The executive in charge of JPMorgan Chase & Co.’s mortgage business is being promoted less than two years after settling into the role. The move is one of several executive changes announced by the venerable financial services gain.
Frank Bisignano was placed in charge of the home lending business in February 2011. Bisignano, who was given the responsibility in addition to his role as chief administrative officer of the parent company, reported directly to JPMorgan Chairman and Chief Executive Officer Jamie Dimon.
Four months after last year’s shakeup, David Lowman, CEO of Chase’s home lending unit, left the company to take “much needed time off” after working at Chase “during extraordinary times,” an internal memo from Bisignano said at the time.
Bisignano led “the highly successful transformation of mortgage banking,” according to an announcement Friday disclosing that he will become co-chief operating officer for the entire company. He’ll be responsible for technology and operations, security and resiliency, real estate, procurement and general services.
Bisignano’s new co-COO counterpart is Matt Zames, who will remain head of mortgage capital markets and the infamous chief investment office that has lost billions in a scandal involving the now terminated “London Whale.” Zames will also have Finance and Regulatory Affairs reporting to him.
Chase said that the moves are the “next steps in unifying some of its Chase-branded businesses to better serve consumer customers and more formally aligning two of its J.P. Morgan-branded wholesale franchises for the benefit of corporate and investor clients around the world.”
As part of the formal integration of the consumer business, Todd Maclin and Gordon Smith will become co-CEOs of consumer and community banking. Those divisions include consumer and business banking as well as card and auto. They will eventually also include mortgage banking.
The New York-based company noted that Bisignano will transition the mortgage business to Smith early next year. Maclin will become chairman of consumer and community banking at the end of next year — at which point Smith will remain as the sole CEO.
A host of similar executive changes were announced for JPMorgan’s wholesale groups.
“Managing businesses that share similar customers allows the firm to utilize its collective strengths and expertise to do more for our clients and to grow our business,” the announcement stated.
Mortgage Chief Exiting at Chase
Four months after JPMorgan Chase & Co. shook up management at its home-lending business, the chief executive officer of the unit is leaving.
Mortgage Management Shakeup at JPMorgan
The chief administrative officer at JPMorgan Chase & Co. has been placed in charge of the home lending business.