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Washington Mutual Names Steve Lobo Treasurer
SEATTLE, Feb 27, 2003 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE:WM) today announced the appointment of former American Express and U.S. Bancorp executive Steve Lobo as the company's Senior Vice President and Treasurer.

Lobo will play a key leadership role in all aspects of the company's treasury activities, including the development and implementation of treasury policies and procedures, management of the balance sheet including debt financing and capital structuring. The position will also be responsible for enterprise-wide treasury management functions including market risk analytics, treasury operations, cash management and integrated responsibility for capital markets.

Lobo will report to Tom Casey, the company's Chief Financial Officer.

"Steve has a broad and proven record in the banking and treasury field, and will add outstanding leadership as we continue to build our capabilities to keep pace with the company's growth," Casey said.

Lobo joined American Express Financial Advisors as Treasurer and Chief Risk Officer in 2001 where he was responsible for creating and building a risk management function for all Treasury after the company had experienced significant losses in high yield securities and collateralized debt obligations.

Prior to his service with American Express, he served as Senior Vice President of U.S. Bancorp's Treasury Department, where he was responsible for asset and liability management, investment portfolio management, net interest margin analysis, securitization activity and funding strategy.

He was also Vice President, Treasury, Derivative Products Manager/Portfolio Manager for the Northern Trust Company from 1993-1996; a financial economist in the Options and Equities Group of the Chicago Board of Trade from 1989-1993; and a financial analyst with Continental Bank.

Lobo has a Bachelor of Arts degree in Economics from Lake Forest College, Lake Forest Illinois; a Master of Arts in Economics from DePaul University and a MBA from the University of Chicago.

About WaMu

With a history dating back to 1889, Washington Mutual is a retailer of consumer financial services that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At December 31, 2002, Washington Mutual and its subsidiaries had assets of $268.30 billion. The company currently operates more than 2,500 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.

CONTACT:          Washington Mutual
                  Alan Gulick, 206/377-3637
                  alan.gulick@wamu.net

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