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 6th Mar 2020: Two of America's biggest banks kicked off the reporting season with steep increases in their provisions against bad debt. Everyone knows the coming recession will be bad; no one knows just how bad. JPMorgan Chase put aside almost another $7bn against expected client bankruptcies and payment defaults, raising the total figure to $8.3bn, but warned that might not be enough. Wells Fargo increased its provision more than threefold to $3.8bn. Both figures weighed heavily on net income, with JPMC down 70% to $2.9bn and Wells down 90% to $653m. JPMC's revenues slipped 3% to $28.3bn, while Wells was down 10% to $17.7bn.
Adbrands Daily Update 6th Mar 2020: Jamie Dimon, arguably the world's most powerful banker as chairman & CEO of JP Morgan Chase, has taken medical leave of absence following emergency heart surgery. The procedure was successful and the 63 year old is expected to make a full recovery. In his absence, the bank is being led by co-presidents Daniel Pinto and Gordon Smith, who already respectively run the JP Morgan and Chase divisions. [Updated: Dimon returned to work at the beginning of April.]
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.
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