Full Description

JPMorgan Chase & Co. (JPMorgan Chase), incorporated in 1968, is a financial holding company. JPMorgan Chase's principal bank subsidiaries are JPMorgan Chase Bank, National Association (JPMorgan Chase Bank, N.A.), a national banking association with branches in 23 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.), a national bank that is the Company's credit card issuing bank. JPMorgan Chase's principal non-banking subsidiary is J.P. Morgan Securities Inc., its United States investment banking firm. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Company's activities are organized into six business segments: Investment Bank, Retail Financial Services (RFS), Card Services (CS), Commercial Banking (CB), Treasury & Securities Services (TSS) and Asset Management (AM). Its wholesale business comprises the Investment Bank, Commercial Banking, TSS, and Asset & Wealth Management. Its consumer business comprises RFS and CS. It also has a corporate segment, which includes Private Equity, Treasury and Corporate operations.

In September 2009, the Company announced the formation of the Prime-Custody Solutions Group. In February 2009, the Company completed its acquisitions of UBS Commodities Canada Ltd. and UBS AG’s global agricultural business. In March 2009, The Bank of New York Mellon Corporation completed the acquisition of JPMorgan Trust Bank Limited in Japan from the Company. On May 30, 2008, JPMorgan Chase completed the acquisition of The Bear Stearns Companies Inc. In September 2008, JPMorgan Chase acquired all deposits, assets and certain liabilities of Washington Mutual's (WM) banking operations from the Federal Deposit Insurance Corporation (FDIC). In November 2008, Chase Paymentech announced the completion of its transition from a joint venture with First Data Corp to a wholly owned unit of the Company.

Investment Bank

The Investment Bank’s clients are corporations, financial institutions, governments and institutional investors. The Company offers a range of investment banking products and services in many capital markets, including advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market-making in cash securities and derivative instruments, and research. The Investment Bank also commits JPMorgan Chase’s own capital to investing and trading activities.

Retail Financial Services

RFS, which includes the Regional Banking, Mortgage Banking and Auto Finance reporting segments, serves consumers and businesses through bank branches, automated teller machines (ATMs), online banking and telephone banking. RFS serves customers through more than 5,400 bank branches, 14,500 ATMs and through relationships with more than 16,000 auto dealerships and 4,800 schools and universities. More than 21,400 branch salespeople assist customers, across a 23-state footprint from New York and Florida to California.

Card Services

CS is a credit card issuer. It has more than 168 million cards in circulation and $190 billion in managed loans. Customers used Chase cards for over $368 billion worth of transactions during the year ended December 31, 2008. Chase Paymentech Solutions, LLC, a joint venture with JPMorgan Chase and First Data Corporation, is a processor of MasterCard and Visa payments.

Commercial Banking

CB serves more than 26,000 clients, including corporations, municipalities, financial institutions and not-for-profit entities. In partnership with the Company’s other businesses, it provides solutions, including lending, treasury services, investment banking and asset management to meet its clients’ domestic and international financial needs.

Treasury & Securities Services

TSS is engaged in providing transaction, investment and information services. It also offers cash management and global custodian services. Treasury Services provides cash management, trade, wholesale card and liquidity products and services to small and mid-sized companies, multinational corporations, financial institutions and government entities. Treasury Services partners with the Commercial Banking, Retail Financial Services and Asset Management businesses to serve clients Company-wide. Worldwide Securities Services (WSS) holds, values, clears and services securities, cash and alternative investments for investors and broker-dealers, and manages depositary receipt programs globally.

Asset Management

AM offers investment and wealth management services. AM clients include institutions, retail investors and high-net-worth individuals in various markets throughout the world. AM offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity, including both money market instruments and bank deposits. AM also provides trust and estate and banking services to high-net-worth clients, and retirement services for corporations and individuals. The majority of AM’s client assets are in actively managed portfolios.