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Former Mortgage Chief Departs Chase

Frank Bisignano to run related company

April 29, 2013

By Mortgage Daily staff

The executive who was in charge of JPMorgan Chase & Co.'s mortgage business until just a few months ago has left to run a related company.

Frank Bisignano was put in charge of mortgage lending at the New York-based financial services company in February 2011.

Last July, Bisignano was promoted to the position of co-chief operating at Chase. His counterpart was Matt Zames.

In December, Kevin Watters was named chief executive officer of mortgage banking at Chase reporting to Bisignano.

On Sunday, Chase issued a statement indicating that Bisignano is departing to become CEO of First Data Corp.

Atlanta-based First Data says that it "enables payments around the world every second of every day for more than 6 million merchant locations, thousands of card issuers and millions of consumers."

In 1997, First Data created Dallas-based Chase Paymentech as a joint venture with Chase.

"Frank has a proven track record of catalyzing positive change on a global business operating in a dynamic industry," First Data Chairman Joe Forehand said in a news release. "At Citigroup, he built -- from the ground up -- the largest transaction services business in the world and oversaw the largest technological and operations businesses in the financial services industry."

In the First Data statement, Bisignano -- who took over on Monday -- called First Data "an impressive customer-centric business."

Bisignano succeeds First Data interim CEO Ed Labry, who will continue in his role as president of retail and alliance services.

At Chase, Zames was named sole COO, while Paul Compton was promoted to chief administrative officer from his role as co-chief administrative officer of the corporate and investment bank and deputy head of operations.

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