The chief financial officer at JPMorgan Chase is expected to step down by the end of the year in the latest round of executive reshuffling after the bank's multibillion-dollar trading loss in May.
Douglas Braunstein, who has been chief financial officer since 2010, will give up his post, but is expected to remain at the bank, according to two senior bank officials.
Mr. Braunstein's move follows on the heels of two departures last week. Irene Tse - who headed up the North American arm of the chief investment office, the powerful but previously little-known unit at the center of the trading mishap - is leaving to start her own hedge fund. Barry Zubrow, who runs the bank's regulatory affairs, announced his resignation last week and will cede his position by the end of the year.
The executive changes follow the trading blunder in London, which stemmed from a soured credit bet. The losses have been a rare black eye for Jamie Dimon, JPMorgan's chief executive, once considered among the most skilled risk managers on Wall Street.
Mr. Braunstein's expected departure as chief financial officer was first reported by The Wall Street Journal. A JPMorgan representative could not be immediately reached for comment.
As it works to move beyond the trading losses and reassure skittish investors, JPMorgan has revamped parts of its organization. The bank has appointed a new head of the chief investment unit to succeed Ina Drew, one of the most notable casualties of the trading debacle.
The bank has also promoted a number of younger executives, including Mike Cavanagh and Daniel Pinto, to head up a united corporate and investment bank. Mr. Cavanagh is leading the cleanup operation.
During Mr. Dimon's nearly six-year reign, the bank has undergone a number of management shuffles. Few of the executives who made up Mr. Dimon's inner circle during the financial crisis â€" including Bill Winters, Steve Black and Heidi Miller †" remain.
Mr. Braunstein suffered a hit to his reputation after the trading losses. After initial reports of an outsized credit bet in London emerged, he assured analysts on an April 13 conference call that the bank was comfortable with the trading positions.
