Stephen J. Rotella Elected President and CEO of Chase Manhattan Mortgage Corporation

Business Wire, May 10, 2001

Business Editors

EDISON, N.J.--(BUSINESS WIRE)--May 10, 2001

Thomas Jacob to Continue as Chairman

J.P. Morgan Chase & Co. (NYSE:JPM) announced today that Stephen J. Rotella, 48, has been elected President and CEO of Chase Manhattan Mortgage Corporation (CMMC), a subsidiary of Chase Manhattan Bank USA, N.A. and a division of the Retail and Middle Market Financial Services business of J.P. Morgan Chase & Co. Thomas Jacob, 62, will continue in his current capacity as Chairman of the Board of CMMC. Mr. Rotella will report to David A. Coulter, Vice Chairman, J. P. Morgan Chase & Co. and head of Retail and Middle Market Financial Services.

"I am pleased to announce Steve Rotella's appointment as President and CEO of our home finance business, and am confident that he will provide strong leadership and direction, continuing to enhance our capabilities as the premier residential mortgage originator and provider in the home finance industry. I am also pleased that Tom Jacob will continue in his current role as Chairman to partner with Steve on key customer and industry relationships, as well as broad strategic issues facing the mortgage industry today. Under Tom's leadership, the mortgage company has emerged as a top originator and servicer of mortgage loans. He has also been instrumental in driving our diversity agenda and making important strides in building a customer-focused service culture. I look forward to working with Steve and Tom in their new roles," said Mr. Coulter.

Mr. Rotella, who most recently served as Chief Operating Officer of CMMC, joined Chase in 1987 and has managed a number of key functions in servicing, production, technology, marketing and operations. For a number of years he was the senior executive directing the strategy and growth of Chase's servicing business based in Columbus, Ohio, which is currently the second largest in the nation with assets of $393 billion. Prior to joining Chase, Rotella was Director of Mortgage Products at Shearson Lehman Brothers (now Salomon Smith Barney). He also had significant experience in the mutual fund business and in systems design and development, beginning his career at Andersen Consulting (now Accenture). He is a member of the Chase Manhattan Mortgage Corporation Board of Directors and Management Committee, and Chair of the Risk Council, and is a member of the Retail and Middle Market Financial Services Executive Committee. He also serves on the Legislative Committee of the Mortgage Bankers Association. He was Chair of the Board of BalletMet Columbus and currently serves on their board, as well as the Board of the Papermill Playhouse in Milburn, N.J. Steve has a BA in Economics and MBA in Information Systems/Finance from the State University of New York.

"I'm excited about the opportunity to build on our success as an industry leader in home finance," said Steve Rotella. "I believe we have the best management team and group of colleagues in the business bar none. Together we will continue to help people attain and sustain home ownership - part of the American dream - part of what makes this business so important. We will also strive to provide the best service to our customers and deliver growth to J.P. Morgan Chase shareholders," he said.

Chase Manhattan Mortgage Corporation, with headquarters in Edison, New Jersey, is currently the nation's largest residential mortgage lender and second largest servicer. It employs 11,000 people in major servicing and operations sites and over 280 offices across the country. The Chase home finance businesses include first mortgage, home equity and manufactured housing loans.

J.P. Morgan Chase & Co. is a premier global financial services firm with assets of $714 billion and operations in more than 50 countries. The firm is a leader in investment banking, asset management, private equity, custody and transaction services, retail and middle market financial services, and e-finance. Headquartered in New York, JPMorgan Chase serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients.