JP Morgan Chase 2008 Annual Report Download - page 36

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2008 Highlights and Accomplishments
• Named top Global Custodian
(AsianInvestor, Global Pensions, The
Asset, International Custody and Fund
Administration); received more than
110 best-in-class recognitions (Global
Custodian); named European Cash
Management Provider of the Year
(International Custody and Fund
Administration); awarded Best Cash
Management Specialist (The Asset).
• #1 in Automated Clearing House
Originations(a) and in U.S. Dollar
Treasury Clearing and Commercial
Payments Globally.(b)
• Increased net income 26% year-over-
year to a record $1.8 billion and net
revenue 17% to a record $8.1 billion.
• Grew revenue 15% outside the U.S. and
further strengthened our international
presence with expanded services
offered in over 20 countries throughout
Europe, the Middle East, Africa, Asia
and Latin America.
• Remained #1 clearer of U.S. dollars
globally, averaging $3.7 trillion
in U.S. dollar transfers daily. Broke
single-day clearing volume record
by clearing $5.05 trillion, 59% over
the bank’s average.
• Announced global investment initiative
to enhance cash management and
global treasury liquidity capabilities,
expand global footprint and reinvest in
technology solutions to make it easier
for clients to move, concentrate, invest
and manage their cash worldwide.
• Completed acquisition of the institutional
global custody portfolio of Nordea;
J.P. Morgan is the region’s leading
non-Nordic global custodian.
• Major new business included a deal
to provide asset pooling services for
Royal Dutch Shell and to provide
SmartPay Charge card services to the
U.S. General Services Administration
covering nearly 35 federal agencies and
organizations with a projected annual
spend of more than $4.5 billion.
J.P. Morgan’s Treasury &
Securities Services division is
a global leader in transaction,
investment and information
services. We are one of the
world’s largest cash manage-
ment providers, processing
a market-leading average of
$3.7 trillion in U.S. dollar
transfers daily as well as a
leading global custodian with
$13.2 trillion in assets under
custody. We operate through
two divisions:
Treasury Services provides
cash management, trade, whole-
sale card and liquidity products
and services to small- and mid-
sized companies, multinational
corporations, financial institu-
tions and government entities.
Worldwide Securities Services
holds, values, clears and
services securities, cash and
alternative investments for
investors and broker-dealers
and manages depositary receipt
programs globally.
During the financial crisis, Treasury & Securities
Services (TSS) has actively worked with our clients
to fully optimize their working capital, manage their
collateral and help mitigate their risk effectively.
Most recently, TSS was proud to be selected by the
Federal Reserve as custodian for its program to
purchase up to $500 billion in mortgage-backed
securities aimed at supporting mortgage and
housing markets and fostering improved conditions
in financial markets.
(a) Ernst & Young
(b) Flmetrix
Treasury & Securities Services