JPMorgan Chase Installs CAO at Mortgage Unit After Foreclosure Gaffes

JPMorgan Chase & Co. put a top executive in charge of managing its home lending business two days after acknowledging to Congress that some military personnel customers faced improper foreclosures.

Chase said Friday that Frank Bisignano, its chief administrative officer, will take on additional responsibilities for home lending and "get more directly involved in managing this business," according to a Chase internal memo from CEO Jamie Dimon.

Bisignano, who already oversees all six business lines at Chase, is widely viewed as an operations guru who will add firepower to the mortgage unit's increased demands in logistics and processes.

The move follows a shake-up last week by Bank of America Corp., which announced that it had created a new unit to handle all of the bank's modification and foreclosure programs as well as repurchase claims.

Bisignano, who will continue to serve on the bank's operating and executive committees, will report to Charlie Scharf, CEO of the New York company's retail bank. Dave Lowman, CEO of Chase's home lending unit, will report directly to Bisignano. Lowman previously reported to Scharf.