JPMorgan Chase & Co.

JPMorgan Chase & Co. operates under the brands J.P. Morgan, Chase and WaMu.   J.P. Morgan is their brand utilized for corporations, governments, wealthy individuals and institutional investors.  The Chase brand is employed to serve U.S. consumer and commercial banking businesses.  The WaMu brand is also used to serve U.S. consumer and commercial banking businesses.  JPMorgan Chase operates 3,179 branches as part of its retail operations.  The bank manages 9,308 ATMs.

Highlights from JPMorgan Chase’s financial statement for the third quarter of 2008 breakdown various retail bank operations and statistics including:

Retail bank average deposits were $210,200,000,000.00 up 2% year over year.

Retail bank checking accounts numbered 11,700,000.

Home equity originations were $2,600,000,000.00

Average home equity loans owned stood at $94,800,000,000.00

Mortgage loan originations were $37,700,000,000.00

Average mortgage loans owned was $14,300,000,000.00

Auto loan originations were $3,800,000,000.00

Average auto loans and leases held at $46,100,000,000.00

Average business banking loans were $16.4 billion and originations were $1.2 billion.

Chase added the following commentary about the statistics.  Checking accounts were up 10%.  Credit card sales increased 6%.  Mortgage originations were down 6%.  Declines in originations reflected tighter underwriting standards and the overall reduction in liquidity in the financial markets.  Home equity originations were down 77% year over year also due to tighter underwriting standards.  For the 3rd quarter 3, greater than 90% of mortgage originations were under agency and government programs.

For the 3rd quarter Chase had net income of $527 million.  Gross revenue was at $16.08 billion.

The third quarter report also identified that the bank maintained strong Tier 1 Capital of $112B, or 8.9% (estimated).

On Sept. 25, 2008 JPMorgan Chase announced it has acquired all deposits, assets and certain liabilities of Washington Mutual’s banking operations from the Federal Deposit Insurance Corporation.  As part of this transaction, JPMorgan Chase will make a payment of approximately $1.9 billion to the FDIC.

The history of JPMorgan Chase including these key transactions documented on the website of jpmorganchase.com.

In 1991, Chemical Banking Corp. combined with Manufacturers Hanover Corp.,  keeping the name  Chemical Banking Corp., then the second-largest banking institution in the United States.

In 1995, First Chicago Corp. merged with National Bank of Detroit‘s parent NBD Bancorp., forming First Chicago NBD, the largest banking company based in the Midwest.

In 1996, Chase Manhattan Corp. merged with Chemical Banking Corp., creating what was then the largest bank holding company in the United States.

In 1998, Banc One Corp. merged with First Chicago NBD, taking the name Bank One Corp. Merging subsequently with Louisiana‘s First Commerce Corp., Bank One became the largest financial services firm in the Midwest, the fourth-largest bank in the U. S. and the world’s largest Visa credit card issuer.

In 2000, J.P. Morgan & Co. merged with Chase Manhattan Corp., in effect combining four of the largest and oldest money center banking institutions in New York City (J.P. Morgan, Chase, Chemical and Manufacturers Hanover) into one firm called J.P. Morgan Chase & Co.

This entry was posted on Thursday, November 6th, 2008 at 8:01 am and is filed under Bank Profiles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.