JP Morgan Chase 2003 Annual Report Download - page 17

Download and view the complete annual report

Please find page 17 of the 2003 JP Morgan Chase annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

J.P. Morgan Chase & Co. / 2003 Annual Report 15
Building on momentum: Chase Home Finance
With an 82% increase in originations between 2002 and 2003,
Chase Home Finance (CHF) met record demand for residential
mortgages. Now, building on this strong momentum, CHF is
prepared to meet a different kind of demand when interest
rates plateau or rise: the demand for home equity lending.
With appealing interest rates and no closing costs, home
equity loans have become an attractive financing option for
consumers seeking cash-flow flexibility.
Having prepared for this change in market dynamics through-
out the past few years’ mortgage boom, CHF enters the
anticipated higher-rate environment with a significant com-
petitive advantage. From 2001 to 2003, CHF moved from
#11 in market share to #7 in Home Equity, and the firm has
set a goal to become by 2005 a top-three player in market
share and customer satisfaction – while maintaining its
outstanding credit and overall quality record.
Enabling client transformation: Amersham PLC
JPM organ advised on one of last year’s top transformational deals, as U.K.-based Amersham,
a world leader in pharmaceutical diagnostics, agreed to merge with General Electric’s
Medical Systems.
The $10 billion transaction – the largest ever all-equity offer by a U.S. company for a U.K.
firm – will create a global leader in healthcare technologies.
For U.S. corporate leader GE, the deal was historically important, its second-largest equity
offering ever. In the U.K. market, the deal stood out as the year’s largest recommended offer
as well as the largest transatlantic deal.
Developing a leadership position in a growing market:
U.S. retail asset management
Defined contribution and IRA are the fastest-growing asset segments within the huge – and
rapidly growing – U.S. retail asset management market. JPMorgan Chase is positioned to
capitalize on this market’s explosive growth by aligning JPMorgan Retirement Plan Services
and BrownCo to offer mainstream U.S. retail investors a simpler, smarter way to roll over
IRA accounts.
JPM organ Retirement Plan Services is a recognized innovator in personalized corporate retire-
ment planning to plan sponsors and individual participants, providing top-quality investment
products, 401(k) administration, record-keeping and advisory services. Brow nCo is a leader in
discount brokerage – rated #1 consistently by Gómez Brokerage Research in overall cost, rated
#2 by J.D. Power and Associates in its 2003 online investor satisfaction survey, and named a
Forbes
Best of the Web pick (Winter 2003).