J.P. Morgan Chase & Co. has hired Cindy Armine, head of global compliance at Citigroup to beef up controls in its mortgage business. At Chase, Armine will develop strategy and oversee overall operating controls in the business, as well as new business initiatives.

Armine is a loss for Citi, where she was respected for improving the bank's shaky controls and its compliance team. She had been with Citi for 31 years and took over her global compliance role in June 2008, just as the bank entered one of the most difficult periods of its history. Armine had managed compliance at Citi's private bank, its Smith Barney brokerage, and the U.S. investment banking business before taking on her most recent task.

Armine will be at Citi until the end of the month and start her new job as chief control officer for J.P. Morgan's home lending business in August, according to memos at both banks.   [Dow Jones, 5/9/11]