The head of JPMorgan Chase’s home-lending division the past four years has left the company, reportedly for an opportunity elsewhere.
The departure of Mike Weinbach first was reported by Bloomberg, and Chase confirmed the departure. Weinbach, who had been with the company for 16 years, was CEO of mortgage banking at Chase since 2015.
His role will be handled by Marianne Lake, the CEO of consumer lending, the company reportedly said. Chase confirmed to Bloomberg a memo from Lake to staff that praised Weinbach for “leading home lending through a period of significant change as we put our regulatory issues behind us and worked to build a high-quality, less-volatile business.”
Before taking over the home-lending unit, Weinbach was the company’s head of servicing, managing a portfolio of 6.3 million mortgages with a combined balance of more than $900 billion. He also served in sales positions with Consumer Banking and Business Banking units at Chase.
Before he joined Chase, Weinbach founded a small business specializing in workforce motivational products and services and held senior roles at Citigroup in New York.