JP Morgan Chase 2008 Annual Report Download - page 42

Management’s discussion and analysis
40 JPMorgan Chase & Co./ 2008 Annual Report
customers with checking and savings accounts, mortgages, home
equity and business loans, and investments across the 23-state foot-
print from New York and Florida to California. Consumers also can
obtain loans through more than 16,000 auto dealerships and 4,800
schools and universities nationwide.
Card Services
Chase Card Services (“CS”) is one of the nation’s largest credit card
issuers with more than 168 million cards in circulation and more
than $190 billion in managed loans. Customers used Chase cards to
meet more than $368 billion worth of their spending needs in 2008.
Chase has a market leadership position in building loyalty and
rewards programs with many of the world’s most respected brands
and through its proprietary products, which include the Chase
Freedom program.
Through its merchant acquiring business, Chase Paymentech
Solutions, Chase is one of the leading processors of MasterCard and
Visa payments.
Commercial Banking
Commercial Banking (“CB”) serves more than 26,000 clients nation-
ally, including corporations, municipalities, financial institutions and
not-for-profit entities with annual revenue generally ranging from
$10 million to $2 billion, and nearly 30,000 real estate
investors/owners. Delivering extensive industry knowledge, local
expertise and dedicated service, CB partners with the Firm’s other
businesses to provide comprehensive solutions, including lending,
treasury services, investment banking and asset management to
meet its clients’ domestic and international financial needs.
Treasury & Securities Services
Treasury & Securities Services (“TSS”) is a global leader in transac-
tion, investment and information services. TSS is one of the world’s
largest cash management providers and a leading global custodian.
Treasury Services (“TS”) provides cash management, trade, wholesale
card and liquidity products and services to small and mid-sized com-
panies, multinational corporations, financial institutions and govern-
ment entities. TS partners with the Commercial Banking, Retail
Financial Services and Asset Management businesses to serve clients
firmwide. As a result, certain TS revenue is included in other seg-
ments’ results. Worldwide Securities Services (“WSS”) holds, values,
clears and services securities, cash and alternative investments for
investors and broker-dealers, and manages depositary receipt pro-
grams globally.
Asset Management
Asset Management (“AM”), with assets under supervision of $1.5
trillion, is a global leader in investment and wealth management. AM
clients include institutions, retail investors and high-net-worth indi-
viduals in every major market throughout the world. AM offers global
investment management in equities, fixed income, real estate, hedge
funds, private equity and liquidity, including money market instru-
ments and bank deposits. AM also provides trust and estate, banking
and brokerage 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.