Bank One
In 1929, Commercial National and City National Bank of Commerce of Columbus, Ohio, merged to form City National Bank and Trust. City National offered the first Visa credit card outside of California in 1966; it also created the first drive-up bank, and was one of the first banks to use ATMs. A holding company called First Bank Group of Ohio was formed and it became Bank One in 1979. As interstate barriers to banking fell, the bank moved into Indiana, Kentucky, Michigan and Wisconsin.
The First National Bank of Chicago and Bank One merged on October 2, 1998. The merger between Bank One Corporation and First Chicago NBD Corporation created what became known as Bank One, Chicago’s largest bank (one of the largest in the Midwest and nation). Bank One Corporation and its stock was traded under the New York Stock Exchange under the symbol One. This merger created the nation’s 5th largest Bank with assets of more than $240 billion.
Bank One is a major corporate bank nationally and in selected international markets in 11 foreign countries, the nation’s largest credit card company which also is a leading retail bank in eight states, the leading business bank in the Midwest and Arizona, and the largest bank mutual fund company. With assets of more than $270 billion currently, Bank One Corporation is one of the nation’s largest financial services companies. Bank One currently serves more than 53 million credit card customers nationwide as well as 7 million companies in 14 states. It also manages more than $149 billion of assets for investors. The bank has 74,000 employees at 2000 branches in 14 states. On July 1, 2004 Bank One became a part of the new JP Morgan Chase. The mergers of the credit card companies, broker/dealer and lead banks will be completed over the next nine months. JP Morgan gives Bank One scale and size. However, the Bank One brand continues to be used in the marketplace.
Bank One provides several services to its customers, some of which include, retail services, Commercial Banking, Card Services, Investment management group. The retail service is broken down into, checking and savings accounts, consumer lending, Small business Banking, Debit/ATM Cards, Investment Accounts, Credit Cards, Insurance, Auto loans and leases, Online Banking and Home loans. The Investment Management Gr...
... middle of paper ...
...processors of ATM transactions in the country. Clearly, consolidating in the sector is increasingly common.
Bank One and J.P Morgan are together now able to rival Citigroup in retail, commercial, and investment management. This is a task that would have been impossible without a merger between the two organizations.
J.P. Morgan (JPM stock ticker) has a “buy” rating on the stock by Standard & Poors, which one of the most reputable providers of independent financial research in the world. While LaSalle Bank and Bank One compete for Chicago area retail banking business, their overall business strategies are quite different and do not overlap considerably outside of basic retail banking. While the growth rate of J.P. Morgan is not expectedly lower due to the size of the organization and the industry as a whole, the growth is similar to that of the company’s key competitor, Citigroup. The future for J.P. Morgan is likely to be filled with additional mergers and acquisitions. It remains to be seen how the company will compete from an operational and service standpoint with Citigroup; however, it will be a protracted battle between the two stable behemoth financial services firms.
This bank held government money and controlled the economy by making it easier for local banks to borrow money from it to loan it to manufacturers and factories. As the idea arose the cabinet, Jefferson protested that such a bank was unconstitutional because it favored the north over the south since the bank did not loan money to farmers for land expansions. Being true as it is, the bank drastically boosted our economy and had a great future for our nation. Since it was unconstitutional, a compromise said that the bank would only be funded for 20 years. So as soon as Andrew Jackson was elected, he destroyed the bank. In response to this, our nation suddenly falls into a major depression. No one had jobs and the economy was dying. This showed the brilliance of the national bank and how much it helped our economy. Adding onto this, the bank began the formation of the Federalist and Democratic
The Second Bank of the United States opened in 1816 under the presidency of James Madison and was located in Baltimore, Maryland. The primary idea of the federally operated bank was to maintain
You may think that the Constitution is your security - it is nothing but a piece of paper. You may think that the statutes are your security - they are nothing but words in a book. You may think that elaborate mechanism of government is your security - it is nothing at all, unless you have sound and uncorrupted public opinion to give life to your Constitution, to give vitality to your statutes, to make efficient your government machinery. (Brown)
... J. P. Morgan and Company to reflect his power. Morgan also got a stranglehold on several other industries by buying out Carnegie Steel, oil companies, and railroads. Morgan soon went back to his roots and started acquiring more banks, financial firms, and insurance providers. (Moritz 35-39) Today, J. P. Morgan and Company is known as JPMorgan Chase, easily the world's largest global financial services firm.
The Bank of New York played a major role in the economic growth in the New York metropolitan area. The Bank was also involved with the growth of transportation. The construction of the Morris Canal in New Jersey and the Erie Canal in New York were partially funded by the Bank, which also provided financing to the steamboat companies that benefited from these waterways. Through investments in nearly every railroad and utility, as well as in the construction of the New York City subway system, the Bank of New York continued to provide vital capital to the expanding American economy. However, far more emphasis was given to conservative practices and retaining the confidence of our customers. That policy enabled the bank to survive the economic turmoil of the early twentieth century.
In March of 1852, Henry Wells and William Fargo established the well-known bank, Wells Fargo. Originating in the West, Wells Fargo offered banking services, such as buying and selling paper banks drafts, which served as a representation of gold during a prime time in the economy. They would also extend a delivery service of customer’s valuables, branding their corporate symbol of a six-horse stagecoach. “From the Gold Rush to the early 20th Century, through prosperity, depression and war, Wells Fargo earned a reputation of trust due to its attention and loyalty to customers.” (“History of Wells Fargo”) With the help of the transcontinental railroad, Wells Fargo exploded across the nation throughout the years and still is considered one of the
creating a disconnect between the idea of protection and the reality of the legal system.
The Cherokee people were a unique and strong community. They held the belief that they should never bow to any other creature. They held a high respect for one another. When they spoke, they spoke one at a time paying careful attention to listening to one another. The Cheroke...
The United States government in 1816 chartered the Second Bank of the United States. It had a 20-year charter, which was to expire in 1836. Despite this, the Bank was privately owned and during the age of Jackson, the president was Nicholas Biddle. The Bank was large in comparison to other banks, being responsible for 15-20% of bank loans in the United States and accounting for 40% of the bank notes in circulation. Also, the Bank held a specie reserve of 50% of the value of its notes, when normally other banks only had a specie reserve of 10-25% (Davis 1).
...dditionally, the merger can take place in smaller phases. For instance the first phase may include change of the physical look of the branches and the signage - – so as to convey a consistent view and experience for its customers. This phase may also include effective communication to the employees to educate them about the merger, ensure them of their positions and encourage them to participate in the merger. Second, the firm can totally combine the bank’s technology and the information systems which will allow the merged firm to operate as a single entity and to become fully operational. The management should implement the merger with care and prudence, aiming for minimal disruption for the customers and should communicate extensively to ensure all its stakeholders are kept fully informed as they make changes.
A Review of Management Techniques and Practices at Wells Fargo Bank. Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It’s a premium financial service provider.
Another pivotal issue was that of the multichannel integration—call center, branch, ATM, and Internet—which is immensely important for large financial institution like ICBC to attract and retain customers with the promise of “anytime, anywhere” account access. Customers are eager to have the kind of flexibility to use whichever channel is most appropriate at a particular time. Continuing with the same point the, ICBC was also concerned about the relative penetration of the existing as well as new customer base to gain access to the banks new technological proposition.
By using Porter’s Competitive forces model (Laudon & Laudon, 2007, pg. 96) to analyze Morgan Stanley’s business environment a general position of the company can be provided. Through evaluating the five competitive forces of Morgan Stanley’s traditional competitors, new market entrants, substitute products and services, customers and suppliers we can give a general view of the business to provide a competitive advantage which results in a positive affect in the future.
Introduction This paper will analyze the mission and vision statements of JPMorgan Chase & Co against the performance of the organization. An evaluation of how well the company lives out its mission and vision statement will be provided. The organization’s strategic goals linked to the company’s mission and vision will be assessed. An analysis of the company’s financial performance to determine the link between the company’s strategic goals, strategy, and its financial performance. A competitive and marketing analysis of JPMorgan Chase & Co will be conducted to determine its strengths and opportunities.
the rights of the accused as well as to enforce the rights of the public. The