JPMorgan Chase Leadership team and our businesses


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JPMorgan Chase Leadership team and our businesses

  1. 1. Leadership Team O P E R AT I N G C O M M I T T E E Jamie Dimon Bill Daley 13 G o r d o n S m i t h 15 B i l l W i n t e r s 1 7 Chairman and Corporate Responsibility Card Services Investment Bank Chief Executive Officer Ina Drew 14 J e s S t a l e y 16 B a r r y Z u b r o w 8 Frank Bisignano 2 Chief Investment Office Asset Management Risk Management Chief Administrative Office Todd Maclin 9 Steve Black 3 Commercial Banking Investment Bank 3 10 J a y M a n d e l b a u m 6 13 12 8 14 10 16 2 John Bradley 4 15 Strategy & Marketing Human Resources 7 1 11 H e i d i M i l l e r 4 11 9 Mike Cavanagh 5 5 Treasury & Securities Services Finance 12 C h a r l i e S c h a r f Steve Cutler 6 Retail Financial Services Legal & Compliance
  2. 2. Investment Bank 2007 Highlights and Accomplishments • Institutional Investor’s America’s JPMorgan is one of the world’s • Record year-over-year revenue leading investment banks with performance in: Investment Bank of the Year. one of the most extensive client – Investment banking fees, 19% growth; • Risk magazine’s: lists in the world. Our full platform – M&A advisory fees, 37% growth; – Derivatives House of the Year; enables us to develop some of the – Equity underwriting fees, 45% growth; – Best Derivatives House of the Past 20 most complete and innovative – and – Years; and financial solutions in the industry. – Equity markets revenue, 13% growth. – Best Credit Derivatives House – Pioneer We offer clients a full range of • Gross investment banking revenue – and Modern Great. services, including strategic advice, from Commercial Banking clients up • #1 in global investment banking fees.(a) capital raising, restructuring, risk 24% from 2006. management, market-making and • #1 in global loan syndications and • Strong progress on growth initiatives, research. We cover clients in more global high-yield bonds for the third year including energy, emerging markets and than 100 countries and have global in a row.(b) leadership positions in our key retail structured products. products. JPMorgan also commits • #2 in equity underwriting, up from #6 • Low subprime exposure relative to the in 2006.(b) its own capital to proprietary financial industry. investing and trading activities. • Revenue of more than $5 billion in We continue to strengthen • Outstanding first half offset by more equity underwriting and equity markets. our platform and develop new difficult second half with leveraged loan products to meet clients’ needs. and credit-related writedowns. (a) Dealogic (b) Thomson Financial “Despite the industry-wide challenges we faced during “The risk management lessons the second half of 2007, we still produced record we learned from the past full-year revenue in several paid dividends this year and areas. Looking ahead to helped us avoid some of 2008, we believe having the pitfalls that affected the a fortress balance sheet will industry. While we remain prove a sizable advantage cautious about the near-term at a time when capital is at outlook, we believe we are a premium.“ extremely well-positioned for the long term with strong Steve Black (left) client relationships, global co-CEO Investment Bank leadership positions and high capital ratios.” Bill Winters (right) co-CEO Investment Bank
  3. 3. Retail Financial Services “Capitalizing on the strength of the Chase brand, we’ll continue to expand our branch and ATM network to increase convenience for our customers. We will strengthen our team of well-trained bankers and mortgage officers and improve our products to help customers handle their money, finance their homes, run their businesses and manage their investments, deepening their relationship with Chase. “We have tightened our underwriting standards and are using our financial strength during this period of economic uncertainty to expand relationships, gain new customers and position ourselves for long-term growth across our businesses.“ Charlie Scharf – CEO Retail Financial Services 2007 Highlights and Accomplishments • Opened 127 new branches (and a total • Expanded market share in mortgages Retail Financial Services serves consumers and businesses through of 528 since 2004) and added 680 ATMs and home equity to 11% in the fourth quarter, up from 6% a year earlier.(a) personal service at bank branches (2,536 since 2004) in major Chase markets. and through ATMs, online banking Originated $208 billion in home loans • Increased in-branch personal bankers, and telephone banking as well during the year even as we tightened business bankers, mortgage officers and as through loan offices, auto our underwriting standards. investment specialists by a combined dealerships and school financial 2,568, or 23%, including additions from • Increased third-party mortgage servicing aid offices. the 2006 acquisition of The Bank of portfolio 17% to $615 billion. Customers can use more than New York branches. • Increased active online customer base 3,100 bank branches (fourth- • Increased in-branch sales of credit cards 21%; generated 258 million online largest nationally), 9,100 ATMs (#3) 23%, mortgages 31% and investments 23%. transactions, including bill payment and and 290 mortgage offices. More electronic payment, an increase of 38%. than 13,700 branch salespeople • Increased checking accounts by 844,000, assist customers with checking or 8%, and deposits 3% to $221 billion. • Improved customer experience and and savings accounts, mortgages, sales through refurbishment, rebranding, home equity and business loans, • Increased number of households with core technology conversion and sales process and investments across the 17-state retail relationships 12% to 10.3 million. enhancements at former Bank of New footprint from New York to Arizona. • Increased business banking loan York branches. Consumers also can obtain loans originations 20% to $6.8 billion. through more than 14,500 auto dealerships and 5,200 schools and universities nationwide. (a) Source: Inside Mortgage Finance 19
  4. 4. Card Services “In a challenging environment, we generated solid momentum in 2007 and established a clear vision for the future. Chase Card Services aims to create lifelong, engaged relationships with our customers by being a trusted provider of financial services. We are supporting our vision with a solid growth strategy – focusing our efforts on key marketplace segments, including the small business, mass affluent and high-net-worth markets.” Gordon Smith – CEO Card Services 2007 Highlights and Accomplishments • Better leveraged the JPMorgan Chase • Added 16 million new Visa, MasterCard With 155 million cards in circula- franchise by increasing the number and private label accounts. tion and more than $157 billion of credit cards sold through the Retail in managed loans, Chase Card • Maintained Chase’s position as the Financial Services network by 23% Services is one of the nation’s second-leading issuer of MasterCard from 2006. largest credit card issuers. and Visa cards in the U.S. Customers used Chase cards • Increased charge volume by $15 billion to meet more than $354 billion • Moved core processing platform from 2006. worth of their spending needs in-house, allowing for greater techno- in 2007. • Increased net revenue 3% and grew logical innovation, more flexibility managed loans 3% while investing in and reduced costs. With hundreds of partnerships, activities to attract new customers and Chase has a market leadership • Further enhanced the innovative further engage current cardmembers. position in building loyalty Chase Freedom program, which gives programs with many of the • Increased merchant processing volume cardmembers the choice of earning world’s most respected brands. to $719 billion, up 9% from 2006, through either cash or points and changing Chase Paymentech Solutions, LLC, the back and forth without leaving any nation’s largest merchant processor. rewards behind. The Chase Freedom program has generated more than one million new customers since its 2006 launch. 20
  5. 5. Commercial Banking 2007 Highlights and Accomplishments • Added in excess of 2,200 new banking • Increased net income 12% to a record Commercial Banking serves more relationships through accelerated calling $1.1 billion and net revenue 8% to a than 30,000 clients nationally, efforts and targeted marketing initiatives. including corporations, munici- record $4.1 billion. palities, financial institutions and • Maintained favorable market position • Achieved record results in gross invest- not-for-profit entities with annual relative to the industry through ment banking revenue of $888 million, revenue generally ranging from conservative credit underwriting and treasury services revenue of $2.4 billion, $10 million to $2 billion. It is the strong credit reserves. loan balances of $61.1 billion and liability #1 commercial bank in market balances of $87.7 billion. penetration within Chase’s retail • Converted the wholesale New York branch footprint.(a) Tri-State customer base of more than • #1 commercial bank in market penetration 332,000 deposit accounts, representing within Chase’s retail branch footprint.(a) Commercial Banking delivers almost $28 billion, and migrated extensive industry knowledge, local • #2 large middle-market lender in the U.S.(b) customers acquired from The Bank of expertise and a dedicated service New York to the firm’s platforms. • #2 asset-based lender in the U.S.(b) model. In partnership with the firm’s other businesses, it provides • Delivered focused leadership training to • Launched seven new offices, expanding comprehensive solutions, including more than 500 managers and enhanced coverage in Atlanta, Nashville, Philadel- lending, treasury services, invest- employee diversity and performance phia and Seattle, including three ment banking and asset manage- initiatives. international locations in Vancouver, ment to meet its clients’ domestic Mumbai and Singapore. and international financial needs. (a) Barlow Footprint Study, 2007 (b) Loan Pricing Corporation, 2007 “Commercial Banking performed exceptionally well in a volatile and challenging economic environment, retaining a position of strength in our markets and resulting in record growth consistent with our 2007 plan. “In 2008, we will redouble our prospecting efforts to broaden our market coverage, maintain a strong and well-managed loan portfolio, and continue to make smart credit decisions. We will also practice diligent expense control and remain vigilant over market conditions to provide insightful and disciplined advice to our clients.” Todd Maclin – CEO Commercial Banking
  6. 6. Treasury & Securities Services 2007 Highlights and Accomplishments • Increased net income 28% year-over-year • Completed acquisitions of Xign Treasury & Securities Services is to a record $1.4 billion on the strength of Corporation, a leading provider of a global leader in transaction, record net revenue of $6.9 billion. investment and information services. business-to-business on-demand financial We are one of the world’s largest settlement solutions; of FisaCure, Inc., a • Increased assets under custody 15% to cash management providers and a leading provider of electronic remittance $15.9 trillion and liability balances 21% to leading global custodian, operating services to the healthcare industry; and of $228.9 billion. through two divisions: the U.S. transfer agency services business • #1 in Sameday U.S. Dollar Funds Transfers(a), of Integrated Investment Services. Treasury Services provides cash man- Automated Clearing House Originations(b), agement, trade, wholesale card and • Introduced new offerings to support CHIPS(c) and Fedwire.(d) liquidity products and services to comprehensive financial supply chain and small- and mid-sized companies, border logistics management; card-based • Grew revenue 26% outside the U.S. and multinational corporations, financial invoice settlement for accounts payable; strengthened our international presence, institutions and government entities. and the securities processing and fund securing regulatory approval to connect to Worldwide Securities Services holds, administration needs of financial institutions. China's electronic clearing system and grow- values, clears and services securities, ing our hedge fund, image deposit, euro • Industry awards included Best Overall cash and alternative investments payment, private equity, commercial card Bank for Payments and Collections in for investors and broker-dealers and other capabilities in targeted markets. North America (Global Finance), Best and manages depositary receipt Investor Services (Waters magazine) and • Migrated to a single U.S. dollar deposit plat- programs globally. Best Liquidity Solution Provider (The Asset). form in JPMorgan Chase's largest conversion, involving almost $180 billion in balances and (a) Ernst & Young nearly $10 trillion in daily transactions. (b) NACHA (c) The Clearing House (d) Federal Reserve “Our businesses posted record results in 2007. Going forward, we see our most promising opportunities emerging in key markets outside the U.S., and we’re confident we’ll continue to effectively grow our businesses around the world. “In 2008, we will expand on our success by enhancing our products and delivery of services to our clients – not only to improve efficiency and reduce costs but also to ensure we can adequately support the tremendous growth in business we continue to experience.” Heidi Miller CEO Treasury & Securities Services
  7. 7. Asset Management “Looking ahead, we see tremendous opportunity to build upon the momentum in our business. We will continue to expand our alternative asset class business, delivering innovative, best-in-class investment products to our clients. Our industry-leading Private Bank will capitalize on its strength, while we increase our focus on growth in Private Client Services. In Asia, we will broaden and deepen our reach, building on our unique leadership position in the region. “Through our commitment to our values and our dedication to outstanding investment perform- ance, we will continue to deliver the best of JPMorgan Asset Management to our clients.quot; Jes Staley – CEO Asset Management 2007 Highlights and Accomplishments • Grew alternative assets under manage- With assets under supervision of • Record financial performance of 27% $1.6 trillion, Asset Management is a ment, including hedge funds, real estate revenue growth and 40% earnings growth. global leader in investment and wealth and private equity 21% to $121 billion. • Reached $1.2 trillion in assets under management. Our clients include Continued to experience strong investor management and $1.6 trillion in assets institutions, retail investors and high- interest in Highbridge funds with 68% under supervision. Net assets under net-worth individuals in every major growth in assets under management. management inflows were at a record market throughout the world. • Despite challenging markets throughout level of $115 billion. We offer global investment manage- the second half of the year, maintained • JPMorgan Asset Management is the ment in equities, fixed income, real strong three- and five-year investment largest manager of AAA-rated global estate, hedge funds, private equity performance. Globally, the ranking of liquidity funds with more than $294 and liquidity. We provide trust and long-term mutual fund assets in the billion under management. Grew global estate and banking services to high- first or second quartiles was 76% for the liquidity balances 29%.(a) net-worth clients and retirement five years and 75% for the three years services for corporations and individu- • Experienced record growth in assets ended December 31, 2007. One-year als. The majority of our client assets performance declined from 83% to 57%.(c) under supervision for the Private Bank are in actively managed portfolios. and Private Client Services with an • Launched our first Qualified Domestic increase of $80 billion. Achieved second Institutional Investor (QDII) product in (a) iMoneyNet, December 2007 consecutive year of record growth in China, raising a record $15.4 billion on the (b) Absolute Return magazine, March 2008 issue, net new Private Bank clients. data as of year-end 2007 first day of IPO from 1.9 million clients.(d) (c) Derived from following rating services: Lipper for • Retained position as largest manager the United States and Taiwan; Micropal for the United Kingdom, Luxembourg and Hong Kong; of hedge funds with assets under and Nomura for Japan management of $45 billion.(b) (d) In conjunction with our joint venture partner, Shanghai International Trust and Investment Co., Ltd. (SITCO); quota of $4 billion 23
  8. 8. Corporate Responsibility “Corporate responsibility is something that we all, as business leaders, ought to be thinking about every day. We need to continually review and ensure that we act in a way that focuses on the impact our businesses can and should have. Taking this seriously is a winning strategy for our consumers and clients, our company and the community.” Bill Daley – Head of Corporate Responsibility 2007 Highlights and Accomplishments • Modified or refinanced $3 billion in sub- • Established the Office of Corporate At JPMorgan Chase, corporate prime adjustable-rate mortgages to keep Responsibility to develop a comprehen- responsibility goes beyond families in their homes. Shared expertise in sive and identifiable platform driven by philanthropy. It’s about what helping lead national initiatives to prevent we do every day in our busi- our business activities. nesses and how we do it. We foreclosure (including HOPE NOW) and • Strengthened our focus on the environ- are committed to managing trained more than 1,300 non-profit coun- ment by investing in alternative energy our businesses to create selors to assist struggling homeowners. projects, helping our clients reduce value for our consumer and • Created a dedicated investment banking carbon emissions and taking the lead in corporate clients, as well as unit to support microfinance and social developing The Carbon Principles. our shareholders, communities enterprises around the world. and employees and to being a • Began the renovation of our NYC head- responsible corporate citizen. • Invested $114 million in more than 2,400 quarters with the goal of Platinum LEED not-for-profit organizations globally in certification and opened pilot LEED-certi- nearly 500 cities across 33 countries. fied bank branches in Colorado and Texas. • Invested more than $338 billion in low- and • Helped shape federal legislation to moderate-income communities across the protect homeowners and to serve a U.S. in the first four years of our 10-year, $800 broader range of families through billion commitment. Will invest the addition- expanded mortgage-loan limits. From left to right: al $60 million allocation of New Markets Tax • Helped consumers understand our Thelma Dye – Director of Northside Center Credit in low-income communities. for Child Development, products’ terms and fees through Bill Daley – Corporate Responsibility, • Increased supplier diversity spending, programs such as “Mortgage Nutrition JPMorgan Chase, Kim Davis – Philanthropy, JPMorgan Chase with more than $700 million going to Labels” in Home Lending and “Clear minority- and women-owned businesses. and Simple” in Card Services. 24