Garry Cipponeri, the head of capital markets for JPMorgan Chase & Co.'s U.S. mortgage unit, is leaving the bank to start a new company, according to two people with knowledge of the move.
Cipponeri, a senior vice president who joined JPMorgan in 2004 from Citigroup Inc., is planning to start a firm called TradeRoom Capital Partners that will trade mortgages that haven't been packaged into bonds and do consulting, said the people, who asked not to be named because the decision hasn't been announced.
He declined to comment when reached by telephone, as did Jason Lobo, a spokesman for the New York-based bank.
JPMorgan is the second-largest U.S. home lender after Wells Fargo & Co., according to newsletter Inside Mortgage Finance. Cipponeri often represented the bank during panels at industry events, such as a Mortgage Bankers Association conference in New York in May and a workshop sponsored by the Federal Reserve Banks of Boston and New York in 2012.