan shuffles senior executives
New president of JPMorgan International Heidi Miller. Source: Bank One/ via Bloomberg

Jamie Dimon, the chief executive officer of JPMorgan Chase & Co., named longtime associate Heidi Miller to the new post of president of JPMorgan International as part of a management shuffle to groom an eventual successor.

Miller, 57, who had been executive vice president for Treasury and Securities Services, will be replaced by Chief Financial Officer Michael Cavanagh, 44. Doug Braunstein, 49, head of Investment Banking Americas, will succeed Cavanagh as CFO, the company said in a statement today.

Dimon, 54, said in March that he planned to rotate senior executives across business lines as part of a succession plan. Miller’s working relationship with Dimon spans about two decades, including stints at Travelers Group Inc., Citigroup Inc., Bank One Corp. and JPMorgan.

“This is someone who has the capability of staring Jamie Dimon down, so that’s obviously served her well,” said Duff McDonald, author of “Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase.” “The fact that he’s chosen her to take on this new and expanded role should surprise nobody.”

The move gives Cavanagh, who has never run a business division at JPMorgan, operational experience as a possible successor to Dimon, McDonald said. Cavanagh worked with Dimon at Primerica and Citigroup before joining Bank One, where Dimon had become CEO, in 2000. He was named CFO of JPMorgan after Dimon sold his lender to the bank in 2004.


Braunstein has been one of JPMorgan’s most prolific dealmakers for corporate clients. He is also Dimon’s go-to banker for his own acquisitions after working across the negotiating table from him during the Bank One sale. Braunstein helped JPMorgan seal a deal to buy Bear Stearns Cos. during a weekend of frenzied negotiating in 2008. The company said it will announce Braunstein’s replacement soon.

“He’s grooming multiple potential successors,” said Bradley Hintz, an analyst at Sanford Bernstein & Co. “Jamie hasn’t made a decision about who’s going to take over, and he’s got time to see how they do in their new roles.”

Since 2004, Miller has run JPMorgan’s Treasury & Securities Services unit, which provides clients with payment-processing and cash-management services.

Miller turned around the business and generated stable returns throughout the economic crisis, Hintz said. JPMorgan credited her with producing “record increases in net revenue and net income” during her tenure at the unit, which processes an average of $3.7 trillion in transfers daily and has $15.3 trillion in assets under custody.

Competing With Citigroup

As head of JPMorgan’s Global Corporate Bank, Miller will lead the company’s expansion plans in emerging markets like China, Brazil, India and Russia, regions where JPMorgan will battle Citigroup for business, said Anthony Polini, a banking analyst at Raymond James & Associates Inc. More than half of Citigroup’s total revenue comes from overseas, compared with about a quarter at JPMorgan, Polini said.

“This is a key play to get a piece of the pie that Citi has a bigger slice of right now,” Polini said. “The projected growth rate for those economies are two or three times greater than the projected growth rates of the U.S.”

Shares of JPMorgan, which have fallen 6 percent this year compared with a 3 percent advance in the S&P 500 Financials Index, were little changed as of 12:53 p.m. in New York trading at $39.19.

*T *T

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.