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FHLBank Names New COO

Winthrop Watson will be leaving his current position as Managing Director at J.P. Morgan in Hong Kong, after serving the company for 24 years

The Federal Home Loan Bank of Pittsburgh has appointed Winthrop Watson as its new chief operating officer of the bank. He is expected to take charge as COO on November 18, 2009.

Mr. Watson will be leaving his current position as Managing Director at J.P. Morgan in Hong Kong, after serving the company in various capacities for 24 years.

Mr. Watson will be responsible for the Bank’s core business activities, which include loans to members (advances), the Mortgage Partnership Finance Program, letters of credit, community investment, safekeeping and product development; balance sheet management (including investments, funding and hedging) operations and technology; and strategic planning.

Since 2007, Mr. Watson has served as senior client executive for JP Morgan’s Asia Pacific central banks and sovereign wealth funds, head of its Asia Pacific debt capital markets, and chairman of its Asia Pacific investment banking business evaluation committee.

Prior to his tenure in Hong Kong, Mr. Watson was managing director of JP Morgan in New York where he helped build the company’s investment and commercial banking franchise for US government-sponsored enterprises (GSEs), including FHLBanks. His background includes several financial advisory assignments on behalf of FHLBanks.

FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members.