JPMorgan Chase - History, CEO, and more

History:

JPMorgan Chase’s origins can be traced back as far as 1799 when The Bank of The Manhattan Co. was founded by Aaron Burr. JPMorgan Chase is a leading global financial services firm with operations in more than 60 countries and assets amounting to over $2 trillion. Its corporate head quarters are located in New York City. JPMorgan Chase was formed by the merger and acquisition of over 1,000 institutions, most notably JPMorgan & Co and The Chase Manhattan Corp merger in 2000, the merger with Bank One Corp in 2004, and the 2008 acquisition of The Bear Stearns Companies and some assets, deposits, and liabilities of Washington Mutual. JPMorgan Chase’s six major businesses are investment banking, retail financial services, card services, commercial banking, treasury and security services, and asset management. JPMorgan Chase is considered one of the leading banks in the United States.

CEO:

Since December 2005, Jamie Dimon has been the President and Chief Executive Officer (CEO) of JPMorgan Chase and became the Chairman of the Board in 2006. Born in New York City in 1956, he served a three year term on the Board of Directors of the New York Federal Reserve which started in January 2007. Previous to joining JPMorgan Chase, Dimon was the CEO of Bank One, which at the time was the nation’s fifth largest bank. Prior to his position at Bank One, Dimon held several senior executive positions at Citigroup. Under Dimon's leadership, JP Morgan Chase has become the leading U.S. bank in domestic assets under management, market capitalization value, and publicly traded stock value. JP Morgan Chase is also the #1 credit card provider in the United States. Dimon’s tactics and skills earned him recognition by President Obama during the bank bailout of 2008. He was named on Time Magazine’s list of the world’s most influential people three times (2006, 2008, and 2009) and has also been ranked in the top 25 highest- paid men.




Ethical and Social Responsibilities:

JPMorgan Chase’s mission statement clearly states its corporate responsibility to the general public. Their mission statement is as follows:

“At JPMorgan Chase, we believe that being profitable and doing good works for the people and the world around us aren't exclusive of each other; they're integrated goals. When our business is strong and well governed, we're in a better position to translate positive financial results into sustainable community and environmental efforts that benefit everyone. This is the essence of corporate responsibility. Every day, we strive to make our firm a good corporate citizen -- and the most respected financial-services institution in the world.”

JPMorgan Chase formed the JPMorgan Chase Foundation which provides financial support for Community Development, Primary and Secondary Education, and Arts and Culture in excess of $110 million a year in over 33 countries. They also work with non-profit organizations in underdeveloped countries to develop skills such as literacy, language, self-empowerment, community improvement, and exposure to arts and culture. JPMorgan Chase also encourages employees to volunteer and take an active role in their communities. The company realizes that the public sees it as more than just buildings and money, but more so as a group individuals who are dedicating to guiding them into well informed and educated options for their financial investments and future.

Security/Risk Management:

JP Morgan Chase is dedicated to ensuring that their clients’ money, investments and personal information are all kept safe under strong firewalls, as well as taking other protective measures. From the retail sector all the way to the top levels of corporate management every client’s information is guarded to keep it away from the eyes of those not intended to view the material. There are various programs such as “Customer Assist” and “Contact Manager” which allow information to be viewed while keeping track of who viewed it, as well as, what was done and seen. This is a very important feature for a company who deals with millions of people (and dollars) on an everyday basis. Other safety measures are also put in place such as identifying clients through ECI numbers which are useless outside of J.P Morgan Chase computer systems. These ECI numbers allow employees to share client information to each other without actually displaying any personal information. Aside from the various technological aspects all offices at J.P. Morgan Chase have shred bins (which have combination locks so no one can pull personal data), where all customer information is disposed of. The corporate sector of the company has an entire department referred to as “Risk Analysis” which allows the company to keep a strong hold on the current risks found in our markets and also those in international ones. The company keeps all employees up to date through constant training and coaching to ensure that the customers are receiving the most up to date information and they are also dealing with highly trained, responsible individuals.

Links:

WWW.JPMORGANCHASE.COM

WWW.JPMORGAN.COM

WWW.CHASE.COM