Scott Powell To Succeed Norman Buchan As Head of Chase Auto and Student Finance

CHICAGO--March 2, 2005--JPMorgan Chase & Co. (NSYE:JPM) announced today that Norman Buchan has decided to leave the firm after 34 years and that Scott Powell will succeed him as head of Chase Auto and Student Finance. Powell also will continue as co-CEO of Home Finance with responsibility for home equity and subprime mortgages.

"Scott's experience, leadership, dedication and discipline will prove invaluable as we use our people, scale and skill to compete effectively in today's difficult auto-finance environment," said Charles Scharf, Chief Executive Officer of Retail Financial Services. "We also will continue to build on our position as a leading student lender. We thank Norman for his many contributions to the firm."

Over the last seven years, Buchan has helped grow Chase's auto business into the largest bank provider of auto loans. Last year's merger of JPMorgan Chase and Bank One added scale to auto and student lending - both businesses where scale is important - and the businesses continued to grow, to $53.9 billion in balances in 2004.

Powell began managing auto and student lending as well as home finance at Bank One when he became head of Retail Lending in 2003. He had joined the company a year earlier as chief risk officer for consumer businesses. Prior to that, he was director of credit risk management for Citigroup's Global Consumer Group, after managing consumer risk for more than a decade at predecessors, including Commercial Credit Company and Travelers.

JPMorgan Chase & Co. is a leading global financial services firm with assets of $1.2 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, J.P. Morgan 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 on the Internet at www.jpmorganchase.com.