JP Morgan Chase is one of the world's biggest financial services institutions; the #1 US bank by revenues since 2011, when it first overtook troubled rival Bank of America; and the #1 globally by market capitalisation. It combines the legendary investment banking brand JP Morgan with the broad-based consumer services of the former Chase Manhattan bank, acquired in 2000. Chase is now America's (and also the world's) biggest credit card issuer, the leader by customer deposits and the #2 by number of branches across the nation. It has grown to that size through two canny acquisitions. Between 2001 and 2004, an economic downturn forced the group to lean more heavily on its financial services businesses to counter the sharp ups and downs of corporate banking. As a result, JP Morgan acquired retail banking giant Bank One in 2004 in a $60bn deal that put it close behind Citigroup, then the US leader. The unprecedented turmoil in global financial markets during 2008 provided JP Morgan with two further opportunities, the last-minute purchases of failing investment bank Bear Stearns and thrift bank Washington Mutual. The resulting business offers a broad base, deriving its income more or less equally between investment banking, retail banking and credit card services. Since 2004, it has for the most part avoided the serious financial problems with which its three main US rivals have wrestled. Nevertheless, the bank was stung during 2013 by a series of massive fines and settlements to resolve a host of different regulatory investigations. For 2019, revenues reached a new high of over $115.6bn, while net income set a new record at $36.4bn. James ("Jamie") Dimon is chairman & CEO, widely regarded as one of the best CEOs in the financial services industry for his strong and steady management. He has held that role for more than a decade, longer than the leaders of any of the other big six financial institutions, and is now expected to remain until 2022.
Capsule checked 12th April 2019
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Adbrands Daily Update 23rd Jan 2020: JP Morgan Chase named Leslie Gillin as its new group chief marketing officer, overseeing both the JP Morgan investment bank and Chase retail banking businesses. She replaces Kristin Lemkau who was named as CEO of JPMC's wealth management division. For the past three Gillin has headed the bank's co-branded credit card business, and was previously an executive at Bank of America and Citigroup.
Adbrands Daily Update 15th Jan 2020: JP Morgan Chase got the reporting season off to a strong start. Strong performances in both consumer retail banking and investment trading gave the bank its highest ever annual profit of $36.4bn, up 12%, on revenues that grew 6% to $115.6bn. Citigroup enjoyed a similar but smaller lift, with revenues rising 2% to $74.3bn, but net income jumped 8% $19.4bn. However, Wells Fargo was still under considerable pressure, with revenues slipping back to $85.1bn while net income was dented by another round of litigation expenses. A $1.5bn charge in the final quarter caused annual profits to fall to $19.6bn. "We came out of the financial crisis as the most valuable and most respected bank in the US," CEO Charles Scharf told analysts. "But as you know we made some terrible mistakes and haven't effectively addressed our shortcomings." He is promising to do so now. Bank of America was flat. Revenues edged up a little to $91.2bn but net income fell 2.5% to $27.4bn as a result of a large impairment charge against a discountinued merchant services joint venture with First Data.
Adbrands Daily Update 12th Dec 2019: JP Morgan Chase appointed marketing chief Kristin Lemkau as the head of a newly consolidated wealth management business. The new unit combines what were previously separate operations within the JP Morgan and Chase divisions, targeting affluent individuals with assets of up to $25m. Ultra-wealthy clients above that level will still be handled separately. The restructure aims to create a stronger competitor to wealth management rivals Bank of America Merrill and Morgan Stanley. A new top marketer will be named in due course.
Adbrands Daily Update 18th Apr 2019: JP Morgan Chase CEO Jamie Dimon promoted two women to senior management roles that will put them in the running to succeed him. Marianne Lake, previously CFO, becomes CEO, consumer lending, overseeing card services, home and auto finance. She is replaced as CFO by Jennifer Piepszak, currently CEO, card services. They are among only a handful of women in senior roles in the US banking industry. JPMC's two co-COOs Gordon Smith and Daniel Pinto, who oversee consumer operations and investment banking respectively, will themselves be close to retirement age if Dimon continues as CEO, as expected, for another three years.
Adbrands Daily Update 15th Jan 2019: Weaker performance in 4Q 2018 took the shine off what had previously been a bumper year for most US banks. JP Morgan Chase's 4Q profit came in below analysts' expectations for the first time in 15 consecutive quarters, although full year revenues and net were both at record levels. Revenues rose 8% to $109m while net income jumped by a full third to $32.5bn. However there were year-on-year declines in both figures for 4Q. Investment banking fared worse than the Chase retail banking business. CEO Jamie Dimon warned that a prolonged shutdown of the government as a result of Trump's demands for border wall funding could significantly harm the economy in the current quarter.
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