JPMorgan Taps Bori Cox as New Community Banking CFO

J.P. Morgan Chase & Co will have a new chief financial officer of its consumers and community banking unit in Bori Cox, according to a Reuters report Tuesday (Dec. 21).

For the last two years, Cox was the finance head for J.P. Morgan Wealth Management, and has been with the bank for over 10 years. Prior to that, Cox also held roles at Wall Street peers Citigroup and Morgan Stanley.

Cox will replace the outgoing Sarah Youngwood, who is now at the top finance job at UBS Group. The Reuters report notes that Cox will report to Marianne Lake and Jenn Piepszak, the co-heads of her unit.

PYMNTS wrote recently that J.P. Morgan is working alongside Siemens on new blockchain offerings, which aims to make the technology more mainstream in the corporate world.

See also: JPMorgan, Siemens and the Lure of Blockchain (Beyond Bitcoin, of Course)

Currently, the system is used to move money between Siemens’ accounts in U.S. dollars, although there are plans to move forward with euro transfers in 2022.

PYMNTS notes that there’s been more of a trend toward blockchain payments with larger firms, which shows how bigger companies have been considering the ways to use cryptocurrency and blockchain, especially in cross-border exchanges.

A PYMNTS collaboration with Circle found that 58% of multinational firms use crypto for some operational processes, whether through investing or payment activities, and 56% use at least one blockchain network.

Read more: NEW REPORT: Closing the Gap Between Cross-Border Crypto Demand and Access to Services

The data also showed that 37% use public networks, while 15% use both public and private networks.

The report goes on to discuss the difficulties of cross-border transactions, with correspondent banking requiring two banks establishing reciprocal accounts in every country, which can be a time-consuming process.