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J.
P. Morgan Chase & Co.
(212)
270-6000
270
Park Avenue
New
York, NY 10017
www.jpmorganchase.com
Sales
$44
billion
Banks - Category Directory
Business Loans - Category Directory
Investment Banks - Category Directory
Business Description
J.P.
Morgan Chase & Co. (“JPMorgan Chase” or “the Firm”) is a financial holding
company incorporated under Delaware law in 1968. As of December 31, 2003,
JPMorgan Chase was one of the largest banking institutions in the United
States, with $771 billion in assets and $46 billion in stockholders’ equity.
J.P.
Morgan Chase & Co. is a leading global financial services firm with assets
of $771 billion and operations in more than 50 countries. The Firm serves
more than 30 million consumers nationwide through its retail businesses, and
many of the world’s most prominent corporate, institutional and government
clients through its global wholesale businesses.
Its principal bank subsidiaries are JPMorgan Chase Bank (“JPMorgan Chase
Bank”), a New York banking corporation headquartered in New York City, and
Chase Manhattan Bank USA, National Association (“Chase USA”), headquartered
in Delaware. The Firm’s principal nonbank subsidiary is J.P. Morgan
Securities Inc. (“JPMSI”).
Business segments
The
wholesale businesses of JPMorgan Chase are known globally as “JPMorgan” and
comprise the Investment Bank, Treasury & Securities Services, Investment
Management & Private Banking and JPMorgan Partners. The national consumer
and middle market businesses are known as “Chase” and collectively comprise
Chase Financial Services.
JPMorgan Chase’s activities are internally organized, for management
reporting purposes, into five major business segments (Investment Bank,
Treasury & Securities Services, Investment Management & Private Banking,
JPMorgan Partners and Chase Financial Services).
Investment Bank
JPMorgan Chase is one of the world’s leading investment banks, as evidenced
by the breadth of its client relationships and product capabilities. The
Investment Bank has extensive relationships with corporations, financial
institutions, governments and institutional investors worldwide. The Firm
provides a full range of investment banking and commercial banking products
and services, including advising on corporate strategy and structure,
capital raising in equity and debt markets, sophisticated risk management,
and market-making in cash securities and derivative instruments in all major
capital markets. The Investment Bank also commits the Firm’s own capital to
proprietary investing and trading activities.
Fixed income includes client and portfolio management revenue related to
both market-making and proprietary risk-taking across global fixed income
markets, including government and corporate debt, foreign exchange, interest
rate and commodities markets.
Global Treasury manages the overall interest rate exposure and investment
securities portfolio of the Firm. It creates strategic balance by providing
a diversification benefit to the Firm’s trading, lending and fee-based
activities.
Credit portfolio revenue includes net interest income, fees and loan sale
activity for IB’s commercial credit portfolio. Credit portfolio revenue also
includes gains or losses on securities received as part of a loan
restructuring, and changes in the credit valuation adjustment (“CVA”), which
is the component of the fair value of a derivative that reflects the credit
quality of the counterparty. See page 59 of the Credit risk management
section of this Annual Report for a further discussion of the CVA. Credit
portfolio revenue also includes the results of single-name and portfolio
hedging arising from the Firm’s lending and derivative activities. See pages
60–61 of the Credit risk management section of this Annual Report for a
further discussion on credit derivatives.
Equities includes client and portfolio management revenue related to
market-making and proprietary risk-taking across global equity products,
including cash instruments, derivatives and convertibles.
Treasury & Securities Services
Treasury & Securities Services, a global leader in transaction processing
and information services to wholesale clients, is composed of three
businesses. Institutional Trust Services provides a range of services to
debt and equity issuers and broker-dealers, from traditional trustee and
paying-agent functions to global securities clearance. Investor Services
provides securities custody and related functions, such as securities
lending, investment analytics and reporting, to mutual funds, investment
managers, pension funds, insurance companies and banks worldwide. Treasury
Services provides treasury and cash management, as well as payment,
liquidity management and trade finance services, to a diversified global
client base of corporations, financial institutions and governments.
Investment Management & Private Banking
Investment Management & Private Banking provides investment management
services to institutional investors, high net worth individuals and retail
customers, and it provides personalized advice and solutions to wealthy
individuals and families.
Competition
JPMorgan Chase and its subsidiaries and affiliates operate in a highly
competitive environment. Competitors include other banks,
brokerage firms, investment banking companies, merchant banks, insurance
companies, mutual fund companies, credit card companies, mortgage banking
companies, automobile financing companies, leasing companies, e-commerce and
other Internet-based companies, and a variety of other financial services
and advisory companies. JPMorgan Chase’s businesses compete with these other
firms with respect to the range of products and services offered and the
types of clients, customers, industries and geographies served. With respect
to some of its geographies and products, JPMorgan Chase competes globally;
with respect to others, the Firm competes on a regional basis. JPMorgan
Chase’s ability to compete effectively depends on the relative performance
of its products, the degree to which the features of its products appeal to
customers, and the extent to which the Firm is able to meet its clients’
objectives or needs. The Firm’s ability to compete also depends on its
ability to attract and retain its professional and other personnel, and on
its reputation.
The financial services industry has experienced consolidation and
convergence in recent years, as financial institutions involved in a broad
range of financial services industries have merged. This convergence trend
is expected to continue, as demonstrated by the proposed merger of JPMorgan
Chase and Bank One. Consolidation could result in competitors of JPMorgan
Chase gaining greater capital and other resources, such as a broader range
of products and services and geographic diversity. It is possible that
competition will become even more intense as the Firm continues to compete
with financial institutions that may be larger, or better capitalized, or
may have a stronger local presence in certain geographies.
JPMorgan Partners
JPMorgan Partners, the global private equity organization of JPMorgan Chase,
provides equity and mezzanine capital financing to private companies. It is
a diversified investor, investing in buyouts and in growth equity and
venture opportunities across a variety of industry sectors, with the
objective of creating long-term value for the Firm and third-party
investors.
Chase Financial Services
Chase Financial Services is a major provider of banking, investment and
financing products and services to consumers and small and middle market
businesses throughout the United States. The majority of its revenues and
earnings are produced by its national consumer credit businesses, Chase Home
Finance, Chase Cardmember Services and Chase Auto Finance. It also serves as
a full-service bank for consumers and small- and medium-sized businesses
through Chase Regional Banking and Chase Middle Market.
Chase Middle Market
CMM is a premier provider of commercial banking and corporate financial
services to companies with annual sales of $10 million to $1 billion, as
well as to not-for-profit, real estate and public-sector entities. CMM
maintains a leadership position in the New York tri-state market and select
Texas markets; it also leverages its expertise in distinct industry
segments, such as Technology, Corporate mortgage finance, Entertainment and
certain regional markets, such as Chicago, Los Angeles, Boston and Denver.
The CMM relationship management model brings customized solutions to more
than 12,000 middle market companies, utilizing the products and services of
the entire Firm. Products and services include cash management, lines of
credit, term loans, structured finance, syndicated lending, M&A advisory,
risk management, international banking services, lease financing and
asset-based lending. CMM is organized by geography, industry and product to
deliver greater value to customers. CMM’s 2003 and 2002 results included
100% of the revenues and expenses attributed to the shared activities with
Treasury Services.
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