Essay Example on JPMorgan Chase: Largest Bank in US, 6th Largest Worldwide

Introduction

JPMorgan Chase & Co is the largest bank in the United States and the sixth largest bank worldwide. The bank holds about $ 2 trillion assets in the world. It is an international financial service provider which majors on investment banking, consumers' financial services, asset management, and commercial banking. The bank serves more than 80000 investment-banking clients in more than 50 States. It also has 30000 middle- market customers, 1700 clients in corporate banking and about 1100 customers in real estate banking. In general, JPMorgan Chase & Co serves a million customers across the U.S and billion customers' worldwide (Baker, & Jones, 1993). It has more than 46.7 million users, which make their website most visited with the highest number of mobile banking customers.

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The Financial Institution Company has been reflecting a strong performance over the past several years. Over the last five years, the Company has been able to bring back about $ 40 billion in cash in stock. If the bank considers purchasing a large block of stock every year, it is expected that earning per year in the next five years to be about 2%- 3% higher and the value will be virtually unchanged. Looking back over the last ten years, the bank's stock has significantly outdone the standard. The growth came at a time when most banks were experiencing some challenges. The significant growth is triggered by the Company's consistency and discipline when performing its business.

The firm is among the best-known financial institutions worldwide. Before the Chase bank merger with J.P Morgan & Co, chase bank expanded its investments and management of assets by two acquisitions. The oldest predecessor institution of the Company was the Manhattan Company which was the third oldest financial Institution in the U.S. The banking institution was created out of many acquisitions in late 1800. It has also have had some mergers and acquisition in previous years.

Mergers and Acquisition

In 1991, the Manufacture Hanover Corporation merged with the chemical bank corporation and formed the chemical banking corporation, which became the second largest banking company in America. In 1996, The Chase Manhattan Corporation joined with the chemical banking Institution and created the Chase Manhattan Corporation, which then became the largest bank in the U.S at that time. In 2000, J.P. Morgan Chase & Co joint with the Chase Manhattan, which now combined four of the largest financial Institution in the United States (Fite & Doomernik, 2002). In addition, they formed a financial institution called the J.P Morgan Chase & Co. In 2008, the Institution acquired the Bear Companies that strengthened its capabilities in the range of business, including energy trading across the world. In the same year, the bank acquired some assets and liabilities from the Washington Mutual banks, which led to the bank expanding its operations in Florida, California and the Washington state (Epstein, 2005). In 2010, the J.P Morgan was granted the ownership of the U, K joint venture.

J.P Morgan Chase Bank Customer Service

The banking Institution takes customer service as a significant factor that determines whether it will be successful or not. As a customer of the bank, I have always been experiencing excellent customer service since the Institution considers putting their customers first. The bank is focusing on ways it can create functionality for its customers so that they will not checking at their bank statement once a month. With the available technology, the bank has been able to eliminate the friction point of customers. The Bank tellers in the J.P Morgan Chase conduct certain activities like Cash Drawer Maintenance, office opening and cash checking all who help in customer satisfaction.

Products and Services offered by the bank

J.P. Morgan Chase serves about half of the United States with a wide range of products. Online banking allows one to manage their accounts, pay bills, view their bank statements as well as monitor the ongoing activities. With the help of Business banking, customers can receive proper guidance from professionals who focus on helping improve cash flow and managing the pay Roll. The bank Institution offers a saving account and CDs. The saving account and the Certified of Deposit account are insured to the maximum as allowed by law. The bank also offers Prepaid cards and Credit cards which assists customers in purchasing what they need. One might be able to use a portion of their value at home through Home Equity Line of Credit. Chase Auto helps in Car buying and loan by connecting local dealers to customers, and have discount pricing.

Loan Products at J.P. Morgan Chase

The financial Institution provides term loans to help customers with their businesses that might be involved in large purchases. The bank offers Business term loans used to either pay of business debts or purchase goods. They also provide their customers with Auto Loans to either finance a new or used car. They also offer Mortgages loans to those who are qualified. A loyal customer of the financial Institution can borrow up to $ 500000 with a home equity line of credit.

The Company has a high level of security 24/ 7 that may help it deal with cases of a robbery that might happen in the future. The cash is also kept in secured safes and locked at all times in our branch. The branch has a high level of customer service. They also have a customer care desk where customers can visit in case they have any questions regarding their accounts.

References

Baker, D. J., & Jones, K. S. (1993). U.S. Patent No. 5,198,975. Washington, DC: U.S. Patent and Trademark Office.

Epstein, M. J. (2005). The determinants and evaluation of merger success. Business Horizons, 48(1), 37-46.

Fite, D. L., & Doomernik, J. P. (2002). U.S. Patent No. 6,467,684. Washington, DC: U.S. Patent and Trademark Office.