NEW YORK (AP) — Marianne Lake is the new chief financial officer of JPMorgan Chase, the nation's largest bank.

Lake is currently chief financial officer of JPMorgan's consumer and community banking business. She has worked for Chase in various leadership roles over the years and will take on her new position in early 2013.

She succeeds Doug Braunstein who will become a vice chairman of the company where he will focus on serving the firm's top clients. He has been CFO since 2010.

Shares of JPMorgan Chase & Co. rose $1.06, or 2.7 percent, to close at $40.59 amid a broad market rally.