SEATTLE, Apr 10, 2006 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE: WM) announced today that
James B. Corcoran has been named president of its Retail Banking
franchise. He joins Washington Mutual in Seattle in May, 2006 from
Halifax Bank of Scotland (HBoS), where he was the Managing Director of
At Washington Mutual (WaMu), Corcoran will oversee all facets of
the company's retail banking franchise, including its network of more
than 2,100 retail banking stores and more than 30,000 employees, small
business banking, consumer lending, financial services and all retail
products and banking operations. He will report to company President
and Chief Operating Officer Steve Rotella and will be a member of the
company's Executive Committee.
"James is an outstanding addition to Washington Mutual," said
Rotella. "He has a proven track record of driving significant organic
customer growth along with bottom line results. His strong combination
of sales and marketing expertise and exceptional operating skills will
accelerate the momentum of our retail banking franchise in rapidly
growing households, improving productivity and cross-selling. James is
also an energetic catalyst for innovation and creativity. We're
excited to add his considerable skills and talents to WaMu's executive
Corcoran joined HBoS in 2000. He was responsible for its branch
retail system and all non-branch distribution channels, including
customer call centers, E-commerce, and real estate brokerage and
financial planning operations. At HBoS, Corcoran oversaw a retail
banking team of 32,000 employees and grew the company's card business
from one to four million customers in three years. The HBoS Group has
22 million customers and a relationship with 2 out of every 5
households in the UK. In the company's banking unit, more people in
the UK switch their current account to HBoS than any other bank (21%).
"I'm really excited to be joining WaMu and look forward to helping
drive further expansion and growth," said Corcoran. "Our continued
success will be built upon delivering superior value and convenience
to our customers."
Prior to joining HBoS, Corcoran was the president of the UK Card
Business at Bank One/First USA and was Managing Director of Global
Sales at Citigroup, New York, where he was responsible for developing
the bank's worldwide retail banking distribution network. He also
served as head of Marketing for IBM's Consumer Business in New York.
Corcoran began his career at American Express. He started as a sales
executive and over his 15 years there rose through the ranks,
including senior assignments in New York and Australia, to become
senior vice president of Card Marketing for the company's European
About the Retail Bank
Washington Mutual is a leading bank for consumers and small
businesses. Taking its focus on serving middle market consumers even
further, WaMu recently introduced a free checking product that
combines an unprecedented bundle of features that adds up to
convenience and value never before seen in any checking account.
The new WaMu Free Checking(TM) account offers all the features of
WaMu's original Free Checking account plus: free ATM cash withdrawals,
a free overdraft or insufficient funds fee waiver each year, free
checks for life, cash back for debit card use, free outbound wires,
free low-balance alerts with online banking, Free ID Theft Services --
and much more.
WaMu expects to significantly accelerate its checking account
growth with the new WaMu Free Checking(TM) account. "People looking
for simplicity, convenience and value in their banking relationship
will find it here," Rotella said. "Making it easier for consumers and
providing a great experience -- that's the WaMu way."
About Washington Mutual
At December 31, 2005, Washington Mutual and its subsidiaries had
assets of $343.12 billion. Washington Mutual currently operates more
than 2,600 retail banking, mortgage lending, commercial banking and
financial services offices throughout the nation. Washington Mutual's
press releases are available at http://newsroom.wamu.com.
Editor's Note: A photo of Mr. Corcoran is available upon request.
Forward Looking Statement
his press release and our Form 10-K for 2005 and other documents
that we filed with the Securities and Exchange Commission contain
forward-looking statements. Forward-looking statements can be
identified by the fact that they do not relate strictly to historical
or current facts. They often include words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates,"
or words of similar meaning, or future or conditional verbs such as
"will," "would," "should," "could" or "may." Forward-looking
statements provide our expectations or predictions of future
conditions, events or results. They are not guarantees of future
performance. By their nature, forward-looking statements are subject
to risks and uncertainties. These statements speak only as of the date
they are made. We do not undertake to update forward-looking
statements to reflect the impact of circumstances or events that arise
after the date the forward-looking statements were made. There are a
number of factors, many of which are beyond our control that could
cause actual conditions, events or results to differ significantly
from those described in the forward-looking statements.
SOURCE: Washington Mutual, Inc.
Washington Mutual, Inc.
Libby Hutchinson, 206-461-2484
Alan Magleby, 206-490-5182