The chief administrative officer at JPMorgan Chase & Co. has been placed in charge of the home lending business.
The New York-based firm informed executives Friday about the move, according to a copy of the internal memorandum obtained by Mortgage Daily.
Chase said its chief administrative officer, Frank Bisignano, will become more directly involved in the mortgage business.
The chief executive officer of Chase’s home lending unit, David Lowman, now reports to Bisignano.
While Bisignano will continue to report to JPMorgan Chase & Co. Chairman and CEO Jamie Dimon, he will report to Charlie Scharf, head of retail financial services, for the home lending business.