JPMorgan Chase & Co. (JPMorgan Chase)

JPMorgan Chase & Co. (JPMorgan Chase)

 

JPMorgan Chase & Co. (JPMorgan Chase), incorporated in 1968, is a financial holding company. JPMorgan Chase's principal bank subsidiaries are JPMorgan Chase Bank, National Association, a national banking association with branches in 17 states, and Chase Bank USA, National Association, a national bank that is the Company's credit card issuing bank. JPMorgan Chase's principal non-banking subsidiary is J.P. Morgan Securities Inc., its United States investment banking firm. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks.

 

In May 2007, the Company completed the acquisition of Xign Corporation, a provider of business-to-business financial settlement solutions. The business will be known as JPMorgan Xign Corporation. The acquisition included Xign's technology, services and order-to-pay domain capabilities. On October 1, 2006, JPMorgan Chase completed the acquisition of The Bank of New York Company, Inc.'s consumer, business banking and middle-market banking businesses. On July 1, 2006, JPMorgan Chase completed the sale of its life insurance and annuity underwriting businesses to Protective Life Corporation. On April 21, 2006, JPMorgan Chase completed the acquisition of private-label credit card receivables and approximately 21 million accounts from Kohl's Corporation. On March 1, 2006, the Company acquired Collegiate Funding Services, which is engaged in education loan servicing and consolidation. On March 1, 2006, JPMorgan Chase acquired the middle and back office operations of Paloma Partners Management Company. On February 28, 2006, it announced an alliance with Fidelity Brokerage to become the provider of new issue equity securities and the primary provider of fixed income products to Fidelity's brokerage clients and retail customers.

 

The Company's activities are organized into six business segments: Investment Bank, Retail Financial Services, Card Services, Commercial Banking, Treasury & Securities Services and Asset Management. Its wholesale business comprises the Investment Bank, Commercial Banking, Treasury & Securities Services, and Asset & Wealth Management. Its consumer business comprises Retail Financial Services and Card Services.

 

Investment Bank

 

The Investment Bank's clients are corporations, financial institutions, governments and institutional investors. The Company offers a range of investment banking products and services in many capital markets, including advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market-making in cash securities and derivative instruments, and research. The Investment Bank also commits JPMorgan Chase's own capital to investing and trading activities.

 

Retail Financial Services

 

Retail Financial Services (RFS), which includes Regional Banking, Mortgage Banking and Auto Finance reporting segments, helps meet the financial needs of consumers and businesses. RFS provides consumer banking through the its branch network and automated teller machines (ATMs) network. RFS is a mortgage originator and servicer, as well as at home equity originator It is also a non-captive originator of automobile loans and a student loan originator.

RFS serves customers through more than 3,000 bank branches, 8,500 ATMs and 270 mortgage offices, and through relationships with more than 15,000 auto dealerships and 4,300 schools and universities. More than 11,000 branch salespeople assist customers, across a 17-state footprint from New York to Arizona, with checking and savings accounts, mortgage, home equity and business loans, investments and insurance. Over 1,200 additional mortgage officers provide home loans throughout the country.

 

Card Services

 

Chase Card Services (CS) is a credit card issuer. It has more than 154 million cards in circulation and $152.8 billion in managed loans. Customers used Chase cards for over $339 billion worth of transactions during the year ended December 31, 2006. CS offers a variety of general-purpose cards to satisfy the needs of individual consumers, small businesses and partner organizations, including cards issued with AARP, Amazon, Continental Airlines, Marriott, Southwest Airlines, Sony, United Airlines, Walt Disney Company and many other brands and organizations. It also issues private-label cards with Circuit City, Kohl's, Sears Canada and BP. Chase Paymentech Solutions, LLC, a joint venture with JPMorgan Chase and First Data Corporation, is a processor of MasterCard and Visa payments, having handled over 18 billion transactions in 2006.

 

Commercial Banking

 

Commercial Banking (CB) serves more than 30,000 clients, including corporations, municipalities, financial institutions and not-for-profit entities. Commercial bankers serve clients nationally throughout the RFS footprint and in offices located in other markets. CB delivers product capabilities, including lending, treasury services, investment banking and asset management.

 

Treasury & Securities Services

 

Treasury & Securities Services (TSS) is engaged in providing transaction, investment and information services to support the needs of institutional clients worldwide. TSS is a cash management provider and a global custodian. Treasury Services (TS) provides a variety of cash management products, trade finance and logistics solutions, wholesale card products, and liquidity management capabilities to small and midsized companies, multinational corporations, financial institutions and government entities. TS partners with the Commercial Banking, Retail Financial Services and Asset Management businesses to serve clients firmwide.

 

Asset Management

Asset Management (AM) is a global leader in investment and wealth management. AM clients include institutions, retail investors and high-net-worth individuals in various market s throughout the world. AM offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity, including both money market instruments and bank deposits. AM also provides trust and estate and banking services to high-net-worth clients, and retirement services for corporations and individuals. The majority of AM's client assets are in actively managed portfolios.