Head of JPMorgan's mortgage banking business leaves firm

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JPMorgan Chase's Mike Weinbach, chief executive of the home lending business, is departing the firm after 16 years.

Weinbach, who oversaw the unit for about four years, will pursue an external opportunity, according to a memo sent to employees by Marianne Lake, CEO of consumer lending. The bank is searching for Weinbach's successor, and home lending will report directly to Lake until one is found.

Lake praised Weinbach for "leading home lending through a period of significant change as we put our regulatory issues behind us and worked to build a high-quality, less-volatile business." A spokeswoman confirmed the contents of the memo.

JPMorgan plans to dismiss several hundred workers from the consumer unit next week as it reins in costs, people briefed on the matter have said. Revenue from home lending fell 6% to $5.2 billion last year, according to the bank's latest earnings statement.

Bloomberg News
Consumer lending Originations JPMorgan Chase
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