JPMorgan Chase & Co. will have a new general counsel by early next year: Stacey Friedman, who also joins the bank’s 10-member operating committee, according to the bank’s announcement Monday.
Its current General Counsel, Steve Cutler, will step into a new role as vice chairman, advising CEO Jamie Dimon and other executives across the firm—a move that was announced two weeks after the death of Jimmy Lee, the bank’s former vice chairman.
It marks the end of an era for Cutler, who joined JPM in 2007 from Wilmer Cutler Pickering Hale and Dorr LLP in Washington, D.C., where he was a partner and co-chair of the firm’s Securities Department, according to his bio on the web site of his alma mater , Yale Law School. Before that, he served as Director of the U.S. Securities and Exchange Commission’s Division of Enforcement, from 2001 to 2005 — remembered as a rich period in the SEC’s history when it investigated Enron, Worldcom and other high-profile matters.
Friedman, who joined JPMorgan in August 2012 from Sullivan & Cromwell, reports to Cutler in her role as general counsel of the company’s corporate and investment bank. She will report to CEO Jamie Dimon once she becomes GC, but will act as Cutler’s deputy for the rest of 2015, the firm said.
Friedman will also become the third woman on the New York-based bank’s operating committee.
JPM’s CEO Jamie Dimon provided a lengthy statement commending Cutler and Friedman. He noted that Cutler recruited Friedman to JP Morgan and “highly recommended her to me and our Board as a great successor.”
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