JP Morgan Chase 2008 Annual Report Download - page 33

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As consumers faced financial uncertainty
and challenging mortgage payments,
Chase honored 100% of Washington
Mutual’s deposits – including uninsured
deposits – and seeks to help avert more
than 650,000 foreclosures, keeping
families in their homes whenever possible.
2008 Highlights and Accomplishments
• Expanded branch network to more
than 5,000 with addition of Washington
Mutual branches in new Chase markets
such as California and Florida as well as
strengthening our network in New York
Tri-State, Texas, Illinois and Arizona.
• Increased deposits to more than
$360 billion.
• Generated retail banking net revenue
of $4.5 billion in the fourth quarter —
the first quarter that included WaMu.
• Made key decisions about systems,
facilities and people in first three
months after WaMu acquisition —
and began to implement them.
• Added more than 7,700 personal bankers,
business bankers, investment representa-
tives and mortgage officers, including
7,000 from WaMu, to the branches.
• Increased in-branch sales of credit
cards 14% excluding WaMu or 20%
including WaMu.
• Increased Chase checking accounts
9% — or 1.1 million — and added 12.6
million checking accounts from WaMu
for a total of 24.5 million.
• Opened 126 new Chase and WaMu
branches and added more than
5,300 ATMs, including 5,000 from
the WaMu acquisition.
• Increased third-party mortgage
servicing portfolio 91%, including the
addition of the WaMu and EMC portfolios.
• Launched extensive efforts to keep
families in their homes whenever
possible in leading The Way Forward.
Efforts included adding hundreds of
loan counselors, making proactive
loan modification offers, developing
robust financial modeling tools and
working with government agencies on
streamlined modification programs.
• Opened in early 2009 a total of 24
Homeownership Centers in areas
with high mortgage delinquencies
so counselors can work face to face
with struggling homeowners.
Retail Financial Services serves
consumers and businesses
through personal service at bank
branches and through ATMs,
online banking and telephone
banking as well as through retail
mortgage correspondents, auto
dealerships and school financial
aid offices.
Customers can use more than
5,000 bank branches (third
largest nationally) and 14,500
ATMs (second largest nationally)
as well as online and mobile bank-
ing around the clock. More than
21,400 branch salespeople assist
customers with checking and
savings accounts, mortgages,
home equity and business loans,
and investments across the 23-
state footprint from New York and
Florida to California. Consumers
also can obtain loans through
more than 16,000 auto dealer-
ships and 4,800 schools and
universities nationwide.
Retail Financial Services