JP Morgan Chase 2003 Annual Report Download - page 16

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14 J.P. Morgan Chase & Co. / 2003 Annual Report
results:
positioning the firm for growth
We have found that market leadership and customer satisfaction go hand in hand. That’s why positioning for
growth is an essential part of our strategy – our own, and our clients’. We are relentless in building on the
strengths of the JPMorgan Chase franchise to expand our leadership, both in market share and in client satis-
faction. The pending Bank One merger will help us achieve these goals: complementing our strengths, giving us
the scale to be a market-leading financial firm, and giving us a broader platform from which to serve our
clients. We continue to pursue growth in countless ways: acquiring complementary businesses, capitalizing on
current positions, even helping to expand global markets.
Acquiring complementary businesses: Treasury & Securities Services
JPM organ Chase’s Treasury & Securities Services (TSS) is augmenting its global leadership
position and the growth of its three core businesses – Treasury Services, Investor Services and
Institutional Trust Services – with targeted acquisitions.
The acquisition strategy begun six years ago by Institutional Trust Services has been applied
across the three businesses and resulted in seven acquisitions signed in 2003. In businesses
where economy of scale is critical to success, TSS took a major step in 2003 with the acquisi-
tion of Bank One’s corporate trust business, which enhanced a franchise that was already the
#1 trustee for U.S. corporate debt. TSS also seeks out acquisitions that will expand its global
reach and complement its traditional product offering. The acquisition of Citicorp Electronic
Financial Services meets both of these objectives, extending Treasury Services’ core cash man-
agement and payments offerings into digitized prepaid stored value cards, and positioning
TSS for expansion into public- and private-sector markets globally.
Creating a unique offering: Personal Financial Services
Combining two of the firm’s hallmark strengths – banking expertise from Chase and investing
expertise from JPMorgan – Chase Personal Financial Services (PFS) meets market demand for a
unique, integrated approach to banking and investing for affluent individuals.
Launched early in 2003, PFS offers advice and solutions across a range of areas for affluent
clients: financial planning, education funding, retirement planning, tailored banking and
investing, and insurance. As part of its distinctive approach, PFS’s services and resources are
offered through traditional banking branches and over the telephone, as well as in specialized
locations. Clients work with a dedicated banker and advisor team that provides tailored financial
advice and solutions. They also have access to Personal Line, an around-the-clock phone
servicing unit, and to PFS Online, which provides integrated banking and investing capability.
In 2003, Personal Financial Services served 433,000 clients with deposit and investment
assets of $54 billion.