Fitch cuts Sony, Panasonic debt to junk

Sony and Panasonic were downgraded Thursday by Fitch.

HONG KONG (CNNMoney) -- Fitch Ratings downgraded Sony and Panasonic debt to junk status Thursday and said the ailing Japan-based consumer electronic makers both needed radical restructuring to improve their prospects.

Panasonic's rating was cut to BB from BBB-, while Sony was moved to BB- from BBB-, with a negative outlook. Both companies now carry speculative, or junk, ratings.

The downgrades are the latest in a string for Sony and Panasonic, which have been haemorrhaging money and struggling to find positive momentum.

The companies, once the crown jewels of the high-tech Japanese economy, have been hit in recent years by a strong yen and weak demand for televisions. Sony now has a market cap of just more than $10 billion, and hasn't turned a profit in four years.

Its shares are trading near their lowest levels in three decades, and even closed below the 800 yen mark in Tokyo earlier this month.

"We think there is little headroom for Sony," Fitch's Steve Durose said in a statement.

"Without a radical change to the structure of their businesses it is difficult to see profitability improving enough for [Sony and Panasonic] to regain investment-grade ratings," Durose said.

Related: Something is rotten in Japan

Panasonic seems to be in better shape than Sony, and less dependent on its struggling core electronics business. Sony is the subject of frequent speculation as a possible takeover target, with cash-rich competitors like Apple, Google and Microsoft all reported as possible suitors.

Related: Can Sony be saved?

Sony made a play of its own in recent months, taking a stake in Olympus, the scandal-plagued company embroiled in an epic accounting fraud. But analysts remain skeptical that Sony will be able to achieve a long-term turnaround.

"The future of both companies will depend on their ability to curb loss-making segments and rediscover the kind of technological leadership which historically enabled them to develop must-have products," Durose said.

First Published: November 22, 2012: 5:39 AM ET

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Service sector adds to eurozone gloom

Germany's services sector is increasingly gloomy about its prospects

LONDON (CNNMoney) -- Service industry companies in the eurozone are more pessimistic about their prospects than at any time since early 2009, pointing to little chance of a return to growth for the region soon, according to business surveys published Thursday.

Preliminary data showed the weakest reading for service sector activity in 40 months, and expectations for the year ahead were at their lowest since March 2009. Sentiment in Germany, Europe's biggest economy, fell particularly sharply.

Markit's composite purchasing managers' index (PMI) for November stood little changed at 45.8, compared with 45.7 in October.

A fall in the services PMI to 45.7 from 46 was partly offset by a slower rate of decline in manufacturing. Any reading below 50 signals contraction. Markit said the surveys pointed to contraction of 0.5% in the eurozone economy in the fourth quarter.

Eurozone gross domestic product shrank by 0.2% in the second quarter, and 0.1% in the third, leaving the 17-nation currency area stuck in recession.

Related: Eurozone risks rising as outlook darkens

"While it is reassuring to have seen signs of stabilization in some survey indicators, the overall rate of decline remains severe and has spread to encompass Germany, suggesting the situation could deteriorate further in the coming months," Markit chief economist Chris Williamson said.

Jobs were being shed at their second-fastest rate since January 2010 as companies become increasingly anxious about the economic outlook and seek to keep costs under control.

"All this suggests that any swift return to growth is unlikely," Williamson said.

Germany saw divergent trends in November, with manufacturing registering a slower drop in output compared with October, and new export orders declining at their lowest rate for six months helped by stronger demand from China.

The overall German PMI reading stood at 47.9, up from 47.7 in October. But the German services sector saw its fastest contraction since June 2009, and the outlook remains bleak.

"The survey panel noted widespread worries that client budgets will be cut in 2013, alongside expectations that the euro area crisis will further undermine the German recovery," said Markit senior economist Tim Moore.

The European Commission forecasts growth of 0.1% for the eurozone in 2013, but with more spending cuts and tax rises to come in countries such as France, Italy and Spain, and the prolonged wrangling over Greece's bailout holding back sentiment, many private forecasters are predicting another year of recession.

PMI data for France, which was stripped of its AAA credit rating Monday by Moody's, showed a mirror image to Germany, with manufacturing continuing to contract at a sharp pace while services sector firms reported a more moderate fall in output than October.

Still, the overall French PMI reading of 44.6, up from 43.5 in October, continues to reflect a marked rate of decline for Europe's second biggest economy, and was the ninth consecutive month of contraction.

Related: No deal for Greece as talks drag

A prolonged recession in 2013 would undermine many of the assumptions underpinning eurozone government budgets and bailout programs, and could lead to another flare up in the sovereign debt crisis if borrowing needs rise and investors lose faith in the ability of the region to chart a path back to growth.

Bond yields for some of the eurozone's more vulnerable states held steady Thursday, but have risen from lows posted in the wake of the European Central Bank's announcement in September that it was ready to buy bonds of eurozone nations if they signed up for formal bailout programs.

Markit said forward-looking indicators in the manufacturing sector also pointed to continuing weakness in the months ahead, with large falls in the volume of goods purchased and inventories.

Employment across the eurozone fell for the eleventh month in succession, with the rate of decline accelerating in services but easing in manufacturing. German employment dropped at the fastest rate since January 2010, while the eurozone periphery saw the fastest rate of job losses since July.

First Published: November 22, 2012: 7:54 AM ET

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Toys R Us shoppers choose deals first, turkey later

Toys R Us opened early Thursday, allowing shoppers to get a jump on their holiday shopping.

NEW YORK (CNNMoney) -- Shop, eat turkey, then shop some more.

That was the game plan for many of the experienced Black Friday shoppers in line at Toys R Us in Times Square, after the store moved its holiday doorbusters up to the earliest time ever -- 8 p.m. on Thanksgiving Day.

"It's like a religion," said Danielle Crews, 30, who has shopped every Black Friday for the past five years. She waited in line at Toys R Us starting at 6 p.m. Thursday, then planned to make a pit-stop at home for a late evening dinner before heading out to Urban Outfitters, H&M and FootLocker.

"I'll squeeze in Thanksgiving, but then I probably won't get home again until 12 noon tomorrow."

At Toys R Us, the deals started with more than 200 doorbusters, including a $20 store gift card and $30 iTunes card with the purchase of an Apple (AAPL, Fortune 500)iPod touch.

Electronics like the Nintendo WiiU and a "buy one, get one for $1" deal on video games were some of the hot items that lured many of the early customers to the store.

"We called ahead to scope out how long the lines were," said Jeremy Gervais, a 24-year-old New Yorker, who planned to head straight to the electronics section for a doorbuster deal offering a free Air Flo Controller with the purchase of a Sony PS3 gaming console.

He had lined up four hours early to get the bundle.

Meanwhile, Heather Singleton, 34, also lined up early to get the WiiU, not to give as a gift -- but to sell on eBay.

"I heard it's really popular this year. We'll decide later if we want to keep it or sell it to pay for our other Christmas gifts," she said. She did the same with the Xbox and Wii in prior years, and was able to earn $50 to $100 each by reselling the items online after they were sold out in some stores.

Singleton also filled up two other shopping bags with toys for her son and 12 nephews and nieces, including flash card games, a mini plastic golf set for $7.50 and a Home Depot toy tool set, normally priced around $26, for $9.99.

Related: 7 hot toys for the holidays

Stores have been gunning to be the first to open for the big annual holiday sales. This year, Toys R Us and Walmart (WMT, Fortune 500) both opened at 8 p.m.

"Our customers love the earlier opening," said Toys R Us CEO Jerry Storch.

Nationwide, fewer shoppers are expected in stores this Black Friday weekend, but sales are nevertheless expected to be strong.

Johnny Prowitt, 21, plans to spend about $500 on gifts for his 4-year-old daughter Angelina, including a LeapPad 2 tablet, Disney Princess dresses and a mermaid Dora the Explorer doll.

He works at a shoe store in Times Square and headed over to Toys R Us as soon as his shift was over.

"I spoil her. She's my princess," he said. "I worked all day today and I missed Thanksgiving to make sure I can get gifts for her. But it's okay. There's a plate of leftovers waiting for me when I get home."

First Published: November 22, 2012: 11:44 PM ET

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Black Friday: Shorter lines, but bigger checks

Fewer shoppers are expected in stores this Black Friday weekend, but some experts are predicting big sales and deep deals on the retail holiday.

NEW YORK (CNNMoney) -- Despite stores falling over themselves with incentives and earlier openings than ever this Thanksgiving, fewer people are expected to turn up for Black Friday sales.

An estimated 147 million shoppers plan to shop this coming weekend, down from 220 million last year, according to the industry trade group the National Retail Federation.

For many Americans, it's hard to make holiday shopping a priority in a year when the "fiscal cliff" and slow economic recovery are causing worry lines. They are less willing to spend freely with the looming specter of having to pay higher taxes after the end of the year, when the Bush-era tax cuts expire.

Many shoppers in the Northeast are also still dealing with the aftermath of of Superstorm Sandy, which has distracted residents and retailers alike from holiday preparation.

With the state of the economy and holiday budgets hanging in the balance, experts say it's hard to entice people with Black Friday deals. Others may be holding off for better deals later in the season.

"Consumers are continuing to put off purchases until they absolutely have to buy or they feel there are no better deals to be had," Robert Passikoff, founder and president of brand research consultancy Brand Keys. "People are waiting longer and longer for better sales, for the economy to turn, for electronic coupons."

But the more trepidation shoppers seem to have, the more retailers are pulling out all the stops to reel them in.

The holiday deal blitz started as early as September, with stores like Toys R Us, Wal-Mart (WMT, Fortune 500), Kmart, Target (TGT, Fortune 500) and Best Buy (BBY, Fortune 500) offering incentives like layaway plans, price matching and apps.

Stores have also been gunning to be the first to open for the big annual holiday sales. As it stands now, Toys R Us and Wal-Mart will be the first to open their doors for bargain hunters at 8 p.m. on Thursday, Nov. 22, just as some people are tucking into desserts after their turkey dinners.

That's even earlier than last year, when the toy store opened at 9 p.m. and Wal-Mart at 10 p.m. Target will open at 9 p.m. compared to midnight last year. Macy's (M, Fortune 500) stores will open at midnight and JC Penney (JCP, Fortune 500) at 6 a.m on Friday.

Related: Black Thursday is the new Black Friday

Black Friday traditionally marks the start of the holiday shopping season each year. Stores consider it the most important time of the year, because they can make up to 40% of their annual sales in the November-December period.

Even with fewer shoppers headed to stores, some experts are predicting that sales will be strong. According to MasterCard Advisors SpendingPulse, which estimates total U.S. retail sales across all payment forms including cash and check, Black Friday 2012 could exceed $21 billion in sales, up from $19.3 billion in 2011.

Also, the retail trade group NRF has been woefully wrong with its estimates before. Last year, it expected 152 million shoppers and 220 million showed up.

While people are more cautious about their spending, they are more confident than they have been over the last several years, some say.

"We could go back to pre-recession level retail sales this year," said Hana Ben-Shabat, a retail partner at consultant A.T. Kearney. "There's more comparison and sensitivity about prices, but eventually, they do buy what they want to buy. That's a very different reality than in 2008."

Many retailers are taking heat for their early opening times, since it means that workers have to miss out on Thanksgiving celebrations with their families. More than 40 petitions have been launched on Change.org asking retailers including Sears, Target, Wal-Mart and Kohl's to "give Thanksgiving back to families."

Related: Why is sucks to work Black Friday

At Wal-Mart, a group of workers are planning a protest on Black Friday, which could make for an unpleasant shopping experience for people headed to the stores of the nation's biggest retailer. Wal-Mart says that the protesters make up just a handful of its 1.3 million workforce, but organizers of the expected protests say more than 1,000 activities have been planned nationwide.

Support for the demonstrations have swelled as Black Friday approaches. More than 30,000 people "like" the organization's Facebook page and they have collected more than $60,000 to support workers who participate in the walk offs.

For extreme Black Friday shoppers like Joni Crothers, nothing will get in the way of her shopping mission. Last year, Crothers came away with $10,000 worth of goods for just $2,000. She donated everything she bought to local families in need.

"We need a way to stretch our money as quickly and as best as we can, and it's amazing how much money you can save," Crothers said.

Toys and electronics are usually the biggest draw for Black Friday shoppers. Toys R Us says it has already seen a shortage of this season's hot toys like the Hasbro's Furby and Hot Wheel's Power Wheels Dune Racer.

Related: Black Friday deals to avoid

Best Buy, Target and Wal-Mart are offering steep discounts on electronics like iPads and LCD HDTVs.

If the possibility of scoring a deal isn't enough of a draw, for many people it's a tradition they are not willing to give up, says Trae Bodge, senior editor of RetailMeNot.com Insider. She said that for some people there's something compelling about waiting in long lines after Thanksgiving.

"Despite the rise of online shopping and the economy, there is still a strong interest to do that whole Black Friday thing," she said. "There's a weird tradition that goes on."

First Published: November 21, 2012: 3:03 PM ET

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China's factories show accelerated growth

Factory activity increased in China this month.

HONG KONG (CNNMoney) -- China's manufacturing industry showed further signs of improvement in November, according to a key early indicator.

HSBC said its initial Chinese purchasing managers' index, or PMI, rose to a 13-month high of 50.4 in November from 49.5 last month. The reading ticked above the benchmark of 50, meaning that manufacturing is now in a state of accelerated expansion. The bank's final reading for the month will be released Dec. 1.

"This confirms that the economic recovery continues to gain momentum towards the year end," Hongbin Qu, an economist at HSBC, said in a statement.

"However, it is still the early stage of recovery and global economic growth remains fragile," Qu said. "This calls for a continuation of policy easing to strengthen the recovery."

China's economy has grown at an average of around 10% a year for the past three decades, allowing the country to rocket past international competition to become the world's second largest economy. Along the way, China's markets have opened to the rest of the world, trade has increased dramatically and many of China's citizens have joined an emerging middle class.

But last month, Beijing reported that GDP growth slowed in the third quarter to 7.4% as weak demand -- especially in the eurozone -- weighed on exports.

The downturn, however, is beginning to look like a temporary phenomenon. China's economy is heavily dependent on the manufacturing sector, which appears to be mounting a strong recovery.

Zhiwei Zhang, an economist at Nomura, said in a note that the new HSBC data bolsters forecasts of a GDP rebound in the fourth quarter.

Related: China's Communist Party anoints new leaders

The turnaround comes at a crucial time for China's Communist Party, which last week completed a once-per-decade leadership transition.

The party, meeting in Beijing, named seven men to its powerful Politburo Standing Committee. Xi Jinping, a chemical engineer with a prestigious pedigree, was installed as the next party boss and tapped to be China's next president.

First Published: November 21, 2012: 9:44 PM ET

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Wal-mart workers get ready for Black Friday protest

Wal-Mart employees in June joined a rally in Los Angeles to protest what they call retaliation from the nation's largest retailer.

NEW YORK (CNNMoney) -- Shoppers and stores around the country are preparing for big Black Friday sales, but a group of Wal-Mart (WMT, Fortune 500) workers are getting ready for a protest.

"I'll do whatever it takes to speak out about our concerns -- I'm willing to put my job on the line," says Monique Velasquez, a single mother of five who works in Wal-Mart's photo department in Pico Rivera, California. Velasquez plans to join the protest on Friday.

The union-backed group OUR Walmart, which has helped organize the post-Thanksgiving walk-out, expects thousands of workers around the country to participate. Workers say they are joining the protest to ask the country's largest employer to end what they call retaliation against speaking out for better pay, fair schedules and affordable health care.

In an effort to stop the workers from protesting, Wal-Mart filed a complaint last week with the National Labor Relations Board, claiming that the protesters violated labor laws.

The federal labor agency, which was under pressure to act within 72 hours of getting the complaint, has said that it is "highly unlikely" to have a ruling on the complaint in time to stop the Black Friday protests. Nancy Cleeland, a spokeswoman for the NLRB said the complaint is too complex to make a ruling so soon.

Wal-Mart's complaint claimed that the United Food and Commercial Workers Union and its subsidiary OUR Walmart unlawfully organized picket lines and other demonstrations in the past six months. The retailer said the actions have disrupted business, and that the workers' ongoing actions violate the National Labor Relations Act, which prohibits picketing for any period over 30 days without filing a petition to form a union.

On Tuesday, OUR Walmart filed its own charge with the federal agency, claiming that Wal-Mart tried to deter workers from participating in the protests and interfered with their right to speak up.

The labor agency's Cleeland said that if it finds that Wal-Mart's claims have merit, it will go to court to seek an injunction on behalf of the retailer to stop the union-backed group from organizing the protests.

If the agency doesn't find merit, the charge will be dismissed or withdrawn, she said.

Labor law experts say that Wal-Mart could have a tough time winning this one. That's because the labor laws that prohibit picketing over 30 days applies only to protesters trying to form a union or gain collective bargaining rights, not employees who are protesting against retaliation.

If the employees' claims are true, Wal-Mart could itself be found in violation of the National Labor Rights Act, which protects workers against retaliation for speaking up, according to Angela Cornell, director of the Labor Law Clinic at Cornell University's law school.

For its part, Wal-Mart plans to go full steam ahead on Black Friday. It will start doling out its "doorbuster" deals at 8 p.m. on Thursday, just after shoppers finish their Thanksgiving feasts.

Related: Wal-Mart Black Friday deals

The retailer is offering special deals to customers who are in line inside its stores at 10 p.m., guaranteeing three special offers -- the Apple iPad2, an Emerson 32 inch TV and an LG Blu-ray player.

On Monday, the retailer tweeted: "Don't believe everything you read in the union press releases. We don't think their #BlackFriday activity will have an impact on customers."

OUR Wal-Mart, meanwhile, has more than 30,000 "likes" on its Facebook page, and has collected more than $60,000 in donations to support workers who walk off work in protest on Black Friday.

First Published: November 22, 2012: 12:06 AM ET

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New York sues Credit Suisse in latest mortgage lawsuit

A photo taken on November 1, 2011 shows the logo of the Swiss banking giant Credit Suisse in Zurich.

NEW YORK (CNNMoney) -- New York Attorney General Eric Schneiderman filed a lawsuit Tuesday against Credit Suisse, alleging that the bank repeatedly defrauded investors in sales of mortgage-backed-securities.

The suit marks the latest effort by government officials to hold Wall Street firms accountable in connection with the financial crisis. Schneiderman co-chairs a task force announced earlier this year by President Obama to address the issue, with a specific focus on mortgage-backed-securities.

These securities, which derive their cash flows from pools of mortgages, were a central part of the crisis, prompting huge losses for banks and investors when the housing market went bust. Schneiderman alleges that in 2006 and 2007, Credit Suisse sponsored mortgage-backed-securities worth $93.8 billion that, as of August, had suffered $11.2 billion in losses.

The lawsuit seeks damages to recoup these losses, as well as additional relief, meaning Credit Suisse (CS) could be on the hook for a massive penalty compared with most crisis-related cases.

Last week, Credit Suisse paid $120 million to settle allegations from the Securities and Exchange Commission that it failed to disclose its practice of collecting cash settlements from mortgage originators for loans that went bad without passing on the proceeds to the investors who bought the related securities. The bank was also accused making misstatements in its SEC filings about when it would repurchase problem loans from investors.

New York's new suit claims Credit Suisse deceived investors by leading them to believe that the loans in its mortgage-backed-securities "had been carefully evaluated and would be continuously monitored."

In fact, Schneiderman alleges, the bank "systematically failed to adequately evaluate the loans, ignored defects that its limited review did uncover, and kept its investors in the dark about the inadequacy of its review procedures and defects in the loans."

"It's not about one deal or five deals or ten deals," Schneiderman said in a conference call with reporters Tuesday. "It's about their entire course of conduct in the residential mortgage-backed-securities business."

Credit Suisse said it planned to fight the lawsuit in court.

"We firmly reject this complaint which recycles baseless claims from private lawsuits and uses an inaccurate and exaggerated number," spokeswoman Victoria Harmon said in an email.

Credit Suisse shares were down 1.8% on Tuesday afternoon.

Related: Shadow banking grows, regulation coming

Last month, Schneiderman sued JPMorgan (JPM, Fortune 500) over similar conduct, claiming that mortgage-backed-securities issued by Bear Stearns in the years 2006 and 2007 alone have suffered some $22.5 billion in losses. JPMorgan acquired Bear Stearns in 2008 in a deal backed by the government.

Some observers have criticized Obama's mortgage-fraud task force as a belated effort that so far has done nothing to reverse the failure to hold individuals from big banks responsible for contributing to the crisis. Schneiderman said Tuesday that there was "still an opening" to bring charges against individuals.

First Published: November 20, 2012: 3:59 PM ET

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Hostess liquidation likely as mediation fails

NEW YORK (CNNMoney) -- Hostess Brands said Tuesday evening that a last-ditch mediation session with its bakers' union over a new contract imposed in bankruptcy court had failed, bringing the company closer to liquidation.

Hostess said in a brief statement that the mediation session "was unsuccessful," and that it had no further comment ahead of a hearing scheduled for Wednesday morning in bankruptcy court, where it has requested permission to liquidate.

Jeff Freund, a lawyer for the bakers' union, declined to comment, citing mediation ground rules.

Last Friday, management announced a shutdown of Hostess. They appeared before U.S. Bankruptcy Judge Robert Drain on Monday afternoon seeking approval to liquidate and sell off the company's assets. But Drain said he wanted the parties to try one last time to reach agreement, serving as the mediator at Tuesday's session.

Drain said he was motivated by the prospect of saving the roughly 18,500 jobs at Hostess, maker of Twinkies and Wonder Bread.

Only one day of talks was scheduled. Hostess CEO Greg Rayburn said Monday that the company would need an answer from the bakers' union on whether it would accept the new contract by the end of the day Tuesday.

Related: Buyers prepare bids for Hostess assets

With Tuesday's talks having failed, liquidation and the loss of Hostess' jobs appeared likely.

The bakers' union, which represents 5,000 of the 18,500 employees, went on strike on Nov. 9 to protest a new contract that imposed wage and benefit cuts. Other unions, including the International Brotherhood of Teamsters, had accepted the deal.

"As we said on Friday when the company announced it was closing, this is a tragic outcome and our thoughts and prayers go out to all Teamster Hostess members and all Hostess employees," Teamsters General Secretary-Treasurer Ken Hall said in a statement Tuesday.

If the company goes into liquidation, its brands and recipes will be sold off to raise funds to pay creditors.

On Monday, private equity firm Sun Capital Partners told Fortune that it wants to buy Hostess as a going concern. It would reopen the shuttered factories, keeping the Hostess workers and their unions.

But others vying for the rights to Hostess products could simply produce them at their own facilities, leaving former Hostess employees out of jobs.

First Published: November 20, 2012: 8:05 PM ET

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No deal for Greece as talks drag

LONDON (CNNMoney) -- European finance ministers concluded a marathon meeting Wednesday without finalizing the details of a debt-reduction package for Greece.

The absence of an agreement endangers the release of the next round of Greece's international bailout package, funding the country needs to remove the threat of bankruptcy and a messy exit from the eurozone.

The source of the delay Wednesday was not immediately clear, but negotiations lasted nearly 12 hours. The group has agreed to meet again on Monday to continue talks.

Jean-Claude Juncker, the Eurogroup president, said in a statement that the discussion was "extensive" and that progress was made.

"The Eurogroup ... made progress in identifying a consistent package of credible initiatives aimed at making a further substantial contribution to the sustainability of Greek government debt," Juncker said.

Bailout payments to Greece were suspended in June after Athens fell behind schedule in cutting its budget deficit and implementing economic reforms. Greece will need additional funds of some 30 billion euros to tide it over until 2016.

German finance minister Wolfgang Schäuble, speaking with reporters after the meeting's conclusion, indicated the factions were closing in on a deal.

"We have a series of options lying on the table about how to close the financial gap ... but because the questions are so complicated we have not found a definitive solution," he said.

Related: Eurozone risks rising as outlook darkens

In Greece, Prime Minister Antonis Samaras has won parliamentary support for new spending cuts, tax rises and labor market reforms aimed at reining in debt -- seen soaring to 190% of GDP in 2013 -- and restoring growth to an economy about to enter its sixth year of recession.

The latest austerity drive has sparked violent protests in Greece, where unemployment now stands at 25% and where living standards for many have plunged as the economy has shrunk by a fifth.

Greece's resolve has calmed the nerves of the troika of international lenders - the EU, European Central Bank and International Monetary Fund -- and won Athens two more years to meet a budget deficit target contained in its second bailout program agreed earlier this year.

Eurozone finance ministers and the IMF also insist Greece must stick to a target of reducing its debt-to-GDP ratio to 120% by 2020 to restore market confidence.

Any agreement by the troika will be put to national parliaments this month with a view to releasing the funds on December 5.

Much of the planned bailout funds will be used to recapitalize Greek banks in a bid to revive lending to companies and households.

First Published: November 21, 2012: 12:34 AM ET

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JPMorgan Chase names new CFO

JPMorgan named Marianne Lake as its new CFO to succeed Doug Braunstein.

NEW YORK (CNNMoney) -- JPMorgan Chase named Marianne Lake as its new chief financial officer Monday. She will succeed Douglas Braunstein.

Lake had served as the CFO of JPMorgan Chase's consumer and community banking business and will transition into her new role in early 2013. Braunstein, who had been widely expected to step down by year-end, will become the bank's vice-chairman.

"Marianne Lake is an outstanding choice for this critically important role," Jamie Dimon, chairman and CEO of the bank, said in a statement.

Related: JPMorgan Chase posts record profits

Prior to controlling the finances for JPMorgan Chase's consumer unit, Lake was the global controller of the company's investment bank. She also worked in the firm's London offices, serving as the senior financial officer for the company in the United Kingdom before 2004. Lake started her career as an accountant for PriceWaterhouseCoopers, working in that firm's London and Sydney offices.

JPMorgan's London office has recently been at the epicenter of the firm's recent risky trading activities. Errant trades made by an employee dubbed the "London Whale" have resulted in a loss of at least $6.2 billion.

Since the loss became public in May, Dimon has taken steps to assure investors that the bank's finances are sound. JPMorgan Chase recently reported record profits for its third quarter. Despite a sharp dropoff after news of the London Whale trades became public, shares of JPMorgan Chase (JPM, Fortune 500) are now up 22% for the year.

Meanwhile, Braunstein, in his role as vice-chairman, will advise the firm's top clients and its investment bankers. Before becoming CFO in June 2010, Braunstein ran JPMorgan's investment banking division from 2008 to 2010.

First Published: November 19, 2012: 5:02 PM ET

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