NEW HIRES HELP JPMORGAN TREASURY SERVICES TO FURTHER ENHANCE ITS SERVICE OFFERINGS

London - 14 October, 2003 - JPMorgan Treasury Services, a unit of JPMorgan Chase Bank and a leader in global payment, trade and treasury services management, automated cash and treasury management solutions, announced today the appointment of four key executives to its team. The appointments enhance JPMorgan's already strong teams across the product management, liquidity, consulting and trade sectors.

Tim Decker joins JPMorgan Treasury Services as Vice President and will focus on JPMorgan's response to technology and standards changes. As a member of the global clearing product management team in EMEA, Decker will help strengthen and increase JPMorgan Treasury Services' position as the number one non-indigenous Euro clearer. Decker was previously Business Delivery Manager for Citibank's File Delivery Platform.

Andrew Harding has recently been appointed as Corporate Liquidity Specialist to create and implement liquidity and investments business strategy for the EMEA corporate market. Harding, who has been with JPMorgan five years, brings a wealth of experience in regional and global liquidity management to this new appointment.

Rod Staples joins JPMorgan Treasury Services Consulting to assist in the development of its Financial Service Provider solution and to add to the broad skill base of the team. Staples, who has over ten years of corporate treasury experience, was previously a Senior Manager with the PricewaterhouseCoopers treasury consulting solutions team.

Mojgan Faratin joins JPMorgan Treasury Services as Vice President in Trade and will be responsible for trade services and finance sales development for corporates in France, Benelux, Ireland and the UK. Faratin joins with 13 years experience in business management and product development in cash management, securities and trade at Citigroup.

Steve Groppi, EMEA Regional Executive, comments, "We are very excited about these appointments. They reflect JPMorgan Treasury Services' commitment to recruiting and developing the best talent in the industry. These appointments will help JPMorgan expand its business while continuing to deliver the highest level of service to our clients."

All eyes East: JPMorgan Treasury Services at Sibos 2003 in Singapore
A host of new products and initiatives will be on show.

Press Contacts:
Stefanie Davidson, Philippe Jeanjean, Tom Coombes,
Cognito
+44 (0)20 7936 9058

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