JPMorgan Chase and Amazon have demonstrated substantial power to digitize their industries, even influencing the strategy of others. But automating and streamlining health care will be a particularly tough task.
Michael DeVito, who was named Wells Fargo's interim head of home lending after the bank fired consumer lending head Franklin Codel, is now officially leading the residential mortgage unit.
The companies said they plan to set up an independent firm “that is free from profit-making incentives and constraints” to offer health care to their employees.
JPM CEO is expected to remain at the bank for another five years; Michael DeVito had been serving on an interim basis since his predecessor was fired late last year.
Speculation has existed for awhile that JPMorgan Chase could be the first of the megabanks to name a woman chief executive, but the elevation of executives Daniel Pinto and Gordon Smith to co-presidents and co-COOs seemed to put them in the lead to succeed Jamie Dimon.
The acting head of the Consumer Financial Protection Bureau can utilize "look-backs" of mortgage servicing and underwriting rules to push for significant changes.
The Alabama bank has named one of its own to head up the company’s property and casualty insurance business, and it has made a key hire in its health care banking group.
