November 25, 2012
Introduction to Business
JPMorgan Chase & Co.
Introduction: JPMorgan & Chase, Since the Financial Recession not only has become the largest bank in the US. Both the names of the Bank and The C.E.O Jamie Dimon have both become house hold names. The company has over 200 years of history in the Banking industry and after reading this paper you will know about the beginning of this company, their competitive products, marketing strategies and finical strength.(1)
History of the Company: On 1930 Chase became the largest banking industry with branches overseas. Chase Manhattan and JPMorgan were 2 of the 12 banks that had branch opens out of United States by 1956. In 1947, at the invitation of U.S. military authorities, Chase established the first U.S. postwar bank branches in Germany and Japan. By 1970 Chase added nearly 40 new branches.(2) In 2000 the Chase Manhattan Corp. merged with J.P. Morgan & Co. Incorporated, in effect combining four of the largest and oldest money center banking institutions in New York City (Morgan, Chase, Chemical and Manufactures Hanover) into one firm called JPMorgan Chase & Co.(3)
Product Lines: JPMorgan Chase was one of the biggest bank around 200 years ago and until today still on the top with one of the competitors that is Amex (American Express). Today so far JPMorgan Chase is leading global financial services firm with operations in more than 50 countries and has its corporation headquarters in New York City. Under the JPMorgan and Chase brands, it serves millions of customers in the United States and many of the worlds most prominent corporate, institutional and government clients. JPMorgan Chase has all types of customer from the ones looking for: Investment-clients of corporations, financial institutions, government and institutional. Retail Financial Services-clients of credit cards, small business, home finance, auto finance, home equity loan, student loan, and insurance. Card Services-for individual consumers, small businesses, and partner organizations. Commercial Banking-corporations, municipalities, financial institutions, and not-for-profit organization. Treasury & Services-global leader that provides transaction, investment and information services to support the needs of institutional clients worldwide. Asset Management-institutions, retail investors and high net worth individuals in every major market throughout the world.(4) Also some other products more in details are, Credit Cards, savings and checking accounts, CD’s, Debit & Reloadable Cards, Gifts Cards, Retirement & Investing, Annuities & Insurances, Merchant Services, Commercial and Business Banking.(5)
Marketing Strategy: Chase offer online and mobile service banking. The online banking allows customers to access their account online to be able to monitor what is going on with their accounts with their User ID and passwords. On the chase web side the customers can look to their checking and savings accounts, as well to credit cards, and even they can also pay bills using the credit card or checking accounts. Since chase also provide auto loan, mortgage loan, equity loans, students loans and so on customers will also have that flexibility as well online. Chase also provides not only Consumer Banking but also provide Business Banking giving also the customer the peace of mind that they need might me online, on a Chase branch, or even better Chase Call center or known as Chase Customer Service line. Chase have different department for different situations from credit card, to fraud, or even the best customers that banks had like Elite Customer Service line to also CCU (Customer Care Unit), also chase has the Bilingual department that by the way Chase used to have 2 Bilingual sides, one in Costa Rica and one in Orlando, Florida. Now Chase decided to close Costa Rica and only kept the one here in Florida. You might ask yourself how I know