Kevin Watters, 46, head of mortgage, will replace Eileen Serra, 61, as head of the card business. Watters, who started at the bank in 1999, has held several senior roles including head of digital, CEO of business banking and head of mortgage originations.

"When you think about common themes across the businesses it's how do we deliver a great customer experience," Watters said.

Serra, who joined JPMorgan in 2006, wants to "better balance her time" and will stay on in a consulting role, Smith's memo stated.

Mike Weinbach, 42, will take over for Watters as head of mortgage. Weinbach currently oversees mortgage servicing, which is essentially debt collecting.

"The homeowner is getting much healthier, so if you look at the number of underwater homes in the U.S. it's down by almost two thirds from the peak in 2010, and our portfolio's gotten healthier at an even faster clip than that," Weinbach told Reuters.

(Reporting by Dan Freed; Editing by Bernard Orr)

By Dan Freed