JP Morgan Chase 2010 Annual Report Download - page 18

16
III. THE CUSTOMER EXPERIENCE:
HOW WE WILL CONTINUE TO IMPROVE IT
Weareonlyinbusinesstoserveourclients
– and this is true of every aspect of our busi-
ness.Everyloanwemakeorservice,every
account we maintain, every financing we
do and any investing we do is to serve our
clients. Our job is to consistently strive to do
a better job for all our clients – and to do it
faster, smarter and better.
Doing a great job for our clients requires
us to be discerning about who our clients
are and clear about what doing a good job
means. In our business in particular, client
selectioniscritical.Unlikeotherbusi-
nesses, we often have to turn away clients.
Sometimes we, by necessity, are put in the
uncomfortable position of advising or even
requiring our clients to do things they don’t
want to do, such as: restructuring or selling
assets or making payments to avoid penal-
ties. Careful client selection leads to quality
clients. And in conjunction with conservative
accounting, it leads to a high-quality busi-
ness. J.P. Morgan, Jr., said it best when he
declaredtherm’smissionwastodo“rst-
class business in a first-class way.”
Below are some of the ways we will strive to
continue delivering on that promise.
Doing a Better Job Serving Complex Global
Corporate Clients
Wedoagoodjobadvisingandservicing
our complex global corporate clients. But we
want to do an even better job – a great job
– under all circumstances. So we are redou-
bling our eorts by:
• Improvingourinformation:Weare
building robust systems to put key infor-
mation about our corporate client relation-
ships at our fingertips – for example, all the
services we provide them, which markets
they are in and what their needs are.
• Coordinatingglobalcoverage:Better
information and coordination enable us to
do a better – and, often, more cost-eective
– job for the client. As a global financial
institution, we may have 30 to 40 bankers
from our oces globally calling on a large
corporate client. That’s because we provide
such a broad set of products and services in
multiple locations around the world: M&A
and advisory services; asset management;
sales and trading or pension plans; manage-
ment of cash flows, foreign exchange and
interest rate exposure; and more.
• Buildingoutourcoverage:Wearesystem-
atically expanding the depth and breadth
of our international coverage of the large,
multinational companies that we cover
aroundtheworld.Weareembarkingona
granular, detailed review, name by name
and subsidiary by subsidiary, of the multi-
national companies we support for the
purpose of developing a game plan – from
the ground up – for how we will build out
our coverage going forward.
• Bringingthewholermtobear:Forallour
clients, we want to make available the best
that JPMorgan Chase has to oer every-
where.Wewanttheseclientstoknowthat
the full force and power of the company are
behind them and their goals, that we will be
there in good times and bad, and that our
advice is unconflicted and trustworthy.
• Ensuringthatsolutionsandinnovations
areclientdriven:Werecognizethatour
business works only if it works for the
client, not just for JPMorgan Chase. Cross-
selling, for example, is good only when it
benefits the client.