JP Morgan loses Lowman
US banking giant JP Morgan’s mortgage chief David Lowman has left the bank after it overcharged active US military personnel on their home loans.
His departure comes just four months after another executive was drafted in to manage the lender’s mortgage unit over him.
Lowman, who joined JP Morgan from Citigroup in 2006, had been placed under chief administrative officer Frank Bisignano.
“Dave Lowman and I have decided he will leave the firm,” Bisignano said in an internal memo.
He added that Lowman would take some “much needed time off”.
JP Morgan said in February it had returned 10 homes to families protected by a law that entitles the households of military personnel to cheaper mortgages, after they had been found to have been taken improperly in foreclosure actions.