Chase Names Powell CEO of Consumer Banking; Lowman to Manage All Home Lending

NEW YORK--(BUSINESS WIRE)--Chase today announced the promotion of Scott Powell and David Lowman to larger roles in Retail Financial Services.

“Scott’s strong management and leadership skills, work ethic and integrity will help make Consumer Banking even more successful”

Powell was named CEO of Consumer Banking, which includes 3,000 branches, 8,500 ATMs and the related staff and support systems. Chase created the CEO position as a result of the Consumer Bank’s recent growth, which has added more than 700 locations -- including nearly 400 new builds and 339 the Bank of New York branches -- in the last three years.

Lowman, who joined Chase as CEO of Global Mortgage in November, will take on the additional responsibility of home equity and servicing and default, bringing together all Chase’s consumer real estate lending businesses into one organization. Powell had managed home equity and servicing and default, as well as auto and student lending.

Chase separately announced today the hiring of Marc Sheinbaum as CEO of Auto and Education Finance. Kevin Watters remains CEO of Business Banking.

“Scott’s strong management and leadership skills, work ethic and integrity will help make Consumer Banking even more successful,” said Charlie Scharf, CEO of Retail Financial Services. “Dave has spent the last two months getting to know our business, and is already working on ways to apply his experience to take advantage of our opportunities.”

Powell 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.

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.

Lowman, who has worked in lending and mortgage businesses for 25 years, had been president and CEO of CitiFinancial International since 2004. He worked for 11 years at Prudential Home Mortgage, serving as CFO and in key roles in mortgage operations and wholesale lending, and on re-engineering and conversion initiatives. He joined CitiMortgage in 1996 and was promoted to President and COO in 1998. In 2000, he was name Chief Servicing and Technology Officer for the Citigroup’s U.S. Mortgage Business.

Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. (NYSE:JPM). Chase has 154 million credit cards issued and serves consumers and small businesses through more than 3,000 bank branches, 8,500 ATMs and 280 mortgage offices as well as through relationships with 15,600 auto dealerships and 2,500 schools and universities. It also serves more than 25,000 commercial banking clients, including corporations, municipalities, financial institutions and not-for-profit entities. More information about Chase is available at www.chase.com.