Thursday, November 22, 2012

JP Morgan Chase Promotes Female CFO

JP Morgan Chase has recently promoted a woman as its new CFO. It's a welcome announcement given that executive posts are mainly held by men in the finance sector. Women make up just over 14 percent of CFOs in Fortune 500 lists within the industry. It's still a pretty dismal percentage although the banking industry fares much better in hiring women to executive posts than others.

Marianne Lake, the newly promoted CFO, was one of two women considered for the position. She has been tenured with the firm for quite sometime now, holding a controller position in the past and her current role as CFO of two retail operations.

Ms. Lake was working with the company during the 2008 financial meltdown and played a large role in the firm's Bear Stearns acquisition. She is moving into the top finance position at a time when JP Morgan is still reeling from its recent trading loss, which came at a loss to its bottom line and top management positions. In fact, it appears that this promotion is part of the management changes JP has been making since its most recent financial debacle.

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