JP Morgan Chase 2008 Annual Report Download - page 35
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33
2008 Highlights and Accomplishments
• Increased net income 27% to a record
$1.4 billion and net revenue 16% to a
record $4.8 billion.
• Achieved record results in gross invest-
ment banking revenue of $966 million,
treasury services revenue of $2.6 billion,
loan balances of $82.3 billion and liabili-
ty balances of $103.1 billion.
• Top 3 commercial bank nationally in
market penetration and lead share.(a)
• #2 large middle market lender in the
United States.(b)
• Added in excess of 1,800 new relation-
ships and expanded nearly 10,000
existing relationships through targeted
calling and strategic marketing efforts.
• Maintained favorable market position
relative to our peers in the key areas of
risk management, profitable growth,
expense discipline and deposit growth.
• Acquired WaMu’s Commercial Term
Lending, Commercial Real Estate
Lending and Community Lending &
Investment businesses representing
$44.5 billion in loans, and expect to
complete the integration by early 2010.
• Aligned the domestic middle market
banking and treasury services sales
forces, providing more effective client
coverage while improving efficiency.
(a) TNS Study, 3Q08 YTD
(b) Loan Pricing Corporation, 4Q08 YTD
By extending more than $32 billion
in credit to clients in municipalities,
not-for-profit organizations, health
care facilities and higher education
institutions – a 50% increase over
the previous year – and allocating
an incremental $5 billion for 2009,
we continue our support of local
communities and the U.S. economy.
Commercial Banking (CB)
serves more than 26,000
clients nationally, including
corporations, municipalities,
financial institutions and
not-for-profit entities with
annual revenue generally
ranging from $10 million to
$2 billion, and nearly 30,000
real estate investors/owners.
CB ranks among the Top 3
commercial banks nationally
in market penetration and
lead share.(a)
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.
Commercial Banking