Teresa Heitsenrether is joining JPMorgan's corporate and investment bank's management team, according to a memo reviewed by Business Insider.

Heitsenrether, a veteran of the bank, is replacing James Kenny, who announced his intention to retire in October.

Heitsenrether, who currently leads Custody & Fund Services, will now report directly to Daniel Pinto, chief executive officer of the bank's CIB.

"Teresa has proven herself time and time again during her career at J.P. Morgan, helping to build and grow multiple businesses including Prime Finance and Custody & Fund Services into the leading businesses they are today," the memo said.

Custody & Fund Services doesn't often make headlines, but it is a strong source of revenue for JPMorgan, accounting for nearly $4 billion of the bank's revenues. Revenues for JPMorgan's Securities Services — in which Custody and Fund Services is housed — are up 9% over the last year.

Under Heitsenrether's leadership, the bank's Custody and Fund Services struck a $1 trillion deal with BlackRock to be the firm's custodian.

Interesting, given all the recent talk about women not being able to reach the 'top' in business.