JP Morgan Chase 2009 Annual Report Download - page 50

Management’s discussion and analysis
JPMorgan Chase & Co./2009 Annual Report 48
Card Services
Card Services (“CS”) is one of the nation’s largest credit card
issuers, with more than 145 million credit cards in circulation and
over $163 billion in managed loans. Customers used Chase cards
to meet more than $328 billion of their spending needs in 2009.
Chase continues to innovate, despite a very difficult business
environment, launching new products and services such as Blue-
print, Ultimate Rewards, Chase Sapphire and Ink from Chase, and
earning a market leadership position in building loyalty and re-
wards programs. Through its merchant acquiring business, Chase
Paymentech Solutions, Chase is one of the leading processors of
credit-card payments.
Commercial Banking
Commercial Banking (“CB”) serves nearly 25,000 clients nationally,
including corporations, municipalities, financial institutions and not-
for-profit entities with annual revenue generally ranging from
$10 million to $2 billion, and more than 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, whole-
sale card and liquidity products and services to small and mid-sized
companies, multinational corporations, financial institutions and
government 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 segments’ results. Worldwide Securities Services holds, val-
ues, clears and services securities, cash and alternative investments
for investors and broker-dealers, and it manages depositary receipt
programs globally.
Asset Management
Asset Management (“AM”), with assets under supervision of $1.7
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 products, including money-market
instruments and bank deposits. AM also provides trust and estate,
banking and brokerage services to high-net-worth clients, and retire-
ment services for corporations and individuals. The majority of AM’s
client assets are in actively managed portfolios.