JPMorgan Chase & Co., the second- largest U.S. bank by assets, named Chief Administrative Officer Frank Bisignano to oversee mortgage lending as home-loan losses erode the company’s earnings.
Chief Executive Officer Jamie Dimon and Charlie Scharf, the CEO of Retail Financial Services, told employees in an e-mail today that David Lowman, the unit’s CEO who joined JPMorgan from Citigroup Inc. in 2006, will report to Bisignano, effective immediately.
“As you know, our home lending business has gone through a period of enormous challenge and change,” the e-mail said.
Bisignano takes over the unit as it struggles with the worst housing decline since the Great Depression and soured mortgage investments inherited from the 2008 acquisitions of Washington Mutual Inc. and Bear Stearns Cos. Bank of America Corp., the biggest U.S. lender, split its mortgage unit this month and put Terry Laughlin in charge of cleaning up bad loans.
Bisignano, 51, retains most of his administrative responsibilities, including overseeing technology, real estate, procurement and security. He joined JPMorgan in 2005 from Citigroup where he headed its global transactions services business and was a member of Citigroup’s management committee. The Brooklyn native serves on the boards or is a trustee of New York-based nonprofit groups including The National September 11 Memorial & Museum and St. Patrick’s Cathedral.
Click here for full
No comments:
Post a Comment