JP Morgan Hires Karen Purcell to Lead Community Development Banking
Purcell has more than 25 years of experience in CRE banking and comes over from Bank of America
By Brian Pascus December 9, 2025 12:40 pm
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J.P. Morgan Chase has hired a new executive to lead its Community Development Banking (CDB) team.
Jamie Dimon’s megabank announced Tuesday that it has hired Karen Purcell as the new head of CBD. Purcell will report directly to Michelle Herrick, head of commercial real estate at J.P. Morgan Chase.
Purcell most recently led the Community Development Banking originations and asset management teams at Bank of America, where she has spent the last 16 years of her career, and spent an additional eight years during the 1990s as senior vice president of corporate real estate.
Purcell is expected to start her new role in January, where she will focus on financing affordable and workforce housing creation and preservation, as well as assisting community development financial institutions (CDFIs) and overseeing tax credit equity investments.
Herrick noted in a statement that affordable housing is an essential asset class to drive economic growth and advance opportunity across the country, and praised Purcell’s decades of experience in that realm.
“Karen is an industry veteran who will deliver tremendous value to our clients and help the firm further our commitment to communities across the country,” said Herrick.
The CDB team that Purcell will lead at J.P. Morgan has provided $3 billion of debt financing for affordable and workforce housing assets thus far in 2025, leading to the preservation or creation of more than 15,000 units.
Brian Pascus can be reached at bpascus@commmercialobserver.com.
