Warner to Retire as Chairman Of J.P. Morgan Chase; Harrison to Assume Additional Position of Chairman.

Business Editors

NEW YORK--(BUSINESS WIRE)--September 26, 2001

J.P. Morgan Chase & Co. (NYSE: JPM) announced today that Chairman Douglas A. Warner III will retire by year-end, and William B. Harrison, Jr., President and Chief Executive Officer, will assume the additional position of Chairman at that time. Warner has been Chairman since the creation of JPMorgan Chase in December 2000.

"The challenging job of integrating J.P. Morgan and Chase has been successfully concluded, and a superb platform is now in place to build the premier global financial institution," said Warner. "With my assignment completed, it seems appropriate on the first anniversary of last September's merger announcement to set out on the next phase of my career. The company is in excellent hands under Bill Harrison's leadership and is well equipped to perform for its shareholders, customers and employees in the years ahead."

"Sandy and I have worked together over the past year with the goal of creating a seamless organization," said Harrison. "JPMorgan Chase has met or exceeded every one of our merger goals while achieving broadly-based increases in market share, and our people are pulling together as one to work through today's challenging markets and the effects of this month's terrorist attacks. That we are well positioned for the future is testament to the important role Sandy has played in this first year, and I look forward to continuing to rely on his sound advice as a friend and colleague on our International Council. I wish him all the best."

Warner, 55, spent 33 years at J.P. Morgan & Co. Incorporated and was Chairman, President, and Chief Executive Officer for the six years before last year's merger with the Chase Manhattan Corporation. He joined J.P. Morgan in 1968 after graduating from Yale University, and then held increasingly senior management positions both in London and New York.

Warner is a Director of Anheuser-Busch Companies, Inc. and General Electric Co. He is on the Board of Counselors of the Bechtel Group Inc. and is a member of The Business Council. Warner also serves as Chairman of the Board of Managers and the Board of Overseers of Memorial Sloan-Kettering Cancer Center, a Trustee of the Pierpont Morgan Library, and President of the Federal Reserve Board's Federal Advisory Council.

Harrison, 58, has been President and Chief Executive Officer of JPMorgan Chase since its formation. Prior to that, he was Chairman and Chief Executive Officer of the Chase Manhattan Corporation. He joined the Chemical Banking Corporation, a predecessor firm, in 1967, and served in various assignments in the United States and United Kingdom. He received an A.B. degree in Economics from the University of North Carolina and is a graduate of the Harvard Business School's International Senior Management Programme in Switzerland.

Harrison is a Director of Merck & Co. and the New York Stock Exchange. He is a member of The Business Roundtable and The Business Council, and he serves on the Board of Visitors of the University of North Carolina's Kenan-Flagler Business School and the Board of Directors of the United Negro College Fund. He is a member of the Board of Overseers of Memorial Sloan-Kettering Cancer Center, and is also on the Board of Trustees of Carnegie Hall and the Central Park Conservancy.

J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $713 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.