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Home > Fortune 500 Companies > Jpmorgan Chase & Co.
Jpmorgan Chase & Co.
JPMorgan Chase & Co is a publicly traded company having a good stock performance result. Jpmorgan Chase & Co is a fortune 500 stock listed company trading under JPM. JPMorgan Chase & Co. is a leading global financial services firm with assets of 1.2 trillion dollars and operations in more than 50 countries. The firm is a leader in investment banking; financial services for consumers and businesses, financial transaction processing, wealth management and private equity.
JPMorgan Chase & Co reported 2005 net income of 8.5 billion dollars or 2.38 dollars per share, compared with net income of 4.5 billion dollars or 1.55 dollars per share for 2004. The return on common equity was 8 percent compared with 6 percent in 2004. Results included 2.0 billion dollars in after-tax charges or 0.57 dollars per share which included non operating litigation charges of 1.6 billion dollars and Merger costs of 448 million dollars.
Excluding these charges, operating earnings were 10.5 billion dollars, or 2.95 dollars per share and return on common equity was 10 percent. Operating earnings represent business results without merger-related costs, non operating litigation- related charges and recoveries, and costs related to conformance of accounting policies.
These accomplishments resulted in continued efficiencies from the Merger and the Firm made significant progress toward reaching the merger related savings target of approximately 3.0 billion dollars by the end of 2007. The Firm realized approximately 1.5 billion dollars of merger savings in 2005, bringing estimated cumulative savings to 1.9 billion dollars and the annualized run-rate of savings entering 2006 is approximately 2.2 billion dollars.
In order to achieve these savings, the Firm expensed merger-related costs of 722 million dollars during the year. Management continues to estimate remaining Merger costs of approximately 0.9 billion dollars to 1.4 billion dollars which are expected to be expensed over the next two years.
In 2005, the Firm successfully completed a number of milestones in the execution of its Merger integration plan. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the worlds most prominent corporate, institutional and government clients.
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