JPMorgan (NYSE:JPM) Home Loan Losses Decimating Earnings, Changes Leadership

JPMorgan (NYSE:JPM) announced they have named Frank Bisignano as head of their mortgage lending unit as losses from home loans continue to decimate earnings for the company.

In an e-mail to employees, Chief Executive Officer Jamie Dimon and Charlie Scharf said the former head of the unit, David Lowman, would report to Bisignano, effective immediately.

Bisignano, who is also Chief Administrative Officer, will continue on in most of his responsibilities in that regard, including security, real estate, technololgy and procurement.

JPMorgan was trading at $46.30, gaining $0.77, or 1.69 percent, as of 12:17 PM EST.