JPMorgan Chase to Undergo Leadership Changes

first_img JPMorgan Chase COO Matthew Zames will be stepping down from his role after 13 years, the bank announced on Thursday.“While I am sad to see him leave, I respect his decision and all he has done for JPMorgan Chase,” JPMorgan Chairman and CEO Jamie Dimon said in a memo.According to the New York Times, Zames is leaving to start his own business. “I have been in this business almost 25 years. I spent the vast majority of my time running businesses, driving things forward, facing off against clients, taking business risk. But at its core, look: I’ll be 47 in October. I want to get back to running the railroad — running my railroad, running my business. So it’s just a natural point,” Zames said in an interview.Zames, 46, had a crucial role in guiding the bank during the financial crisis and is credited with raising suspicion over Bernie Madoff a year before his eventual arrest. Zames has long been assumed as a potential successor to Dimon, and the news of his stepping down has led to much speculation of who else may be in the running. A clue as to the frontrunners may be found in who will be taking over his duties during the transition. According to a report filed with the Securities and Exchange Commission, Zames’ responsibilities will be split between Marianne Lake, CFO; Daniel Pinto, CEO of Corporate & Investment Banking; Gordon Smith, CEO of Consumer & Community Banking, Mary Erdoes, CEO of Asset Management; and Doug Petno, CEO of the Commercial Bank, as follows:Marianne Lake: Assuming responsibility for the Chief Investment Office/Treasury, the Office of Regulatory Affairs, the Global Director of Regulatory Relations, Oversight and Controls, and Corporate FinanceDaniel Pinto and Gordon Smith: Assuming responsibility for Global Technology, the Intelligent Solutions group, and Mortgage Capital MarketsMary Erdoes and Doug Petno: Assuming responsibility of COO Global Operations unit, Global Real Estate, Global Security & Investigations, Military Affairs, Events Planning, Procurement, and other general services.In addition to these restructurings, Corporate Strategy and Private Investments will now report directly to Dimon. Home / Daily Dose / JPMorgan Chase to Undergo Leadership Changes JPMorgan Chase to Undergo Leadership Changes in Daily Dose, Featured, Headlines, News Subscribe Related Articles Jamie Dimon JPMorgan Chase Matthew Zames 2017-06-08 Staff Writer Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Jamie Dimon JPMorgan Chase Matthew Zames Demand Propels Home Prices Upward 2 days ago About Author: Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Best Markets For Residential Property Investors 2 days agocenter_img Previous: House Votes to Drastically Change CFPB Next: Choosing a Tech-Savvy Insurance Vendor Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post June 8, 2017 2,047 Views Demand Propels Home Prices Upward 2 days agolast_img read more

‘Echo Wave’ of Forbearance Expirations Predicted

first_img August 7, 2020 1,044 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News About Author: Andy Beth Miller Related Articles Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. The Week Ahead: Nearing the Forbearance Exit 2 days ago Black Knight reveals the number of active forbearance plans fell this last week, with more than 75% of loans that are currently in active forbearance facing extension plans.Black Knight, Inc., a leading provider of integrated software, data and analytics solutions, has released the latest findings from the McDash Flash Forbearance Tracker.Indicators point to good news regarding forbearances following a marked decline last week. Specifically, the number of active forbearance plans fell an impressive 101,000 versus last week. Experts attribute this decline in great part to the estimated near half a million plans that were set to expire the last week of July.According to the data, over 75% of loans that are currently in active forbearance had their plans extended. The majority of these extensions were for a time period of three more months, which has led to what experts have dubbed an “echo wave” of forbearance expirations. In order to offer some insight for comparison of how things stood just one month ago, as June launched into its first week, there were almost 2.5 million plans that were due to expire within the next 30 days. Now, when factoring in the usual extensions of three months, that means that there are currently 2.2 million plans which are set to expire come autumn (September). This will cause yet another influx, or “wave,” of forbearance extensions. As such, there is a high probability that removals may be seen as September ends and the market enters into the month of October.Regarding the number of forbearances across investor classes during this past week, those declined in every niche, with the greatest decline being in GSE loans (both by volume and percentage)—the exact statistics of which were -56,0000 and 4%, respectively.As for FHA/VA loans, these experienced their first dip in an entire month, plummeting by 32,000 (-2%). Fast on their heels were portfolio-held and private labeled security loans, which experienced a slightly smaller dip of 13,000 (-1%).With new cases of COVID-19 still on the rise, coupled with the recent expiration of expanded unemployment benefits, uncertainty abounds. Previous: Carson Announces HUD Will Resume Physical Inspections Next: Household Debt Decrease Reflects Pandemic-Related Spending Decline Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / ‘Echo Wave’ of Forbearance Expirations Predicted Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Black Knight Forbearance 2020-08-07 Christina Hughes Babb Tagged with: Black Knight Forbearance Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago ‘Echo Wave’ of Forbearance Expirations Predicted Subscribelast_img read more