She will be replaced by Kevin Watters, who is currently CEO of Mortgage Banking, according to the memo. Serra will stay on as an adviser at the bank.
Her retirement marks a change at the top of a key division for JPMorgan. Serra helped set JPMorgan's Chase Pay digital-payment product into motion, and was named by American Banker as one of the most powerful women in banking for three consecutive years.
"I have worked with Eileen for more than 20 years - going back to our days at American Express," Gordon Smith, CEO of consumer and community banking at JPMorgan, said in the memo.
"I can't overstate my respect for her personally and for all she has done."
Serra will be replaced by Kevin Watters, currently the CEO of the firm's mortgage-banking business.
JPMorgan
"He took over the business at perhaps the most challenging time in the cycle and transformed it into a profitable, customer focused, less volatile business with strong controls and an excellent leadership team," Smith said in the memo.
Watters will in turn be replaced by Mike Weinbach, another veteran executive at JPMorgan. Weinbach is currently head of mortgage servicing at the bank.
JPMorgan's consumer and community banking pulled in more than $32 billion in revenue in the first nine months of 2015, according to the bank's most recent report.