JPMorgan Chase promoted Kevin Watters as CEO of mortgage banking.
Watters has been with Chase and its predecessor firms for 13 years. Before becoming CEO of mortgage banking, Watters led mortgage originations and customer experience across mortgage banking, a position he held since 2010. During that time, he oversaw the bank's four mortgage production channels: retail, consumer direct, correspondent lending, and rural housing. Prior to that role, he served as CEO of business banking since 2005.
Chase previously announced the integration of mortgage banking into consumer and community banking to create one line of business serving 50 million customers.
In his new role, Watters will report to Gordon Smith, co-CEO of consumer and community banking.
""We're so pleased to expand Kevin's responsibilities as CEO of Mortgage Banking,"" said Smith.""Under his leadership, we have achieved record revenue and net income in Mortgage Originations, improved our market share, and perhaps most important, greatly improved our customers' experience at Chase. He's a great leader, colleague and culture carrier.""
The company stated mortgage banking has seen a significant improvement in performance over the past two years, with mortgage Banking recording a net income of $2.9 billion as of Q3 2012 compared to a net loss of $1.9 billion the same quarter a year ago.
""Kevin has been one of the key architects of Mortgage Banking's return to profitability,"" said Frank Bisignano, co-COO at Chase. ""This role is a natural expansion of his successful leadership of Mortgage Originations. I know he'll continue the strong momentum we've had in restoring Mortgage Banking to profitability.""