JPMorgan To Replace Prime Brokerage Chief

May 31 2012 | 2:36am ET

JPMorgan Chase is shaking up its prime brokerage business.

Lou Lebedin has led JPMorgan's prime brokerage since the bank bought Bear Stearns, where Lebedin was also prime brokerage chief. But he's set to be replaced this summer by Teresa Heitsenrether, JPMorgan's European prime brokerage head.

Heitsenrether will return to New York to take up her new role.

As for Lebedin, he will remain at JPMorgan and will move to a new unit by the end of the summer, CNN Money reports.

Lebedin's move and Heitsenrether's promotion are said to be unrelated to the trading scandal that rocked JPMorgan this month.

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