JPMorgan Chase (NYSE:JPM) has appointed a new CEO for its mortgage banking business, the company announced in a press release. Company veteran Kevin Watters will be the top manager for the unit, following his tenure as head of Morgan's mortgage origination department.
Watters had held that position since 2010. Before that, he served for five years as CEO of business banking.
Mortgage banking is considered crucial to JPMorgan's success, as the refinancing segment is particularly robust. In addition, the bank is No. 2 in terms of home loans made this year by U.S. financials, behind Wells Fargo (NYSE:WFC).