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Washington Mutual Names Chase Executive Taj Bindra as EVP, Finance and Servicing Operations of Mortgage Banking

SEATTLE--(BUSINESS WIRE)--Oct. 21, 2004--Washington Mutual, Inc. (NYSE:WM) today announced that Taj Bindra, former Chief Financial Officer and Executive Vice President for Chase Home Finance (CHF), 42, will join the company beginning November 8 as Executive Vice President, Finance and Servicing Operations of Mortgage Banking.

Bindra will be responsible for financial and mortgage servicing right (MSR) management, capital markets activities, and servicing operations for the company's mortgage banking business. He will be located at the company's headquarters in Seattle, Wash., and report to Craig Chapman, president of Washington Mutual's commercial and mortgage banking businesses. In his capacity as chief financial officer for the mortgage banking business, Bindra will also report to Washington Mutual Chief Financial Officer Tom Casey.

Since 1999, Bindra has been Chief Financial Officer and Executive Vice President of Chase Home Finance, a nationwide residential housing lender and a leading originator of prime and subprime mortgages, home equity, manufactured housing loans and housing-related insurance products. In this role at CHF, he was responsible for managing the accounting, tax, MSR valuation and risk management oversight, planning, management accounting, financial analysis and forecasting functions for all businesses within CHF. He also interacted with regulators, external accountants and managed relationships with external analysts.

"Taj's excellent leadership and financial skills will add more strength to our already capable management team," Chapman said. "We are excited to have an accomplished mortgage banking executive like Taj join us during such an important time in the reshaping of our mortgage banking business."

"I am excited to join a company that is doing something unique in the financial services industry," Bindra said. "Washington Mutual is serving everyday people through all of its businesses in a manner unlike other financial services companies. I look forward to playing a role and working with the company's excellent and dedicated mortgage banking team as we undertake efforts to once again make the company's mortgage banking business best-in-class."

Bindra is a seasoned finance and mortgage banking professional who began his career in 1988 as Treasury Officer of Chase Manhattan Bank. Two years later, he became Senior Manager, Financial Services Consulting at Price Waterhouse, where he provided financial and risk management consulting services to global financial institutions and regional banks in the United States. He then returned to Chase in 1993 to become CHF's Vice President of the Mortgage Bank. In 1994, he was promoted to Senior Vice President of CHF and Manager of Strategic Planning and Analysis and served in that role until he was promoted Chief Financial Officer and Executive Vice President of CHF in 1999.

Bindra has a Bachelor of Arts, Economics and Accounting from University of Dehli in Dehli, India and a MBA, Finance and Accounting from the University of Rochester in Rochester, New York.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At September 30, 2004, Washington Mutual and its subsidiaries had assets of $288.83 billion. Washington Mutual currently operates more than 2,300 retail banking, mortgage lending, commercial banking and financial services offices throughout the nation. Washington Mutual's press releases are available at

    CONTACT: Washington Mutual, Inc.
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             Alan Gulick, 206-377-3637
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    SOURCE: Washington Mutual, Inc.