To JPMorgan Chase & Co. chief executive Jamie Dimon, Treasury and Securities Services is a nuts-and-bolts, Warren Buffett-style business with healthy margins, sticky client relationships, and technology, complexity and scale that are difficult for rivals to replicate.
Running this $7.3 billion-in-revenue, 27,000-employee enterprise within the enterprise since 2004 until her promotion in June to president, international has been Heidi Miller, a onetime CFO and Dimon colleague at Citigroup whose career stretches back to 1979. She was hired by Dimon in 2002 as CFO of JPMorgan predecessor Bank One and is now a member of JPMorgans elite operating committee.
Treasury and Securities Services, which earned $1.2 billion last year and is now led by former CFO Michael Cavanagh, includes corporate cash management and securities custody operations that are among the worlds biggest. Miller brought in a high-profile piece of bailout-related business last year: The bank is custodian for the Federal Reserves $1.25 trillion portfolio of mortgage-backed securities.
Looking for growth through collaborations with other divisions, Miller has been focusing on the global corporate bank, putting offerings from her area together with such products as derivatives and foreign exchange, an initiative she is continuing in her new role.
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