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|Washington Mutual Selects PeopleSoft's Profitability Management Software; Management Tools Aid in Making Detailed Profitability Calculations|
SEATTLE--(BUSINESS WIRE)--June 19, 2001--Washington Mutual, Inc. (NYSE:WM) today announced it has selected PeopleSoft Inc. (Nasdaq:PSFT) Profitability Management for Financial Services to measure and manage risk-adjusted profitability across all business lines.
As part of the PeopleSoft Enterprise Performance Management suite (EPM), the software will enhance Washington Mutual's ability to recast financial information across product lines by branches, home loan centers and other profit centers to more accurately determine profitability.
"As a lending institution, one of our major concerns is generating the right profitability information to help us make sound business decisions that maximize shareholder value," said Tom Fagan, senior vice president and chief information officer of Washington Mutual's Finance Division. "With PeopleSoft Profitability Management, we are equipped with more powerful tools to make detailed profitability calculations that will enable us to continue to prosper in the increasingly competitive financial services environment."
PeopleSoft Profitability Management for Financial Services provides tools for funds transfer pricing, activity-based management and risk-weighted capital. This solution includes cost allocations, internal transfer pricing and risk management. Profitability Management enables profitability reporting at the customer, product, channel or departmental level with combined results identical under any view.
"PeopleSoft Profitability Management for Financial Services is the industry's only integrated solution for profitability management," said Louis Olds, vice president of product strategy for PeopleSoft Enterprise Performance Management. "We're proud to have Washington Mutual as a customer, and we are committed to its success with PeopleSoft EPM."
With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small-to-midsize businesses. As of March 31, 2001, Washington Mutual and its subsidiaries had consolidated assets of $219.93 billion. Washington Mutual currently operates more than 2,300 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation.