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Investment Banking Industry In The United States And Jp Morgan Chase

3534 words - 15 pages

JP Morgan Chase & Co. OverviewJP Morgan Chase is global financial service provider. The company has assets of over $ 713 billion and operations in more than 50 countries. The company specializes in mergers and acquisitions consulting, risk management and securities underwriting, through its investment banking operations. The company serves more than 30 million individuals and the world's largest corporate, institutional and government clients. JP Morgan Chase has headquarters in New York City, New York. For the fiscal year ended December 2003, the company generated revenues of $ 33.3 billion.JP Morgan Chase & Co. is the second-largest financial services firm in US. It was formed by ...view middle of the document...

· Interest widen- income derived from borrowed funds, usually by lending to customers, holding higher-yielding securities or more offsetting more expensive loans to other brokers.Investment banking is a highly specialised segment of the finance industry. Its basic function is to bring together, directly through the mechanism of financial markets, huge savers and savings-collection institutions with those wishing to increase additional funds for investment. Investment banks must be distinguished from ordinary banks and other savings collection and saving management institutions, that decide themselves on allocation of savings and that act as financial intermediaries. The use of financial markets is at the heart of investment banking.There is an important distinction between investment banking activity and the institutions that perform it. Investment banking activity can be, and is, also undertaken by banks (who are financial intermediaries), provided the respective regulatory framework allows it and an individual bank (ie, a universal bank) wishes to engage in it. Generally speaking, one can say that there are two types of regulatory framework. The first allows investment banking to be carried out by all types of commercial banks, resulting in the emergence of universal banks which, alongside deposit banking, engage in all or some types of investment banking, second approach separates classic investment banking (ie, underwriting) from commercial banking and sometimes also from other types of investment banking activities.Investment Banking in Major CountriesTable 1.Composition of companies' credit market dept(%), 1990 and 1999US UK Japan Germany 1990 1999 1990 1999 1990 1999 1990 1999Among the major countries in this field, investment banking is in that most developed phase in the United States and the United Kingdom, and in less developed phase in Germany and Japan. As far as reliance on external funds is concerned (see Table 1.), funds increased in form of securities represent a much higher proportion of credit funds for companies in US and UK than in Germany and Japan. In the latter two countries, corporate debt in the form of securities represents less than 10 per cent of credit, as compared with more than 20 per cent in UK and over 50 per cent in US.Intermediated debt 45 40 77 58 91 91 94 94 of which, from banks 36 32 69 49 58 45 88 69Securities 55 60 23 42 9 9 6 6 Sources: BIS(for 1990), OECD(for 1999), Federal reserve bulletin bank financial statisticTable 2. Annual volume of corporate domestic mergers with disclosed value, 1990-1999US UK Germany Japan% of market 41.1 18.7 2.3 3.1capitalisationSource :BIS ©Similar differences apply to second stage of investment banking business (ie, mergers and acquisitions). Expressed in relation to market capitalisation (see table 2.), the value of corporate domestic mergers with disclosed values in the period 1990-99 amounted to 41 % in US and 19 % in UK, but only 2 % in Germany and 3 % in...

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