Chief executive Jamie Dimon's long-time unofficial international spokesperson Heidi Miller has been promoted to J.P. Morgan's first president of international.
In her new position, New York-based Miller will develop a coordinated international business strategy that emphasises growth outside the bank's North American home, especially in Brazil, China, India and Russia. An initial focus for her will be the unrolling of J.P. Morgan's global corporate bank, a joint venture between the firm's investment bank and treasury and security services (TSS) business lines that was announced earlier this year. She was previously CEO of TSS.
"J.P. Morgan Chase is uniquely positioned for extraordinary success and growth globally if we work together and execute well, and I'm very fortunate to be leading this effort," said Miller in a statement.
The bank formed a securities joint venture with First Capital Securities in China earlier this month, giving it access to the country's equity and debt markets. During the past year it has opened new branches in Chengdu and Guangzhou.
Michael Cavanagh, who was previously the bank's chief financial officer, replaced Miller as chief executive of TSS. He is responsible for everything from J.P. Morgan's cash management and trade finance to securities services and US dollar clearing services. Thomas DuCharme, the recently appointed Asia-Pacific CEO of TSS, will report to Cavanagh.
The move reflects J.P. Morgan's desire to increase revenues outside of North America. In 2009, only about 25% of the bank's revenues come from abroad, whereas competitor Citi derives 60% from its international operations.
"We have got to invest locally, look at clients globally and look at new markets," said Dimon in an interview with the New York Times. "We are going to get the whole company behind it."
Doug Braunstein, formerly head of investment banking for the Americas, took over as CFO from Cavanagh.
