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Kevin Watters Named CEO of Mortgage Banking at Chase

  Kevin Watters Named CEO of Mortgage Banking at Chase

Business Wire

NEW YORK -- December 18, 2012

JPMorgan Chase (NYSE: JPM) announced today that Kevin Watters would be named
CEO of Mortgage Banking. Watters previously ran Mortgage Origination and led
the Customer Experience across Mortgage Banking. He’s been with Chase and its
predecessor firms for 13 years.

Kevin Watters Named CEO of Mortgage Banking at Chase (Photo: Business Wire)

Kevin Watters Named CEO of Mortgage Banking at Chase (Photo: Business Wire)

As previously announced, Mortgage Banking will fully integrate into Consumer &
Community Banking as one line of business serving 50 million customers.
Watters will report to Gordon Smith, co-CEO of Consumer & Community Banking.

“We’re so pleased to expand Kevin’s responsibilities as CEO of Mortgage
Banking,” said Gordon Smith, co-CEO of Consumer & Community Banking. “Under
his leadership, we have achieved record revenue and net income in Mortgage
Originations, improved our market share, and perhaps most important, greatly
improved our customers’ experience at Chase. He’s a great leader, colleague
and culture carrier.”

“Kevin has been one of the key architects of Mortgage Banking’s return to
profitability,” said Frank Bisignano, co-Chief Operating Officer of JPMorgan
Chase. “This role is a natural expansion of his successful leadership of
Mortgage Originations. I know he’ll continue the strong momentum we’ve had in
restoring Mortgage Banking to profitability.”

Mortgage Banking has experienced a significant improvement in its business
performance over the past two years. Mortgage Banking recorded net income of
$2.9 billion as of the third quarter of 2012, compared to a net loss of $1.9
billion as of the third quarter of 2011. Year-to-date in 2012, mortgage
banking production income was a record high. Customer service has also greatly
improved. Chase jumped to #4 in the  2012 J.D. Power Mortgage Origination
Satisfaction Survey  up from #12 a year ago.

Since 2010, Kevin Watters ran Mortgage Originations and the Customer
Experience, including Chase’s four mortgage production channels: Retail,
Consumer Direct, Correspondent Lending and Rural Housing. He was also
responsible for marketing, product management and the Executive Office. Prior
to Mortgage Banking, he served as CEO of Business Banking since 2005. Earlier
in his career at the firm, he worked in the Corporate Internet Group,
Strategy, and Marketing.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase &
Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3
trillion and operations in more than 60 countries. Chase serves more than 50
million consumers and small businesses through more than 5,500 bank branches,
18,000 ATMs, mortgage offices, and online and mobile banking as well as
through relationships with auto dealerships. More information about Chase is
available at www.chase.com.

External Bio

Kevin Watters
Chief Executive Officer, Mortgage Banking, Chase

Kevin Watters is the Chief Executive Officer of Mortgage Banking at Chase. He
serves on the Consumer & Community Banking Leadership team and reports to
Gordon Smith, co-CEO of CCB.

Chase is one of the largest U.S. providers of banking, lending, treasury,
wealth management and investment services. Chase serves 50 million customers,
including consumers, small businesses, mid-size companies, corporations,
financial institutions, nonprofits and governments. The Mortgage Banking
business originates more than $155 billion in home loans annually and is the
third largest servicer, with $1.1 trillion of mortgages.

Prior to being named Mortgage Banking CEO, Watters was head of Mortgage
Originations and the Customer Experience.In that role, he led Chase’s four
mortgage production channels: Retail, Consumer Direct, Correspondent Lending
and Rural Housing. Watters was also responsible for marketing, product
management and the Executive Office. He transitioned to Mortgage Banking in
June 2010 from Business Banking, where he served as Chief Executive Officer
for five years.

Prior to the merger with JPMorgan Chase, Watters served in the following roles
at Bank One: Head of the Corporate Internet Group, President of the Consumer
Internet Group, Chief Strategy Officer of the Consumer Internet Group, and
Chief Marketing Officer of Wingspan, Bank One’s Internet-only bank.

Earlier in his career, Watters worked in finance and operations at McNeil
Consumer Products, a division of Johnson and Johnson; as Brand Manager at
Procter and Gamble Business; as Director at Pinnacle, Inc.; and as Senior
Manager of Vlasic Foods.

Watters’ bachelor’s degree is from Lehigh University and his MBA is from the
University of Virginia.

He is married with three children.

Birthdate: 12-16-68

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20121218006310/en/

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Contact:

Media contact:
Chase
Amy Bonitatibus, 614-601-0340
amy.m.bonitatibus@jpmorgan.com