JPMorgan Chase will have a new leader of its $145B commercial real estate business starting in January.
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Michelle Herrick, who became the deputy head of CRE for the bank in March, will succeed Al Brooks, who has led the division for almost a decade. Herrick joined JPMorgan in 2017 and previously worked at Bank of America.
“I am honored to head our industry-leading CRE business,” Herrick told Commercial Observer. “Al has built a franchise that continually raises the bar in product offerings and customer service, and I look forward to continuing that legacy as our exceptional team serves clients across the country.”
Herrick's appointment comes on the heels of a September rate cut from the Federal Reserve that offered some initial relief for a beleaguered CRE industry. Still, lenders will have to work through billions in distressed debt in the coming year, and banks have been a smaller part of the CRE lending landscape in the past year.
Part of Herrick's job will be managing the $141B real estate loan book that JPMorgan acquired from the failed First Republic Bank last year.
JPMorgan tapping Herrick to lead its CRE division means two of the largest U.S. commercial property lenders will have women at the helm, following Wells Fargo's pick of Kara McShane to head its CRE business in 2020.
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