JPMorgan Chase
Headquarters:
270 Park Avenue
New York, NY 10017
Employees: 170,000+
CEO: Jaime Dimon
Stock Symbol: JPM
Website:
http://www.jpmorganchase.com
Career
Page
JPMorgan Chase is a leading bank holding
company with over $2.0 trillion in assets and operations in over
50 countries.
In September, JPMorganChase acquired the
assets and liabilities of Washington Mutual bank for $1.9 billion
after it was seized by the FDIC. The acquisition expands Chase's
consumer branch network into the states of California, Florida
and Washington State and creates the nation's second-largest
branch network with locations reaching 42% of the U.S.
population. The combined 5,400 branches in 23 states will also
serve as an excellent base to extend the reach of the business
banking, commercial banking, credit card, consumer lending and
wealth management businesses. The acquisition also extends Chase's
retail branch network to additional states, including Georgia,
Idaho, Nevada and Oregon. Chase will also become the largest
consumer bank with over $900 billion.
JPMorganChase is a leader in investment
banking, financial services for consumers, small business and
commercial banking, financial transaction processing, asset management,
and private equity. A component of the Dow Jones Industrial Average,
JPMorgan Chase has its corporate headquarters in New York and
its U.S. retail financial services and commercial banking headquarters
in Chicago. Under its JPMorgan and Chase brands, the firm serves
millions of consumers in the United States and many of the world's
most prominent corporate, institutional and government clients.
JPMorgan Chase is the brand used by:
- The firm's subsidiaries,
- Treasury Services and
- Community Development Group.
The following businesses use the JPMorgan
brand:
- Investment Bank
- Asset Management
- Worldwide Securities Services
- Private Banking
- Private Client Services
- One Equity Partners
The U.S. consumer and commercial banking
businesses serve customers under the Chase brand.
The consumer businesses include:
- Credit card
- Small business
- Home finance and home equity loans
- Auto finance
- Education finance
- Insurance
The commercial banking businesses include:
- Middle Market
- Corporate
- Commercial Real Estate
- Business Credit
- Equipment Leasing
For 2007, the company reported record revenue
of $71.3 billion and net income of $15.3 billion.
In May, JPMorgan Chase acquired rival investment
bank Bear Stearns for $10 a share with financial assistance from
the Federal Reserve. The deal was made to rescue Bear Stearns
from potential bankruptcy.
History
The company's history is made up of major
legacy institiutions including J.P. Morgan, Chase Manhattan,
Chemical, Manufacturers Hanover, Bank One, First Chicago, and
National Bank of Detroit.
The company's beginnings go back to 1799
with the Bank of Manhattan.
John Pierrepont Morgan, born in 1837 and
the son of successful financier, became a partner in his father's
firm Drexel, Morgan and Co. in 1856. The firm was renamed J.P.
Morgan and Co. in 1895 and became one of the most powerful banks
in the world.
In 1955, the Chase Bank would merge with
the Bank of Manhattan to form Chase Manhattan Bank. Chemical
Bank was acquired by Chase Manhattan in 1996.
In 2000, Chase Manhattan Bank merged with
J.P. Morgan to form JP Morgan Chase.
JPMorgan Chase merged with Bank One on
July 1, 2004.
Benefits
All employees have their pay linked to
a combination of Firm, business unit, team, and individual performance.
The company provides a choice among health,
dental and vision plans. Also provided are life insurance, business
travel insurance, long-term care insurance and group legal services.
Retirement Plan
- Eligibility begins after one year of
total service
- Monthly pay credits from 3% to 9% of "benefits pay"
(up to legal limits - currently $210,000) depending on years
of cumulative service
- Pay credits for "benefits pay" in excess of the legal
limit will be made to the nonqualified Excess Retirement Plan,
up to the plan limit of $1 million, if eligible
- Grandfathered benefits continue for certain heritage employees
- Monthly interest credits
- 100% vested after five years of total service
- JPMorgan Chase paid
401(k) Savings
- Immediate eligibility for full-time employees
to make before-tax contributions up to 20% of "benefits
pay" (up to legal limits - currently $210,000)(90-day wait
period for part-time employees)
- Employee contributions on a before-tax basis (up to the legal
limit of $14,000 in 2005)
- Dollar-for-dollar matching contributions on the first 5% of
"benefits pay" contributed each pay period for participants
with annual total cash compensation of less than $250,000
- Begin after one year of total service
- Immediate vesting
- Employee directed investment
- 26 investment funds
- JPMorgan Chase and employee contributions
Employee Stock Purchase
- After one year of service, purchase JPMorgan
Chase common stock quarterly at a 5% discount with dividend reinvestments
- Election to participate only during an annual benefits enrollment
period
- No brokerage or commission fees
- Employee contributions on an after-tax basis from $240 to $25,000
per year up to 20% of "benefits pay"
|
