One of the most powerful women in banking is stepping down from her role at JPMorgan

Eileen Serra, the CEO of Chase Card Services at JPMorgan, will step down from her role in January, according to a memo seen by Business Insider.

She will be replaced by Kevin Watters, who is currently CEO of Mortgage Banking, according to the memo. Serra will stay on as an adviser at the bank.

Her retirement marks a change at the top of a key division for JPMorgan. Serra helped set JPMorgan’s Chase Pay digital payment product into motion, and was
named by American Banker as one of the most powerful women in banking for three consecutive years.

“I have worked with Eileen for more than 20 years — going back to our days at American Express,” Gordon Smith, CEO of Consumer and Community Banking at JPMorgan, said in the memo.

“I can’t overstate my respect for her personally and for all she has done.”

Serra will be replaced by Kevin Watters, currently the CEO of the firm’s mortgage banking business.

Watters, who joined JPMorgan in 2004 as part of the company’s Bank One acquisition, headed business banking and then mortgage origination before being named CEO of Mortgage Banking in December 2012.

“He took over the business at perhaps the most challenging time in the cycle and transformed it into a profitable, customer focused, less volatile business with strong controls and an excellent leadership team,” Smith said in the memo.

Watters will in turn be replaced by Mike Weinbach, another veteran executive at JPMorgan. Weinbach is currently head of mortgage servicing at the bank.

JPMorgan’s consumer and community banking pulled in more than $32 billion in revenue in the first nine months of 2015, according to the bank’s most recent report.

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