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 2018, revenues reached a new high of over $109bn, with net income of $32.5bn. 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 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.
Adbrands Weekly Update 18th Oct 2018: All the big US banks did well in 3Q, even Wells Fargo which has spent the past couple of years struggling to bounce back from various misselling scandals. Trump's tax cuts were the major contributing factor to strong profit growth across the board. As usual, JP Morgan Chase led the field with a 24% jump in net profit to $8.4bn on revenues up 5% to $27.8bn. Strength in the consumer banking business offset weakness in investment trading. Bank of America reported a 32% jump in profits to $7.2bn on revenues of $22.8bn. Wells Fargo reported a similar leap, its best performance for several quarters, with profits also up 32% to $6.0bn on revenues of $21.9bn, up modestly on the year ago period. At Citigroup revenues dipped slightly to $18.4bn, but profit rose 12% to $4.6bn. Morgan Stanley and Goldman Sachs also performed strongly. Morgan delivered revenues of $9.9bn and profit of $2.1bn; Goldman had revenues of $8.7bn and profit of $2.5bn.
Adbrands Social Media 28th Aug 2018: "Mama Said Knock You Out". Droga5's new campaign for US bank Chase makes good use of tennis legend Serena Williams, who appears to have reinvented herself as some form of Super Earth Mother since the birth of her daughter. Little Alexis Olympia is already one of the most famous babies in America, and she has yet even to reach her first birthday. The tendency of US sports fans to elevate their biggest stars (and their children) to Godlike status in this fashion leaves us cold, we must confess, so we're not perhaps as blown away by this film as Serena's hardcore followers might be. However, it certainly has style and class, and we can see that, for some viewers, it might be a minor classic.
Adbrands Weekly Update 19th Jul 2018: US banks kicked off the reporting season with generally strong results. JP Morgan Chase led the charge as usual, with revenues up 6% to $27.7bn, while net income jumped 18% to $8.3bn, helped by higher interest rates and loan growth (and also of course a lower tax charge). "We see good economic growth, particularly in the US, where consumer and business sentiment is high," said CEO Jamie Dimon. Corporate and investment banking were particularly strong, offsetting declines in mortgages and credit cards. Bank of America took a slight hit on revenues, down very slightly to $22.6bn year-on-year because of a one-off gain in the prior period. Stripping out that exceptional item, comparable revenues were up 3% and net profits soared by 33% to $6.8bn. Citi's results were a little more muted, though revenues rose 2% to $18.5bn. In Citi's case, consumer banking generally fared better than investment banking, though the group's treasury and custody services were the strongest performer overall. Net profit jumped 15% to $4.5bn on the lower tax charge. Wells Fargo is still struggling under the cloud of its customer mistreatment scandals, with revenues down 3% to $21.6bn and an 11% fall in net profit to $5.2bn, despite the lower tax rate. The company said rising interest rates are putting homebuyers off new mortgages. There was much better news from Goldman Sachs, where profits soared 40% to $2.6bn on revenues up 19% to $9.4bn. Goldman also confirmed that Lloyds Blankfein will step down as CEO later this year, and will be succeeded by current president David Solomon. Morgan Stanley also reported a big jump of 39% in profits to $2.4bn - its second highest figure ever after 1Q 2018 - on revenues up 12% to $10.6bn.
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