JPMorgan is adding another layer to its U.S. mortgage business, according to a memo sent out today. Chief administrative officer Frank Bisignano, 51, will become head of home lending and retain his CAO duties. The current head of home lending, Dave Lowman, will report to Bisignano.
Bisignano will continue to be based in New York and will report to Charlie Scharf, the head of the retail bank and, in his role as chief administrative officer, to chief executive Jamie Dimon. Bisignano joined JPMorgan in 2005 from Citigroup, where he was the head of the global transactions services business and a member of the management committee.
"Our Home Lending business has gone through a period of enormous challenge and change," Dimon said in the memo. "We recognize how much we've accomplished, but know we still have a great deal of work ahead of us."
The appointment reflects the bank's attempt to sort out its mortgage write-downs and issues that stemmed from the financial crisis.
The memo is below.
As you know, our Home Lending business has gone through a period of enormous challenge and change. Our team has worked day and night for almost three years to deal with the unprecedented credit environment and the added complexity from the WaMu and legacy Bear Stearns EMC merger integrations.
We recognize how much we've accomplished, but know we still have a great deal of work ahead of us. Given the importance of this business to our company and our customers, we've asked Frank Bisignano, our Chief Administrative Officer, to take on additional responsibilities and get more directly involved in managing this business. Effective immediately, Dave Lowman, CEO of Home Lending, and his team will report to Frank.
Frank will continue to report to Jamie as CAO and will report to Charlie on Home Lending, which will remain part of Retail Financial Services. He continues on the firm's Operating Committee and Executive Committee, and joins the RFS Management team.
Frank is a great partner to all of us and an extraordinary operating executive. He is an integral part of all six of our lines of business, and we are thrilled to be able to leverage his leadership and experience more directly in Home Lending.
We have a leading Home Lending business. Chase is the third-largest mortgage lender and the #3 mortgage servicer in the country. We have 8 million customers who are living in a home with a Chase mortgage. When customers have difficulties, we do everything we can to help them find a way to avoid foreclosure. We have offered more than 1 million modifications and prevented foreclosure for more than 480,000 customers. We recently announced that we are opening another 25 Chase Homeownership Centers, bringing our total to 76 in 23 states and the District of Columbia.
We look forward to working with Frank to make our Home Lending business even stronger.
-- Jamie Dimon, Charlie Scharf
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