JPMorgan Chase & Company (JPM)
Company Information
James S. Dimon, CEO/Chairman of the Board/President/Director
270 Park Avenue
New York, NY 10017
US
Map it ![]()
Phone: (212) 270-6000
Fax: (212) 270-1648
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J.P. Morgan Is No. 1Apr 24 2009
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Where the Bears Are NowMar 13 2009
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Citi's Black HoleOct 16 2008
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Banks Back to BusinessOct 15 2008
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The $58 Trillion Elephant in the RoomOct 15 2008
Portfolio.com Overview
J.P. Morgan Chase is the product of so many mergers—and mergers of mergers—that a complete history of its evolution would rival the Bible in “begats.” Today’s machine is built upon an amalgamation of nearly 1,000 previous companies.
The highlights: The Bank of the Manhattan Company was founded by Aaron Burr in 1799 and merged with Chase in 1955. John Pierpont Morgan established Drexel Morgan & Co. in 1871 and quickly made it the world’s most powerful investment bank. Chase Manhattan merged with J.P. Morgan in 2000, and Bank One joined J.P. Morgan Chase with a $58 billion deal in 2004.
WHAT THEY DO
J.P.M.C. sells financial products and services to everyone from college students to hedge fund managers, first-time homeowners to university endowment trustees. The third-largest bank in the United States, J.P.M.C. has assets of $1.4 trillion and operates in more than 50 countries.
Investment banking is the company’s cornerstone and its most profitable business, although J.P. Morgan did not offer it between 1933 and 1990 because of government-imposed restrictions separating commercial and investment banking activities. On the retail side, J.P.M.C. provides all manner of consumer and small-business banking, financing, and insurance services. It’s hardly a small operation, however: J.P.M.C. is the second-largest credit-card issuer in the nation, with some 94 million cards in circulation.
WHAT THEY GOT RIGHT
Blending patrician J.P. Morgan Chase with plebeian Bank One was tough, but the merger seems to have paid off. In 2006, the company’s profits rose by an astounding 65 percent to a record $13.65 billion.
The man responsible for successfully integrating the firms is
The acquisition of Bank One vastly expanded the company’s presence in the South and Midwest, and the 2006 acquisition of the Bank of New York’s consumer, small-business, and middle-market banking units (in exchange for J.P.M.C.’s corporate-trust operations) added more than 338 retail branches in the New York City area.
WHAT THEY GOT WRONG
The company had more than $1 billion in exposure when Enron imploded. J.P.M.C. recovered about $600 million but ultimately had to pay about $2.7 billion to settle fraud charges relating to questionable loans—including $350 million to Enron, which claimed that the bank had aided and abetted its collapse. In 2005, the company paid $2 billion to settle investor lawsuits related to the 2001 meltdown of WorldCom.
WHAT’S NEXT
Having recently received some much-coveted banking licenses in Chinese cities, J.P.M.C. has already performed significant mergers and acquisitions, investment-banking services, and capital-markets transactions in China. It is also planning to develop risk-management products for the country’s currency markets.
Domestic expansion is also a major focus for J.P.M.C.: The Bank One merger upped its number of retail locations to about 2,600, in 17 states, but J.P.M.C. still lags well behind Bank of America and has little presence in the West.
Expect more cost cutting from Dimon; the savings will be invested in technology, systems consolidation, and streamlining. And, of course, in more mergers and acquisitions. —Julia Ramey
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J.P. Morgan Is No. 1
Goldman Sachs once ruled the Street. No more. Now the bank to admire—and fear—is Jamie Dimon's J.P. Morgan Chase.Apr 24 2009 -
Where the Bears Are Now
One year after the weekend that marked the end of Bear Stearns, Portfolio.com checks in on the whereabouts of its leaders.Mar 13 2009 -
Citi's Black Hole
Loss is not as deep as expected, but Pandit can't stop worrying quite yet.Oct 16 2008 -
Banks Back to Business
J.P. Morgan and Wells Fargo show unexpected strength.Oct 15 2008 -
The $58 Trillion Elephant in the Room
The roots of this year’s financial crisis go back to a small team of bankers at J.P. Morgan in New York. Now, their invention—credit derivatives—has helped bring down Wall Street and has left Morgan with its biggest exposure of all.Oct 15 2008
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BofA, JPMorgan move cardholders to variable rates
Jul 08 2009
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JPMorgan CEO warns against too many regulators
Jun 27 2009
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U.S. commercial banks see record Q1 trading revenue
Jun 26 2009
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Capital markets save dealmakers' fees as M&A wilts
Jun 26 2009
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JPMorgan tops strong bank list, RBS biggest loss
Jun 23 2009
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Blavatnik sues JPMorgan over investment losses
Jun 22 2009
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JPMorgan expects $1.1 billion Q2 charge after TARP
Jun 19 2009
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U.S. Bank, Chase repay TARP money
Portland
Jun 17 2009
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JPMorgan's Lee sees S&P 500 retest of '07 record
Portland
Jun 17 2009
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Treasury faces pressure on price of TARP exit
Portland
Jun 12 2009
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JP Morgan Needs Two New Private Jets
Mar 23 2009
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Why AIG Wasn't Allowed to Fail
Mar 17 2009
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Extra Credit, Friday Edition
Feb 14 2009
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Is Nationalization Contagious?
Jan 23 2009
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JP Morgan: A Better Acquirer than Bank of America
Jan 15 2009
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Fitch Takes Various Actions on JP Morgan 2004-C3 Jul-08-2009, 01:44PM EDT
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In Midst of Tough Economic Times, Americans Return to Time-Honored Pursuits This Summer Jul-08-2009, 11:30AM EDT
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Critical Alerts for JPM, RIG, BRCM, CTSH, and PFG Released by Seven Summits Research Jul-07-2009, 09:31AM EDT
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Jul 09 2009
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New Unemployment Claims Fall: Hold Off on the Bubbly
(SeekingAlpha)Jul 09 2009 -
Finance companies shares up at 10 a.m.
(Canadian Business Online)Jul 09 2009 -
Jul 09 2009
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Jul 09 2009
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Timely advice for 'Casabianca' executives
(Financial Times)Jul 09 2009 -
Banks' plan to refuse California notes takes heat
(Businessweek)Jul 08 2009 -
Jul 08 2009
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Jul 08 2009
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Sensex correction provides Indian buy opportunity
(Daily Telegraph, UK)Jul 08 2009
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Jul 09 2009
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Bonus Watch '09: JPMorgan
(DealBreaker.com)Jul 09 2009 -
Second quarter earnings coming
(Fierce Finance News)Jul 09 2009 -
Comp Watch '09: JPMorgan
(DealBreaker.com)Jul 09 2009 -
The Death of Lenny Dykstra’s Dream
(Daily Intelligencer - New York Magazine)Jul 08 2009
Employees
Financials
| Income Statement | 10/2008 | 07/2008 | 05/2008 | 01/2008 |
|---|---|---|---|---|
| Sales | NA | NA | NA | NA |
| Gross Operating Profit | 23.07 Bil. | 18.4 Bil. | 13.41 Bil. | 26.52 Bil. |
| Operating Income before D & A (EBITDA) | 23.07 Bil. | 18.4 Bil. | 13.41 Bil. | 26.52 Bil. |
| Total Income Before Interest Expenses (EBIT) | 23.07 Bil. | 6.22 Bil. | 13.41 Bil. | 26.52 Bil. |
| Total Net Income | 527 Mil. | 2 Bil. | 2.37 Bil. | 12.39 Bil. |
| Basic EPS, Total | -0.06 | 0.56 | 0.7 | 3.51 |
| Diluted EPS, Total | -0.06 | 0.54 | 0.68 | 3.51 |
| BALANCE STATEMENT | 10/2008 | 07/2008 | 05/2008 | 01/2008 |
|---|---|---|---|---|
| Cash and Equivalents | NA | NA | NA | NA |
| Total Assets | NA | NA | NA | NA |
| Total Liabilities | NA | NA | NA | NA |
| Total Capitalization | 417.26 Bil. | NA | NA | 123.22 Bil. |
| Cash Flow | 10/2008 | 07/2008 | 05/2008 | 01/2008 |
|---|---|---|---|---|
| Net Cash From Continuing Operations | NA | NA | NA | NA |
| Net Cash From Investing Activities | NA | NA | -68.49 Bil. | NA |
| Net Cash From Financing Activities | NA | NA | 77.29 Bil. | NA |
| Net Change in Cash & Cash Equivalents | NA | NA | 6.74 Bil. | NA |
| Income Statement | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|
| Sales | NA | NA | NA | NA |
| Gross Operating Profit | 44.97 Bil. | 58.06 Bil. | 38.31 Bil. | 25.09 Bil. |
| Operating Income before D & A (EBITDA) | 44.97 Bil. | 58.06 Bil. | 38.31 Bil. | 25.09 Bil. |
| Total Income Before Interest Expenses (EBIT) | 44.97 Bil. | 57.75 Bil. | 37.58 Bil. | 20.03 Bil. |
| Total Net Income | 15.36 Bil. | 14.44 Bil. | 8.48 Bil. | 4.47 Bil. |
| Basic EPS, Total | 4.51 | 4.16 | 2.43 | 1.59 |
| Diluted EPS, Total | 4.38 | 4.04 | 2.38 | 1.55 |
| BALANCE STATEMENT | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|
| Cash and Equivalents | NA | NA | NA | NA |
| Total Assets | NA | NA | NA | NA |
| Total Liabilities | NA | NA | NA | NA |
| Total Capitalization | 123.22 Bil. | NA | NA | NA |
| Cash Flow | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|
| Net Cash From Continuing Operations | NA | NA | NA | NA |
| Net Cash From Investing Activities | NA | -99.63 Bil. | -18.95 Bil. | -23.08 Bil. |
| Net Cash From Financing Activities | NA | 152.75 Bil. | 45.07 Bil. | 59.6 Bil. |
| Net Change in Cash & Cash Equivalents | NA | 3.74 Bil. | 1.5 Bil. | 14.9 Bil. |
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