JP Morgan Chase 2005 Annual Report Download - page 18
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16
2005 highlights
Card Services
Major 2005 accomplishments
•Acquired million net new Visa,
MasterCard and private-label accounts.
•Increased our private-label business and
gained ability to issue cards in Canada
by acquiring the Sears Canada portfolio.
•Issued more than million Chase cards
with “blink” in several major metro-
politan markets, giving cardmembers
and merchants a faster,more con-
venient way to pay using contactless
payment technology.
•Increased merchant processing volume
to $ billion.
•Moved heritage Chase accounts to a
new,more flexible and cost-effective
processing system.
•Completed rebranding efforts, changing
more than million cards to the new
Chase brand. Launched high-profile
“Your Choice. Your Chase.” advertising
initiative.
With more than 110 million cards in
circulation and $142 billion in managed
loans, Chase Card Services is one of
the nation’s largest credit card issuers.
Customers used Chase cards for more
than $300 billion worth of transactions
in 2005.
Chase offers a wide variety of cards to
satisfy the needs of individual consumers,
small businesses and partner organiza-
tions, including cards issued with AARP,
Amazon, America Online, Continental
Airlines, Marriott, Southwest Airlines,
Starbucks,Sony,United Airlines,Universal
Studios, Walt Disney Company, and many
other well-known brands and organiza-
tions. Chase also issues private-label and
co-branded credit cards with Circuit City
and Sears Canada.
Through Chase Paymentech Solutions,
LLC, we are the largest processor
of MasterCard and Visa payments in
the world.
• One of the largest credit card issuers
• More than $300 billion in charge volume
• $142 billion in managed loans
• More than 110 million cards issued
• Largest merchant acquirer in the world through Chase Paymentech Solutions, LLC
• More than 850 credit card partnerships with some of the world’s best-known brands
2006 and beyond
• Develop innovative products and
services to create differentiated value
for consumers and partners and drive
growth in number of cardmembers,
outstandings and sales.
• Expand the markets we serve to reach
abroader base of customers.
•Invest in marketing and technology
initiatives designed to position Chase
for superior long-term growth.
• Cross-sell card products to the firm’s
customers.
•Continue to increase productivity
by driving down operating cost per
active account.
• Establish Chase as an iconic brand by
continually delivering on our brand
promise through our employees,
products and innovative new products.
2005 results reflect the impact of newly enacted bank-
ruptcy legislation, as well as a special provision taken for
Hurricane Katrina.
All 2004 information is on a pro forma combined-
operating basis. See page 1 for details.
(In millions, except ratios) 2005 2004
Total net revenue $15,366 $15,001
Operating earnings 1,907 1,681
Return on common equity 16% 14%
Return on outstandings (pre-tax) 2.21% 2.08%
Pro forma