Chase Completes Conversion of 4.7 Million New York Tri-State Accounts
One of industry’s largest conversions continues series of successful technology, operations upgrades
NEW YORK, Sept. 21, 2006 – Chase, the largest consumer bank in New York, announced today it has successfully upgraded its products and technology in the New York Tri-state area to link together the company’s full network of 2,660 branches in 17 states.
The conversion of 4.7 million accounts in New York, New Jersey and Connecticut continues a series of successful product, technology and operations upgrades since the 2004 merger of Chase’s parent, JPMorgan Chase & Co. (NYSE: JPM), and Bank One.
“Our employees’ tremendous dedication and teamwork ensured the success of one of the three or four most significant conversions in banking history,” said Jamie Dimon, Chief Executive Officer. “We have invested hundreds of millions of dollars to improve our efficiency while creating better service and convenience for our customers.”
The Tri-state conversion is a key milestone because it was more complex than any conversion completed by either Bank One or JPMorgan Chase. It provides Chase customers the increased choice and convenience of conducting banking transactions in more than 2,600 branches nationwide.
Earlier this year, Chase had replaced computers and other technology in all 476 branches in the New York Tri-state area with state-of-the-art equipment.
The company expects to close on its Bank of New York branch acquisition in the next few weeks and convert the 338 Bank of New York branches to the Chase platform in the spring of 2007. This will give customers access to an unparalleled Tri-State network of more than 750 Chase branches and more than 2,200 Chase ATMs. JPMorgan Chase plans to complete its wholesale bank conversion in late 2007.
The conversion, completed over the past weekend, involved:
* The conversion of 4.7 million consumer banking, small business and other accounts onto a single deposit system. The accounts represent $72 billion in deposits.
* The elimination of 50 systems to remove duplication and streamline operations.
* Hundreds of thousands of hours of programming and testing over the last year.
* Nine months of preparation involving hundreds of employees.
* More than 300,000 hours of training for 9,000 customer-facing employees.
In the last two years, JPMorgan Chase has:
* Rebranded all heritage Bank One branches – a total of 1,950 -- in 14 states to the Chase brand.
* Completed a major systems conversion in Texas, upgrading and consolidating technology in 400 branches in the state and converting 900,000 consumer and commercial deposit accounts onto a single deposit, customer and loan system.
* Converted 31 million heritage Chase credit card accounts with $69 billion in balances to a common platform, after more than 900,000 hours of programming and testing.
* Migrated customer, deposits, lending and treasury management systems – the heart of a bank customer account systems – to new mainframes, significantly improving the reliability and resiliency of the Chase technology environment.
* Invested $500 million in state-of-the-art data centers, allowing the migration of consumer data.
* Migrated more than 400 million heritage Bank One document images to a centralized image archive system.
* Consolidated 1.8 million customers of the two heritage mutual fund families onto one platform, under the JPMorgan Funds brand.
* Insourced more than 4,500 technology professionals in order to generate competitive advantages, accelerate innovation, and become more streamlined and efficient.
* Converted all U.S. dollar clearing systems onto global clearing platform, providing wire and ACH services to nearly 50,000 clients.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
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