JPMorgan chief administrative officer to oversee mortgage lending
JPMorgan Chase (JPM) assigned Frank Bisignano, the firm's chief administrative officer, to oversee its mortgage lending division. In an internal memo, the company said Friday it is dealing with "enormous challenge and change" in regard to home loans, especially after purchasing Washington Mutual and Bear Stearns in 2008. Bisignano now serves as head of Chase Home Lending in addition to his role as CAO. He works directly with the mortgage division in his managerial duties and reports to Chairman and CEO Jamie Dimon as well as Charles Scharf, chief executive officer of the bank's retail financial services unit. Dave Lowman, chief executive of Chase Home Lending, and his team will report to Bisignano. "Frank is a great partner to all of us and an extraordinary operating executive," Dimon and Scharf said in their memo. "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." Bisignano has been with JPMorgan Chase since 2005, serving in a number of different positions. Prior to his tenure with the firm, he was chief executive officer of Citigroup's (C) global transaction services business. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR. Disclosure: The author holds no relevant investments.