ISELIN, N.J., Jan. 13, 2005 - Chase Home Finance today announced the promotion of Thomas Wind and Scott Powell to co-Chief Executive Officers of JPMorgan Chase & Co.'s (NYSE: JPM) home finance business. In addition, Thomas Garvey was named vice chairman of Chase Home Finance.
Wind, who has been head of Capital Markets at Chase Home Finance, now has responsibility for the prime mortgage business - one of the largest in the country. Powell, who has been chief credit officer for Chase's consumer businesses, has responsibility for home equity, sub-prime mortgage and community development.
"Tom Wind and Scott Powell share the same values and principles as well as a passion to grow Chase Home Finance into the best in the business," said Charles Scharf, Chief Executive Officer of Retail Financial Services. "They will work as partners to manage the complexity in each of our businesses while leveraging Chase Home Finance as a whole."
Chase originated $112 billion of mortgages and $30 billion of home equity loans during the first three quarters of 2004. It services more than $550 billion in mortgages.
Garvey, who has been an executive vice president, will focus on prime mortgage production, including existing channels and leveraging the 2,400 bank branches brought together by the July, 2004, merger of JPMorgan Chase and Bank One. He will report to Wind.
Wind joined Chase Home Finance in late 2004 after serving for two years as chief financial officer at Nexstar Financial, a company that developed cutting-edge technology for processing loans. He was at CitiMortgage from 1998 to 2002, serving as CFO and then president. He also served in leadership roles, including head of capital markets, from 1996 to 1998 at Norwest Mortgage, now Wells Fargo Mortgage.
Powell joined Bank One in 2002 as chief risk officer for consumer businesses and became president of Retail Lending in 2003. He became chief risk officer for JPMorgan Chase's consumer businesses following the July, 2004, merger of Bank One and JPMorgan Chase. He joined Commercial Credit Company in 1988, and managed consumer risk at successors Travelers and CitiFinancial. He was director of credit risk management for Citigroup's Global Consumer Group.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.1 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.