Dimon aiming to avoid 'Shakespearean tragedy' at JPMorgan Chase

24 June 2010

Jamie Dimon, the chief executive officer (CEO) at JPMorgan Chase, has laid out the reasons behind a recent managerial reshuffle at the firm.

Senior investment banker Doug Braunstein has been promoted to the chief financial officer role, while the man he replaces - Michael Cavanagh - is now in charge of JPMorgan's treasury and securities services business.

Meanwhile, Heidi Miller has been moved from treasury and securities services to a new post – that of president of the bank's international operations.

While Mr Dimon is not believed to be likely to leave JPMorgan Chase in the near future, he has told investors that he intends to avoid the "drama" often caused by finding successors to the CEO, reports the Financial Times.

"CEO and management succession often seems more like a psychological drama or a Shakespearean tragedy than the reasoned and mature process it should be," he stated.

Last month, shareholders voted in favor of Mr Dimon retaining his dual role as both CEO and chairman of JPMorgan Chase, reported Bloomberg.

By Gary Cooper

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