Executive Change: Eduardo Vergara Named Global Commercial Card Chief for JPMorgan Unit

Eduardo Vergara has joined JPMorgan Treasury Services as Global Commercial Card Executive. In his new role, Mr. Vergara will be responsible for the day-to-day management of JPMorgan’s global commercial card business and for setting and implementing the global strategic direction for JPMorgan’s commercial card products. JPMorgan’s award-winning commercial card solutions include travel and entertainment, purchasing, fleet, prepaid debit and payroll cards, as well as single-use account technology and Order-to-Pay solutions.

For the past 12 years, Mr. Vergara has held strategy development, marketing and management posts supporting such areas as commercial, corporate, debit and prepaid cards and international payments. Most recently, he headed Global Product Management and Marketing for Global Commercial Card at American Express. Mr. Vergara has also served with Bank of America, where his roles included head of Latin America and Canada, head of International Business Development and Strategy for Global Treasury Services, and head of Prepaid Cards and International Remittances. Before this, Eduardo was an engagement manager at McKinsey & Co., where he focused on card and payment strategy for financial institutions.

"Eduardo brings to JPMorgan deep product and strategy expertise in the commercial card and payments arenas, as well as international experience to support our international growth plans," said Melissa Moore, chief executive officer, JPMorgan Treasury Services. "We look to him to provide industry leadership and to help us grow our business by expanding our international commercial card platform, as well as our successful Order-to-Pay and emerging Procure-to-Pay product capabilities."

JPMorgan currently serves more than 540,000 commercial card accounts in industries of all sizes, with programs ranging from two to 20,000 cards and spend volumes in excess of $500 million. JPMorgan’s purchasing card program was ranked #1 in dollar volume by Ernst & Young and The Nilson Report in 2007. The company’s fleet card program was ranked #1 in dollar volume by The Nilson Report in 2007, while its payroll card was ranked #1 in terms of cards issued by Ernst & Young in 2006 and 2007. JPMorgan won the Paybefore Award for "Best Payroll Card Program" in 2007 and 2008, and the company’s Order-to-Pay solution was recognized by Forrester Research as a leading solution for accounts payable electronic invoice presentment and payment.

JPMorgan (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorgan.com.