Press Release

New York Fed Names Executive Vice President

February 7, 2005

NEW YORK - Edward F. Murphy, 52, has been named executive vice president of the Federal Reserve Bank of New York in charge of the bank’s corporate group, which includes the financial management, human resources, operational risk management, business continuity, investment review, real estate and building support functions. He will serve on the bank’s management committee. The appointment was made by the bank’s board of directors, and is effective February 14.

Mr. Murphy has more than thirty years of experience in the financial services industry, primarily in senior positions at JP Morgan Chase & Co. with financial, accounting, operations and internal and public audit responsibilities.

Most recently, Mr. Murphy served as executive vice president-CFO, CAO for Chase Financial Services from 2002 to 2004. In this post, his responsibilities included financial and risk management, e-business, and contingency planning for the firm’s retail businesses.

Mr. Murphy’s other roles with JPMorgan Chase and its predecessor firms included being the COO of the Asia Pacific region, the global audit director, and the principal accounting officer. He began his career in 1974 at Coopers & Lybrand in New York, where he stayed until he began his tenure with JP Morgan Chase in 1983.

Mr. Murphy graduated from Pace University in New York City in 1974, and serves as a trustee of the university. He lives in East Williston, NY with his wife. They have two grown children.

Mr. Murphy succeeds Suzanne Cutler, who retired in December, 2004.

Contact:
Linda Ricci
(212) 720-6143
(646) 720-6143
linda.ricci@ny.frb.org