Danny Ray Joins Chase as President of Education Finance

Chase has hired experienced consumer lender Danny Ray to run its Education Finance business, which provides a comprehensive portfolio of loan products and services for college students and their families across the United States. Ray, who has 20 years of experience in consumer lending, will manage a team of 850 sales, fulfillment and support professionals from across the country. Chase has relationships with more than 2,500 schools and universities and also provides direct-to-consumer loans as it manages $11 billion in student loans for more than 400,000 borrowers. "Danny has the experience, drive and disciplined leadership to move our education business forward,” said Executive Vice President Scott Powell, head of Consumer Lending at Chase. "He will help us become the best education lender in the country.” Chase expanded its education business in March with the acquisition of Collegiate Funding Services Inc., creating a comprehensive lender dedicated to providing students and their families with the practical advice and loan solutions they need to pay for the cost of higher education. Ray has served as Chief Risk Officer for the Americas Region of Toyota Financial Services since 2004. Before that, he spent 15 years at Bank One, a Chase predecessor, in a number of roles, including Chief Credit Officer for Retail Lending. He was responsible for risk management of the $60 billion portfolio that included real estate, education and auto loans.He also served as Operations Risk Manager for NationsBank’s sub-prime real estate business. "American families have a tremendous need for student loans as fast-rising costs outpace available grants," Ray said. "Chase is committed to providing affordable financing to open doors for college students across the U.S.” About Chase Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. (NYSE:JPM). Chase has 136 million credit cards issued and serves consumers and small businesses through more than 3,000 bank branches, 8,300 ATMs and 280 mortgage offices as well as through relationships with 15,600 auto dealerships and 2,500 schools and universities. It also serves more than 25,000 commercial banking clients including corporations, municipalities, financial institutions and not-for-profit entities. More information about Chase is available at www.chase.com.