...more than 60 countries. ● Has more than 240,000 employees. ● Serves millions of consumers, small businesses and many of the world's most prominent corporate, institutional and government clients. JP Morgan Chase & Co. History Key bank merges which shaped JP Morgan & Chase Co. as today: ● In 1991, Manufacturers Hanover Corp. merged with Chemical Banking Corp. ● In 1995, First Chicago Corp. merged with NBD Bancorp. ● In 1996, The Chase Manhattan Corp. merged with Chemical Banking Corp. ● In 1998, Banc One Corp. merged with First Chicago NBD ● In 2000, J.P. Morgan & Co. Incorporated merged with The Chase Manhattan Corp. ● In 2004, Bank One Corp. merged with J.P. Morgan Chase & Co. ● In 2008, JPMorgan Chase & Co. acquired The Bear Stearns Companies Inc. ● In 2010, J.P. Morgan acquired full ownership of its U.K. joint venture, J.P. Morgan Cazenove JP Morgan Chase & Co. Recent Issues JP Morgan Chase & Co. serves its customers under the names Chase and JP Morgan. Chase brand used for serving consumer and commercial banking businesses. Consumer business includes: credit card, small business, home finance, education finance, retail checking, etc. Commercial banking business includes: corporate client banking, commercial real estate, business credit, equipment finance, etc. JP Morgan...
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...James “Jamie” Dimon, JPMorgan Chase's CEO, is one of America's most powerful and outspoken bankers. Dimon's career in the brokerage business seemed preordained by his lineage. His grandfather, a Greek immigrant from Smyrna, was a broker and passed on his knowledge of the business to his son and partner, Theodore Dimon. Jamie Dimon's father and grandfather worked together for 19 years, and Dimon worked summers in their New York office. In 1978 Dimon graduated cum laude from Tufts University. He worked for the Management Analysis Center, a consulting firm in Boston, for several years and then enrolled in Harvard Business School. While a student at Harvard, Dimon interned at Goldman Sachs and was offered a job there after graduation in 1982. He declined, instead going to work for the mentor who would profoundly shape his career: Sandy Weill. From 1982 to 1985 Weill and Dimon teamed up at American Express, where Dimon signed on as vice president and assistant to the president. Dimon's abilities to crunch numbers meshed well with Weill's people skills. When Weill was forced out of American Express, he made Dimon his second in command at the little-known consumer-lending outfit that he bought called Commercial Credit Company. That tiny firm was the beginning of what would eventually become Citigroup. Dimon was a key member of the team that launched and defined Commercial Credit's strategy. He served as the company's chief financial officer and an executive vice president and then...
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...RISK MANAGEMENT IN BANKS The business of banking today is synonymous with active risk management than it was ever before. The success and failure of a banking institution heavily depends on the strength of the risk management system in the current environment. This is true as the very business of banking is risk-taking as an intermediary, i.e. interposing between savers (depositor) on one hand and the borrower on the other hand, thereby accepting the risks of intermediation. Risk Management: Meaning & Components A risk can be defined as an unplanned event with financial consequences resulting in loss or reduced earnings. Therefore, a risky proposition is one with potential profit or a looming loss. Risk stems from uncertainty or unpredictability of the future. In commercial and business risk generates profit or loss depending upon the way in which it is managed. Risk can be defined as the volatility of the potential outcome. Risk is the possibility of something adverse happening. Risk management is the process of assessing risk, taking steps to reduce risk to an acceptable level and maintaining that level of risk. The essential components of any risk management system are – * Risk Identification: i.e. the naming and defining of each type of risk associated with a transaction or type of product or service; * Risk Measurement: i.e. the estimation of the size, probability and timing of potential loss under various scenarios; * Risk Control: i.e....
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...Effects on management Merger & Acquisitions (M&A) term explains the corporate strategy which determines the financial and long term effects of combination of two companies to create synergies or divide the existing company to gain competitive ground for independent units. A study published in the July/August 2008 issue of the Journal of Business Strategy suggests that mergers and acquisitions destroy leadership continuity in target companies’ top management teams for at least a decade following a deal. The study found that target companies lose 21 percent of their executives each year for at least 10 years following an acquisition – more than double the turnover experienced in non-merged firms.[10] If the businesses of the acquired and acquiring companies overlap, then such turnover is to be expected; in other words, there can only be one CEO, CFO, et cetera at a time. Types of M&A by functional roles in market The M&A process itself is a multifaceted which depends upon the type of merging companies. - A horizontal merger is usually between two companies in the same business sector. The example of horizontal merger would be if a health cares system buys another health care system. This means that synergy can obtained through many forms including such as; increased market share, cost savings and exploring new market opportunities. - A vertical merger represents the buying of supplier of a business. In the same example as above if a health care system buys the ambulance services...
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...April 7, 2013 Jamie Dimon, Chief Executive Officer JPMorgan Chase 270 Park Avenue New York, NY 10017 Dear Mr. Dimon, You’re Fired! Hiring the wrong person costs the company time and money, firing them just adds to that cost. Finding the right person to fill a position is not always easy. Think about it this way: the time, money and countless hours your company spends on hiring employees only to find they were not the right fit for your company. Has your company given a seemingly motivated individual a chance, only to have it backfire? Did you ever put in a good word to hire someone and end up with regret? If this sounds familiar, you are not alone. It is not uncommon to meet an applicant and walk away with a good “false” impression. But no need to worry! Support is just a call away! Highly qualified applicants at your fingertips! As a Fortune 500 Company, JPMorgan Chase understands the need to find highly qualified, dependable applicants quickly. Kelly Services can be of great value when fulfilling your new hire needs at any given moment. One of the short-term goals JPMorgan Chase revealed in its 2011 annual review is to open 2,000 branches nationwide within the next 5 years; this is where Kelly Services can help. Finding highly qualified applicants is overwhelming, time consuming and costs money. Why not let Kelly Services focus on finding the talent you need while you focus on other workforce issues, dilemmas, and day to day business duties. As...
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...Small businesses are the backbone of the American economy just as big businesses are a vital part to the American economy. Both provide jobs for Americans while at the same time provide services and goods. According to the Small Business Association, over half of all employees in the United States work for a small firm. Big business employs around 35% of new hires. There is an on going battle of small business versus big business in ones opinion or even in politics and between experts in the news. However what is undeniable is that they both contribute to the economy locally as well as internationally. There are also several benefits to working for either a small business or big business such as getting work experience from a small business or retirement plans of the big businesses. A business is considered a small business when that business has under 500 employees (499 employees and under). Some examples of a small business one might be familiar with are Laserscope, Neoware Systems, and Penn Virginia. Laserscope, which makes medical laser supplies, employs 229 workers as of 2005. Neoware Systems that makes computer appliances employ’s 114 workers. Penn Virginia which is in the coal fusion business has 32 employees. A business is considered a big business when that business has over 500 employees. Familiar big business includes J.P. Morgan Chase, Apple Inc, General Motors. J.P. Morgan Chase provides various financial services employs around 222, 316 workers...
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...Business Process Outsourcing Introduction Business process outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of specific business functions (or processes) to a third-party service provider. Originally, this was associated with manufacturing firms, such as Coca Cola that outsourced large segments of its supply chain. BPO is typically categorized into back office outsourcing - which includes internal business functions such as human resources or finance and accounting, and front office outsourcing - which includes customer-related services such as contact center services. BPO that is contracted outside a company's country is called offshore outsourcing. BPO that is contracted to a company's neighboring (or nearby) country is called near shore outsourcing. Often the business processes are information technology-based, and are referred to as ITES-BPO, where ITES stands for Information Technology Enabled Service. Knowledge process outsourcing (KPO) and legal process outsourcing (LPO) are some of the sub-segments of business process outsourcing industry. In 2010, the Philippines surpassed India as the largest business process outsourcing industry in the world. After growing 20 per cent in 2012, the BPO industry of the Philippines is estimated to gross revenue of upwards to $25 billion by 2016. By these estimates, the Philippines' BPO industry will account for approximately 10 per cent of the nation's GDP. History...
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... Like the insurance companies who collect interest on premiums paid while waiting months to pay health providers for services delivered today they profit on “the float”. Their size allows them to create runs in markets, shoring commodities floods the market and creates downward pressure through supply and demand, and then when the price drops they cover the short. Selling something they do not own and then filling the hole when the price is less. The question is not how do they make money, but rather how could they not profit in a system designed, and run by them. You could profit too if the government gave you money for free then paid you interest to loan it back to them. 2. JP Morgan Chase Company Profile? JPMorgan Chase & Co. (JPMorgan Chase), incorporated on October 28, 1968, is a financial holding company. The Company is a global financial services firm and a banking institution in the United States, with global operations. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, assets management and private equity. Bear Stearns was acquire by JP Morgan at $10 dollars a share. The government grantee $100 billion of loss. 3. Wall Street trader’s NYSE Trading Floor Tour How a broker works on the NYSE Trading Floor. And how technology has change the trading floor, there are less people on the floor in 2008 then in 1988. 4. How NASDAQ Works...
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...JP Morgan Amends Interim Financial Statements ACC 537 March 29, 2014 Professor Refi Raza JP Morgan Amends Interim Financial Statements The company chosen for review, based on their amendment to a Financial Statement, was JP Morgan Chase (JPM). After considerable review, JPM announced on 13 July 2012 they would amend their first quarter 2012 interim Financial Statements. When JPM first published their interim Financial Statements for the first quarter the method they used for valuation was within the allowable limits. However, they discovered that the integrity in which the traders within Chief Investment Office (CIO) marked the positions of synthetic credit portfolios was questionable. It appears that the valuations may not indicate an accurate reflection of the total losses within their portfolios. Given that the total losses may not be reflected correctly, JPM decided to amend their interim Financial Statements for the first quarter. While the article did not explicitly state which accounting principle was used to arrive at their decision, this writer, using their accounting knowledge, surmises the Full Disclosure Principle was the reason JPM decided to amend their interim Financial Statements for the first quarter. JPM could have left their first quarter Financial Statements alone since it did not affect their total earnings or revenues for that portion of the year. Since JPM’s total earnings and revenues for the first quarter were not changed, they could...
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...The Need for Change: Kotter’s Eight-Step Approach MGT 435 Organizational Change Prof Doug Nelson February 24, 2014 The Need for Change: Kotter’s Eight-Step Approach Change doesn’t come easy in an organization whether it is large or small. The first step in change is identifying the needs so that steps are put in place to implement. As an organization progresses and develops it can be a difficult strategy to perform especially if there are no steps put in place to follow. Developing more efficient ways to introduce and execute change puts less pressure on the associates, and can help internal and external customers adjust to the way of doing business. In this paper I will be identifying the need for change in pipeline/processing management in an organization by using Kotter’s Eight-Step Approach. In the society will live in today change is normal for any business. Alternate initiatives and technology improvements are essential for any organization to stay ahead of their competitors. Many Planned organizational change is a process that moves companies from a present state to a desired future state with the goal of enhancing their effectiveness. Ultimately, the goal of planned organizational change is to improve an organization's capabilities, thus enhancing its value to stakeholders and stockholders (Beer, 1980). Change can fail for many reasons in an organization if not managed correctly. In fact it has been stated that change in an organization fails 70% of the time...
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...M1A1 Case Analysis: Merit Enterprise Corp. The Chief Financial Officer of Merit Enterprise Corp has two options that she can recommend to the board. Let’s take a look at option 1. Pros: We already know that JPMorgan Chase bank has served Merit for many years. The $4 billion loan can come quickly from JPMorgan Chase by gathering a group of banks together. As an investment bank it can help Merit raise capital, and engage in trading and market making activities. Because of their good relationship with the bank merit can negotiate to obtain a low interest rate. The business will stay private. (Montoya, D, and Media, D. (n.d.)). The cons: JPMorgan has served with Merit for many years with seasonal credit lines as well as a medium-term loan. Depending on how business goes they may need a long-term loan. Since the loans will come from different banks if the business does not produce enough cash flow there may be a chance for bankruptcy. JPMorgan will have the upper hand in their finances by demanding periodic financial disclosures to monitor Merit’s financial conditions while their operation is increasing. The bank may lay down certain restrictions that can affect future financing. Since $4 billion is a large sum of money to lend the bank may require collateral. If the business doesn’t do so well the bank may use that to control assets and sell it for a profit to make up for what the business owes. Lastly failure to pay back the loan can result in a lawsuit, which can...
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...The Communicator Is An Effective Way To Do Business And Explain The Resulting Impact To Businesses Essays and Term Papers What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Financial Institutions got a bailout By President Obama in 2009, Mortgage values dropped, financial institutions begin to Feel the pressure especially firms such as Bear Stearns that specialized in trading Mortgage backed securities. There was $61.7bn in losses with AIG, strong economy Out of more jobs can accelerate the next decade, there be a budget deficit. AIG got A $180bn bailout; while Bank of America got $45bn as well as JP Morgan Chase $25bn, Goldman Sachs got $10bn. The Rapid pace of change in business is the Internet, Cellphones and exposure on television. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?People risk their Time, money and other resources to start and manage a business. But, They also Give hope to a better workforce. A lot of people; who are unemployed such as myself Right now will find jobs that are more flexible and challenging, working for big and Small business owners. When did American business begin to concentrate on customer needs? Why? Value of Certain Products begin to go up. High Gas Prices from $1.25 to $4.25, The Cost of a loaf Of Bread is $2.79, the cost of dishwashing liquid about...
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...JPMorgan Chase. Chartered in 1799, JPMorgan Chase which began as The Manhattan Company was founded by Aaron Burr. Ranked number 16, JPMorgan Chase is a Fortune 500 company that offers financial solutions to clients in more than 100 countries. Having $2.5 trillion in assets and $108 million in revenue; JPMorgan Chase is the largest bank in the United States and has been in business for more than 200 years. Services provided by JPMorgan Chase are asset management, investment banking, private banking, treasury and security, and commercial banking. During the summer of 2012, the Security Exchange Commission (SEC) decided to investigate JPMorgan Chase after reports came out that a London-Based trader had been taking sizeable bets that distorted the market possibly causing the firm a $2 billion or more. JPMorgan Chase provided false reports about the trading loss stating that there were trading losses from investment decisions made by its Chief Investment Office (CIO) in the amount of $5.8 billion. On September 19, 2013, the Securities and Exchange Commission today charged JPMorgan Chase & Co. with misstating financial results and lacking effective internal controls to detect and prevent its traders from fraudulently overvaluing investments to conceal hundreds of millions of dollars in trading losses (U.S. Securities and Exchange Commission, 2013). JPMorgan Chase agreed to pay $200 million and admitted to the wrongdoings to settle charges with the SEC. Security Exchange Commission...
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...ORLANDO, Fla., Sep 10, 2014 (BUSINESS WIRE) -- Berkshire Hathaway HomeServices, the real estate brokerage network operated by HSF Affiliates LLC, today announced that Prudential Results Realty has joined the network and is operating as Berkshire Hathaway HomeServices Results Realty. Results Realty commemorated its transition yesterday with a Brand Opening event for agents at the Enzian Theatre in South Orlando. HSF Affiliates CEO Earl Lee attended the event as did members of local chambers of commerce and other officials. In addition, the brokerage will mark its transition Saturday with the Open House Blitz – a showcase of more than 100 homes for sale from noon to 4 p.m. – followed over the next month by ribbon-cutting celebrations at each of its six offices. A real estate broker called Berkshire Hathaway Home Services, which is managed by HSF Affiliates LLC, has declared that they have merged together. They now call themselves Berkshire Home Services Results Realty. This new development in Results Realty called for a celebration with a Brand Opening ceremony for its’ agents at the Enzian Theatre in South Orlando. The HSF Affiliate CEO named Earl Lee decided to play a part in this huge celebration with all his local officials and chambers of commerce. Also, the brokerage will decide to progress this new merger on Saturday with an Open House Blitz. This type of open house will display more than hundreds of homes for sale from twelve to four PM. Next month, this will be...
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...For this particular discussion, I chose a multinational banking and financial service provider company, JP Morgan Chase, which was enlisted as the 2nd most profitable company in 2015. According to Fortune 500 list, JP Morgan Chase & CO managed to become the largest bank in the U.S, the title that was previously owned by Bank of America. In addition to Chase's expansion, the corporation surpassed Wells Fargo in yearly earnings and was named as the nation's most profitable bank (Shi, 2016). Chase's recent expansion and success go hand in hand with the initiatives that the corporation is upholding. Some of the strengths of the financial services company include strong brand name, good financial position, and visibility. As the industry statistics confirm Chase remains to be the only bank along with Discover to maintain the good financial position, showing highest sales, market value and assets especially after recovering from the financial recession. The company also capitalizes on card services and has an extensively developed retail network as it issues cards through the Amazon, Marriott, United Airlines, Sony, Walt Disney and other global brands along with issuing private cards with BP, Kohls, and Sears. Finally, the company has over 250,000 employees worldwide and enjoys global recognition. The company's weaknesses mainly derive from the heavy competition by other companies operating in financial services industry and overdependence on the US market. The company does not make...
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