Four months after JPMorgan Chase &Â Co. shook up management at its home-lending business, the chief executive officer of the unit is leaving.
An internal announcement from JPMorgan Chief Administrative Officer Frank Bisignano indicated that David Lowman has decided to leave the New York-based institution.
The communication indicated that the executive is taking “much needed time off” after working at Chase “during extraordinary times.”
Lowman oversaw nearly $157 billion in residential originations last year. The total mortgage servicing portfolio ended March at $1.2 trillion.
Lowman was appointed chief executive officer of JPMorgan’s global mortgage business in October 2006. Before that, he was president and CEOÂ of CitiFinancial International — where he worked since 2004.
In February, Bisignano was placed in charge of the home lending business as Lowman’s boss.
“We thank Dave for his five years of service to our firm since joining from Citi in 2006,” the internal memo stated. “Please join us in wishing Dave well in his future endeavors.”
