JPMorgan Appoints New Executive from Bank of America

JPMorgan Chase has appointed Karen Purcell as its new head of community development banking, bringing her in from Bank of America. Purcell will oversee a team focused on financing the creation and preservation of affordable and workforce housing, Community Development Financial Institutions, and tax credit equity investments.

Based in Chicago, she will report to Michelle Herrick, head of commercial real estate at JPMorgan. Previously, Purcell led the community development banking originations and asset management teams at Bank of America, and she possesses over 25 years of commercial real estate banking experience, encompassing sales, credit, tax credit investment, asset management, strategic planning, and community development.

This strategic move underscores JPMorgan's intent to strengthen its community-focused initiatives amid ongoing competition in the banking sector.