Eileen Serra is stepping down as chief executive officer of JPMorgan Chase's credit-card business and will be replaced by Kevin Watters, who is currently head of mortgage banking.

Serra, 61, is leaving the position in January and will remain at JPMorgan as an adviser, the New York-based bank said Wednesday in an internal memo, a copy of which was obtained by Bloomberg. Serra, who joined the lender in 2006 from Merrill Lynch, was named CEO of Chase Card Services three years ago.

"When she got the call to run the card business, she was kayaking in a fjord in Norway," according to the memo. "She's hoping her recent decision will give her more time for adventure."

Watters, 46, joined JPMorgan in 1999 and headed business banking and mortgage origination before being named CEO of mortgage banking in 2012. Mike Weinbach, 42, currently head of mortgage servicing, will succeed Watters, the bank said.

Business Insider reported the moves earlier Wednesday.

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