The Federal Home Loan Bank of Pittsburgh named JPMorgan Chase & Co. executive Winthrop Watson to be chief operating officer. Watson, 55, is to start work Nov. 18.
JPMorgan sent Watson, a 22-year veteran New York banker, to Hong Kong in 2007 as head of Asia-Pacific high-grade-debt capital markets. Before that, he was a managing director of JPMorgan's securities business in New York, leading the investment and commercial banking operations for government-sponsored enterprises, including the Home Loan banks, since 1995.
Watson's base annual salary will be $425,000, and he is to get a $75,000 signing bonus and a guaranteed 2010 bonus of $80,000.