Abhinav Kumar Singh

SIMSREE
PGDBM-855

JP Morgan Chase & Co.

Acknowledgements

This report has been prepared after thorough research and intense brainstorming
with my faculty, colleagues and friends. I will like to thank all of them for their vital
inputs in this project.

I wish to especially acknowledge Prof. Pavan V. Jhabak, our Financial Accounting

faculty, who has provided me the opportunity to work on this project and providing
valuable inputs wherever required throughout the semester. Not to mention his
constant efforts to improve our subject knowledge, financial understanding,
clearance of concepts related to markets and general trends/position of various
issues related to finance. He is undoubtedly one of the main reasons for our deep
interest in the area of finance. I at this point of time wish to sincerely thank him for
his constant and valuable efforts.

Efforts have been made by me to keep the contents of the report as authentic and
error-free as possible. If however due to inadvertence, the report contains any
discrepancy in data or presentation, then I am open to feedback in such an
eventuality.

Hope this report makes for a valuable & interesting reading.

Introduction

Many new investors are intimidated by the pages and pages of numbers in
financial newspapers. It's easy to see why. These tables pack a lot of information
into a small space and can be complicated unless you know what you are looking
for. Learning how to read these tables will help you keep track of your portfolio's
performance. This tutorial will take you through six of the most popular financial
tables and tickers you see in newspapers, on television and on the Internet.
About JP Morgan Chase & Co.

JPMorgan Chase & Co. (JPMorgan Chase), incorporated in 1968, is a financial holding
company. JPMorgan Chase's principal bank subsidiaries are JPMorgan Chase Bank,
National Association (JPMorgan Chase Bank, N.A.), a national banking association with
branches in 17 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.),
a national bank that is the Company's credit card issuing bank. JPMorgan Chase's principal
non-banking subsidiary is J.P. Morgan Securities Inc., its United States investment banking
firm. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally, as well as
through overseas branches and subsidiaries, representative offices and subsidiary foreign
banks. In May 2007, the Company completed the acquisition of Xign Corporation, a
provider of business-to-business financial settlement solutions. The business will be
known as JPMorgan Xign Corporation. In January 2008, JPMorgan Chase acquired an
additional equity interest in Highbridge Capital Management, LLC (Highbridge). As a
result, the Company owns 77.5% of Highbridge as of January 31, 2008. On May 30, 2008,
JPMorgan Chase completed the acquisition of The Bear Stearns Companies Inc. In
September 2008, JPMorgan Chase acquired all deposits, assets and certain liabilities of
Washington Mutual's (WM) banking operations from the Federal Deposit Insurance
Corporation (FDIC). In November 2008, Chase Paymentech announced the completion of
its transition from a joint venture with First Data Corp to a wholly owned unit of the
Company.
The Company's activities are organized into six business segments: Investment Bank,
Retail Financial Services (RFS), Card Services (CS), Commercial Banking (CB), Treasury &
Securities Services (TSS) and Asset Management (AM). Its wholesale business comprises
the Investment Bank, Commercial Banking, Treasury & Securities Services, and Asset &
Wealth Management. Its consumer business comprises Retail Financial Services and Card
Services. It also has a corporate segment, which includes Private Equity, Treasury and
Corporate operations.
Investment Bank
The Investment Bank’s clients are corporations, financial institutions, governments and
institutional investors. The Company offers a range of investment banking products and
services in many capital markets, including advising on corporate strategy and structure,
capital raising in equity and debt markets, risk management, market-making in cash
securities and derivative instruments, and research. The Investment Bank also commits
JPMorgan Chase’s own capital to investing and trading activities.
Retail Financial Services
RFS, which includes the Regional Banking, Mortgage Banking and Auto Finance reporting
segments, serves consumers and businesses through bank branches, automated teller
machines (ATMs), online banking and telephone banking. RFS serves customers through
more than 3,100 bank branches, 9,100 ATMs and 290 mortgage offices, and through
relationships with more than 14,500 auto dealerships and 5,200 schools and universities.
More than 13,700 branch salespeople assist customers, across a 17-state footprint from
New York to Arizona, with checking and savings accounts, mortgage, home equity and
business loans, investments and insurance.
Card Services
CS is a credit card issuer. It has more than 155 million cards in circulation and $157 billion
in managed loans. Customers used Chase cards for over $354 billion worth of transactions
during the year ended December 31, 2007. Chase Paymentech Solutions, LLC, a joint
venture with JPMorgan Chase and First Data Corporation, is a processor of MasterCard and
Visa payments, having handled over 19 billion transactions in 2007.
Commercial Banking
CB serves more than 30,000 clients, including corporations, municipalities, financial
institutions and not-for-profit entities. In partnership with the Company’s other
businesses, it provides comprehensive solutions, including lending, treasury services,
investment banking and asset management to meet its clients’ domestic and
international financial needs.
Treasury & Securities Services
TSS is engaged in providing transaction, investment and information services. It also
offers cash management and global custodian services. Treasury Services provides cash
management, trade, wholesale card and liquidity products and services to small and mid-
sized companies, multinational corporations, financial institutions and government
entities. Treasury Services partners with the Commercial Banking, Retail Financial
Services and Asset Management businesses to serve clients Company-wide. Worldwide
Securities Services (WSS) holds, values, clears and services securities, cash and
alternative investments for investors and broker-dealers, and manages depositary receipt
programs globally.
Asset Management
Asset Management (AM) offers investment and wealth management services. AM clients
include institutions, retail investors and high-net-worth individuals in various markets
throughout the world. AM offers global investment management in equities, fixed income,
real estate, hedge funds, private equity and liquidity, including both money market
instruments and bank deposits. AM also provides trust and estate and banking services to
high-net-worth clients, and retirement services for corporations and individuals. The
majority of AM’s client assets are in actively managed portfolios.
JPMorgan Chase & Co. owns five bank subsidiaries in the United States:
➢ Chase Bank USA, National Association
➢ JPMorgan Chase Bank, National Association
➢ JPMorgan Chase Bank, Dearborn
➢ J.P. Morgan Trust Company, National Association
➢ Custodial Trust Companys

Key Executives:
Mr. James Dimon , 51
Exec. Chairman, Chief Exec. Officer, Pres and Member of Operating Committee
Mr. Michael J. Cavanagh , 41
Chief Financial Officer, Exec. VP and Member of Operating Committee
Mr. Steven D. Black , 55
Head of Investment Bank, Member of Operating Committee and Co-Chief Exec. Officer
of J.P. Morgan Investment Bank
Mr. James E. Staley , 51
Chief Exec. Officer of Asset & Wealth Management and Member of Operating Committee
Mr. William T. Winters , 46
Co-Chief Exec. Officer of J.P. Morgan Investment Bank and Member of Operating
Committee
Financial Statements

Annual Balance Sheet

In Millions of U.S. Dollars 2007 2006 2005 2004 2003

31/12/20 31/12/20 31/12/20 31/12/20 31/12/2
(except for per share items)
07 06 05 04 003
Total Current Assets -- -- -- -- --
40,144.0 40,412.0 36,670.0 35,168.0 20,268.0
Cash & Due from Banks 0 0 0 0 0
843,406. 691,831. 582,597. 561,523. 449,242.
Other Earning Assets, Total 00 00 00 00 00
510,140. 475,848. 412,058. 394,794. 210,243.
Net Loans 00 00 00 00 00
Property/Plant/Equipment, Total
- Gross -- -- -- -- --
Accumulated Depreciation,
Total -- -- -- -- --
Property/Plant/Equipment, Total
- Net 9,319.00 8,735.00 9,081.00 9,145.00 6,487.00
45,270.0 45,186.0 43,621.0 43,203.0
Goodwill, Net 0 0 0 0 8,511.00
14,731.0 14,852.0 14,559.0 14,684.0
Intangibles, Net 0 0 0 0 6,480.00
Long Term Investments -- -- -- -- --
Other Long Term Assets, Total -- -- -- -- --
99,137.0 74,656.0 100,356. 98,731.0 69,681.0
Other Assets, Total 0 0 00 0 0
1,562,1 1,351,5 1,198,9 1,157,2 770,91
Total Assets 50.00 20.00 40.00 50.00 2.00
Accounts Payable -- -- -- -- --
94,476.0 88,096.0 78,460.0 75,722.0 45,066.0
Payable/Accrued 0 0 0 0 0
Accrued Expenses -- -- -- -- --
 740,728. 638,788. 554,991. 521,456. 326,492.
Total Deposits 00 00 00 00 00
Other Bearing Liabilities, Total -- -- -- -- --
232,829. 199,075. 150,267. 149,431. 136,675.
Total Short Term Borrowings 00 00 00 00 00
Current Port. of LT Debt/Capital
Leases -- -- -- -- --
Other Current liabilities, Total -- -- -- -- --
Total Current Liabilities -- -- -- -- --
213,026. 161,814. 162,083. 153,779. 67,077.0
Long Term Debt 00 00 00 00 0
Capital Lease Obligations -- -- -- -- --
213,026. 161,814. 162,083. 153,779. 67,077.0
Total Long Term Debt 00 00 00 00 0
445,855. 360,889. 312,350. 303,210. 203,752.
Total Debt 00 00 00 00 00
Deferred Income Tax -- -- -- -- --
Minority Interest -- -- -- -- --
157,867. 147,957. 145,930. 151,207. 149,448.
Other Liabilities, Total 00 00 00 00 00
1,438,9 1,235,7 1,091,7 1,051,6 724,75
Total Liabilities 30.00 30.00 30.00 00.00 8.00
Redeemable Preferred Stock,
Total -- -- -- -- --
Preferred Stock - Non
Redeemable, Net 0 0 139 339 1,009.00
Common Stock, Total 3,658.00 3,658.00 3,618.00 3,585.00 2,044.00
78,597.0 77,807.0 74,994.0 72,801.0 13,512.0
Additional Paid-In Capital 0 0 0 0 0
Retained Earnings 54,715.0 43,600.0 33,848.0 30,209.0 29,681.0
(Accumulated Deficit) 0 0 0 0 0
-
12,832.0
Treasury Stock - Common 0 -7,718.00 -4,762.00 -1,073.00 -62
ESOP Debt Guarantee -- -- -- -- --
Unrealized Gain (Loss) -- -- -- -- --
Other Equity, Total -917 -1,557.00 -626 -208 -30
123,221 115,790 107,211 105,653 46,154.
Total Equity .00 .00 .00 .00 00
Total Liabilities & 1,562,1 1,351,5 1,198,9 1,157,2 770,91
Shareholders' Equity 50.00 20.00 40.00 50.00 2.00
Shares Outs - Common Stock
Primary Issue 3,367.38 3,461.68 3,486.69 3,556.19 2,042.62
Shares Outstanding - Common
Issue 2 -- -- -- -- --
Shares Outstanding - Common
Issue 3 -- -- -- -- --
Shares Outstanding - Common
Issue 4 -- -- -- -- --
Total Common Shares
Outstanding 3,367.38 3,461.68 3,486.69 3,556.19 2,042.62
Total Preferred Shares
Outstanding -- -- -- -- --

Annual Income
Statement

In Millions of U.S. Dollars 2007 2006 2005 2004 2003

31/12/20 31/12/20 31/12/20 31/12/20 31/12/20
(except for per share items)
07 06 05 04 03

Interest Income, Bank 71,387.0 59,107.0 45,075.0 30,460.0 24,044.0

 0 0 0 0 0
44,981.0 37,865.0 25,520.0 13,933.0 11,079.0
Total Interest Expense 0 0 0 0 0
26,406.0 21,242.0 19,555.0 16,527.0 12,965.0
Net Interest Income 0 0 0 0 0
Loan Loss Provision 6,864.00 3,270.00 3,483.00 2,544.00 1,540.00
Net Interest Inc. After Loan Loss 19,542.0 17,972.0 16,072.0 13,983.0 11,425.0
Prov. 0 0 0 0 0
44,966.0 40,757.0 34,693.0 25,845.0 20,419.0
Non-Interest Income, Bank 0 0 0 0 0
- - - - -
41,703.0 38,843.0 38,926.0 33,972.0 21,816.0
Non-Interest Expense, Bank 0 0 0 0 0
22,805.0 19,886.0 11,839.0 10,028.0
Net Income Before Taxes 0 0 0 5,856.00 0
Provision for Income Taxes 7,440.00 6,237.00 3,585.00 1,596.00 3,309.00
15,365.0 13,649.0
Net Income After Taxes 0 0 8,254.00 4,260.00 6,719.00
Minority Interest -- -- -- -- --
Equity In Affiliates -- -- -- -- --
U.S. GAAP Adjustment -- -- -- -- --
15,365.0 13,649.0
Net Income Before Extra. Items 0 0 8,254.00 4,260.00 6,719.00
Accounting Change -- -- -- -- 0
Discontinued Operations 0 795 229 206 --
Extraordinary Item -- -- -- -- --
Tax on Extraordinary Items -- -- -- -- --
15,365.0 14,444.0
Net Income 0 0 8,483.00 4,466.00 6,719.00
Preferred Dividends 0 -4 -13 -52 -51
General Partners' Distributions -- -- -- -- --
Miscellaneous Earnings
Adjustment -- -- -- -- --
Pro Forma Adjustment -- -- -- -- --
Interest Adjustment - Primary
EPS -- -- -- -- --
Income Available to Com Excl 15,365.0 13,645.0
ExtraOrd 0 0 8,241.00 4,208.00 6,668.00
Income Available to Com Incl 15,365.0 14,440.0
ExtraOrd 0 0 8,470.00 4,414.00 6,668.00
Basic Weighted Average Shares 3,404.00 3,470.00 3,492.00 2,780.00 2,008.60
Basic EPS Excluding
Extraordinary Items 4.514 3.932 2.36 1.514 3.32
Basic EPS Including
Extraordinary Items 4.514 4.161 2.426 1.588 3.32
Dilution Adjustment 0 0 0 -- 0
Diluted Weighted Average
Shares 3,508.00 3,574.00 3,557.00 2,851.00 2,055.10
Diluted EPS Excluding ExtraOrd
Items 4.38 3.818 2.317 1.476 3.245
Diluted EPS Including ExtraOrd
Items 4.38 4.04 2.381 1.548 3.245
DPS - Common Stock Primary
Issue 1.48 1.36 1.36 1.36 1.36
Gross Dividends - Common
Stock 5,165.00 4,860.00 4,831.00 3,886.00 2,838.00
Total Special Items 209 305 722 1,365.00 100
Normalized Income Before 23,014.0 20,191.0 12,561.0 10,128.0
Taxes 0 0 0 7,221.00 0
Effect of Special Items on
Income Taxes 68 96 219 372 33
Inc Tax Ex Impact of Sp Items 7,508.00 6,333.00 3,804.00 1,968.00 3,342.00
15,506.0 13,858.0
Normalized Income After Taxes 0 0 8,757.00 5,253.00 6,786.00
15,506.0 13,854.0
Normalized Inc. Avail to Com. 0 0 8,744.00 5,201.00 6,735.00
Basic Normalized EPS 4.555 3.993 2.504 1.871 3.353
Diluted Normalized EPS 4.42 3.876 2.458 1.824 3.277
Annual Cash Flow
Statement

In Millions of U.S. Dollars 2007 2006 2005 2004 2003

31/12/20 31/12/20 31/12/20 31/12/20 31/12/20
(except for per share items)
07 06 05 04 03

15,365.0 14,444.0
Net Income/Starting Line 0 0 8,483.00 4,466.00 6,719.00
Depreciation/Depletion 2,427.00 2,149.00 2,828.00 2,924.00 3,101.00
Amortization 1,394.00 1,428.00 1,490.00 911 --
Deferred Taxes 1,307.00 -1,810.00 -1,791.00 -827 1,428.00
Non-Cash Items 578 -3,771.00 -5,941.00 5,630.00 -408
- - - -
131,631. 62,019.0 35,305.0 28,251.0
Changes in Working Capital 00 0 0 0 3,435.00
- - - -
Cash from Operating 110,560 49,579. 30,236. 15,147. 14,275.
Activities .00 00 00 00 00
Capital Expenditures -- -- -- -- --
- - - -
Other Investing Cash Flow 73,118.0 99,627.0 12,944.0 29,734.0 12,744.0
Items, Total 0 0 0 0 0
- - - -
Cash from Investing 73,118. 99,627. 12,944. 29,734. 12,744.
Activities 00 00 00 00 00
-
107,605. 124,902. 33,421.0 59,121.0 34,033.0
Financing Cash Flow Items 00 00 0 0 0
Total Cash Dividends Paid -5,051.00 -4,846.00 -4,878.00 -3,927.00 -2,865.00
Issuance (Retirement) of Stock,
Net -6,711.00 -2,418.00 -2,930.00 -560 1,213.00
Issuance (Retirement) of Debt, 87,143.0 35,111.0 19,456.0
Net 0 0 0 4,962.00 9,434.00
 -
Cash from Financing 182,986 152,749 45,069. 59,596. 26,251.
Activities .00 .00 00 00 00
Foreign Exchange Effects 424 199 -387 185 282
14,900.0
Net Change in Cash -268 3,742.00 1,502.00 0 1,050.00

Trend Analysis
Ten Years Summary

Balance Sheet - 10 Year Summary

(in
Millions)
Long
Current Current Term Shares
Assets Liabilities Debt Outstanding
1,562,147.0
Dec-07 0 1,438,926.00 213,026.00 3.4 Bil
1,351,520.0
Dec-06 0 1,235,730.00 161,814.00 3.5 Bil
1,198,942.0
Dec-05 0 1,091,731.00 162,083.00 3.5 Bil
 1,157,248.0
Dec-04 0 1,051,595.00 153,779.00 3.6 Bil
Dec-03 770,912.00 724,758.00 67,077.00 2.0 Bil
Dec-02 758,800.00 716,494.00 45,190.00 2.0 Bil
Dec-01 693,575.00 652,476.00 43,622.00 2.0 Bil
Dec-00 715,348.00 673,010.00 47,238.00 1.9 Bil
Dec-99 667,003.00 631,947.00 45,540.00 1.9 Bil
Dec-98 626,942.00 591,843.00 47,132.00 1.9 Bil

Income Statement - 10 Year

Summary
(in
Millions)
Tax
Sal Depreciat Total Net EP Rate
es EBIT ion Income S (%)
22,805. 4.3
Dec-07 0 00 3,821.00 15,365.00 8 32.62
19,886. 3.8
Dec-06 0 00 3,577.00 13,649.00 2 31.36
11,839. 2.3
Dec-05 0 00 4,318.00 8,254.00 2 30.28
5,856.0 1.4
Dec-04 0 0 3,835.00 4,260.00 8 27.25
10,028. 3.2
Dec-03 0 00 3,101.00 6,719.00 4 33
2,519.0
Dec-02 0 0 2,979.00 1,663.00 0.8 33.98
2,566.0 0.8
Dec-01 0 0 2,891.00 1,719.00 2 33.01
8,733.0 2.8
Dec-00 0 0 2,545.00 5,727.00 6 34.42
11,489. 3.6
Dec-99 0 00 1,945.00 7,501.00 9 34.71
7,347.0 2.2
Dec-98 0 0 1,915.00 4,745.00 7 35.42

Price Movement (10 yrs):

Income Statement Items:
Balance Sheet Items:

Key Ratios

Growth Rates

Comp Indus S&P

Growth Rates %
any try 500
Sales (Qtr vs year ago
qtr) -7.9 -3.8 13.2
Net Income (YTD vs YTD) -67.2 -25.2 19.1
Net Income (Qtr vs year
ago qtr) -106.4 -78.9 6.8
Sales (5-Year Annual
Avg.) 22.45 13.73 13.4
Net Income (5-Yr Annual 18.9
Avg.) 56.98 19.2 6
Dividends (5-Yr Annual
Avg.) 1.71 8.7 12.2

Price Ratios

Comp Indus S&P

Price Ratios
any try 500
Current P/E Ratio 13 7.8 14.2
P/E Ratio 5-Year High NA 0.8 11.1
P/E Ratio 5-Year Low NA 0.2 2.4
Price/Sales Ratio 1.45 2.54 1.39
Price/Book Value 0.71 1.26 2.62
Price/Cash Flow Ratio 8.6 10.3 8.7

Profit Margins

Comp Indus S&P

Profit Margins %
any try 500
Gross Margin NA 0 38
Pre-Tax Margin 12.2 2 15.4
Net Profit Margin 10.8 3.4 10.9
5Yr Gross Margin (5-Yr
Avg.) NA 0 37
5Yr PreTax Margin (5-Yr
Avg.) 26.7 29.4 17
5Yr Net Profit Margin (5-
Yr Avg.) 18.3 21 11.8

Financial Position

Comp Indus S&P

Financial Position
any try 500
Debt/Equity Ratio 4.89 4.39 1.17
Current Ratio NA NA 1.2
Quick Ratio NA NA 1
Interest Coverage NA 0 58.9
Leverage Ratio 15.4 19.4 3.8
20.7
Book Value/Share 39.13 25.92 8
Returns Ratio

Investment Returns Comp Indus S&P

% any try 500
Return On Equity 5.5 4 22
Return On Assets 0.4 0.4 9.1
Return On Capital NA 0 12.4
Return On Equity (5-
Year Avg.) 10.6 15.7 21
Return On Assets (5-
Year Avg.) 0.9 1 8
Return On Capital (5-
Year Avg.) NA 0 10.7

Management
Efficiency

Management Comp Indus S&P

Efficiency any try 500
1289
Income/Employee 86554 58180 83
40205 29196
Revenue/Employee 1 5 1 Mil
Receivable Turnover NA 0 14.4
Inventory Turnover NA NA 10.8
Asset Turnover NA 0 1

Overview of the company

P/E EPS Growth Sales Growth

Current FY -
Estimate 15.8 vs. Previous Year -87.6 vs. Previous Year 8.53
vs. Previous vs. Previous -
Trailing 12 Months 11.7 Quarter -79 Quarter 19.9
PEG Ratio 2.11
Price Ratios ROE ROA
Price/Book 0.65 09/30/08 6.26 09/30/08 0.44
Price/Cash Flow 4.57 06/30/08 8.73 06/30/08 0.67
Price/Sales 1.45 03/31/08 10.61 03/31/08 0.84
Current Ratio Quick Ratio Operating Margin
09/30/08 1.01 09/30/08 1.01 09/30/08 11.9
06/30/08 1.02 06/30/08 1.02 06/30/08 15.7
03/31/08 1.04 03/31/08 1.04 03/31/08 18.7
Net Margin Pre-Tax Margin Book Value
09/30/08 12.2 09/30/08 12.22 09/30/08 40.1
06/30/08 22.4 06/30/08 22.42 06/30/08 37.1
03/31/08 27.4 03/31/08 27.43 03/31/08 37
Inventory Turnover Debt-to-Equity Debt-to-Capital
09/30/08 - 09/30/08 2.95 09/30/08 74.4
06/30/08 - 06/30/08 2.22 06/30/08 69.3
03/31/08 - 03/31/08 1.74 03/31/08 65.1

REVENUE ANALYSIS
The company recorded revenues of $71,372 million during the fiscal year ended December 2007,
an increase of 15.1% over 2006. The US, JPMC's largest geographical market, accounted for 73%
of the total revenues in the fiscal year 2007.
JPMC generates revenues through seven business divisions: investment bank (25.5% of the total
revenues during the fiscal year 2007), retail financial services (24.5%), card services (21.3%),
asset
management (12.1%), treasury and securities (9.7%), corporate (5.9%) and commercial banking
(5.7%).
Revenues by Division
During the fiscal year 2007, the investment bank division recorded revenues of $18,170 million, a
decrease of 3.5% over 2006.
The retail financial services division recorded revenues of $17,479 million in the fiscal year 2007,
an increase of 17.9% over 2006.
The card services division recorded revenues of $15,235 million in the fiscal year 2007, an
increase
of 3.3% over 2006.
The asset management division recorded revenues of $8,635 million in the fiscal year 2007, an
increase of 27.2% over 2006.
The treasury and security services division recorded revenues of $6,945 million in the fiscal year
2007, an increase of 13.7% over 2006.
The corporate division recorded revenues of $4,245 million in the fiscal year 2007, as compared to
$14 million in 2006.
The commercial banking division recorded revenues of $4,103 million in the fiscal year 2007, an
increase of 8% over 2006.
Revenues by Geography
The US, JP Morgan's largest geographical market, accounted for 73% of the total revenues in the
fiscal year 2007. Revenues from the US reached $52,137 million in 2007, an increase of 14.1%
over
2006.

Key Employees
KEY EMPLOYEE BIOGRAPHIES
James Dimon
Board: Executive Board
Job Title: Chairman and Chief Executive Officer
Since: 2006
Age: 52
Mr. Dimon has been Chairman and Chief Executive Officer of JP Morgan since 2006. Prior to joining
JP Morgan he was with Bank where he was Chairman and Chief Executive Officer since 2000. Prior
to Bank One, he had held various senior executive positions at Citigroup, its subsidiary, Salomon
Smith Barney, and its predecessor company, Travelers Group. Mr. Dimon is a Director of The
College
Fund/UNCF and serves on the Board of Directors of The Federal Reserve Bank of New York.
James S. Crown
Board: Non Executive Board
Job Title: Director
Since: 1991
Age: 54
Mr. Crown has been a Director since 1991. He joined Henry Crown and Company (diversified
investments) in 1985 as Vice President and became President in 2003. He earned a B.A. in 1976
from Hampshire College and received his law degree in 1980 from Stanford University Law School.
Mr. Crown is also a director of General Dynamics Corporation and Sara Lee Corporation. He is
Chairman of the Board of Trustees for the University of Chicago and a trustee of the Museum of
Science and Industry and the Orchestral Association.
William H. Gray, III
Board: Non Executive Board
Job Title: Director
Since: 1992
Age: 66
Mr. Gray has been a Director since 1992. He is also Chairman of Amani Group (consulting and
advisory). Mr. Gray was President and Chief Executive Officer of The College Fund/UNCF
(educational
assistance) from 1991 until he retired in 2004. He was a member of the United States House of
Representatives from 1979 to 1991. Mr. Gray earned a B.A. degree from Franklin & Marshall
College
and received a master’s degree in divinity from Drew Theological Seminary and a master’s
degreein church history from Princeton Theological Seminary. Mr. Gray is also a Director of Dell
Computer
Corporation, Pfizer, Prudential Financial, and Visteon Corporation.
Lee R. Raymond
Board: Non Executive Board
Job Title: Director
Since: 1987
Age: 69
Mr. Raymond has been a Director since 1987. He was Chairman of the Board and Chief Executive
Officer of Exxon Mobil Corporation (oil and gas) from 1999 until he retired in 2005. He had been
Chairman of the Board and Chief Executive Officer of Exxon Corporation from 1993 until its
merger
with Mobil Oil Corporation in 1999; having begun his career in 1963 with Exxon. Mr. Raymond is
Chairman of the National Petroleum Council, Vice Chairman of the Board of Trustees of the
American
Enterprise Institute, a trustee of the Wisconsin Alumni Research Foundation, a member of the
President’s Export Council, and a member of the Innovations in Medicine Leadership Council of UT
Southwestern Medical Center.
Crandall C. Bowles
Board: Non Executive Board
Job Title: Director
Since: 2006
Age: 60
Ms. Bowles has been a Director since 2006. She has been Co-Chairman and Co-Chief Executive
Officer of Springs Global US and Springs Global Participacoes, an international manufacturer and
marketer of textile home furnishings, and Chairman of Springs Industries, a home furnishings
company
since early 2006. Prior to a business spin-off and merger in early 2006, she was Chairman and
Chief
Executive Officer of Springs Industries, from 1998 until 2006, and has been a member of its board
since 1978. Ms. Bowles is also a member of the board of directors of Deere & Company.
Laban P. Jackson, Jr.
Board: Non Executive Board
Job Title: Director
Since: 1993
Age: 65
Mr. Jackson has been a Director since 1993. He is also Chairman of Clear Creek Properties, (real
estate development). Mr. Jackson is a graduate of the United States Military Academy. He is also
a director of The Home Depot, and SIRVA. He is a Director of Markey Cancer Foundation and
Governor’s Scholars Program.
William C.Weldon
Board: Non Executive Board
Job Title: Director
Since: 2005
Age: 59
Mr.Weldon has been a Director since 2005 .Prior to becoming Chairman and Chief Executive
Officer
of Johnson & Johnson (health care products) in 2002, Mr.Weldon served as Vice Chairman from
2001 and Worldwide Chairman, Pharmaceuticals Group from 1998 until 2001. He previously
served
as Chairman of the Pharmaceutical Research and Manufacturers of America (PhRMA).
Stephen B. Burke
Board: Non Executive Board
Job Title: Director
Since: 2003
Age: 49
Mr. Burke has been a Director since 2003. He joined Comcast Cable Communications (cable
television) as President in 1998. Prior to 1998, he was with The Walt Disney Company from 1986.
Mr. Burke is a graduate of Colgate University and received an MBA from Harvard Business School.
He is Vice Chairman of The Children’s Hospital of Philadelphia.
Ellen V. Futter
Board: Non Executive Board
Job Title: Director
Since: 1997
Age: 58
Ms. Futter has been the Director since 1997. Prior to joining JP Morgan she became President of
the American Museum of Natural History in 1993, prior to which she had been President of
Barnard
College since 1981. Ms. Futter is also a Director of American International Group, Consolidated
Edison, and Viacom. She is a member of the Board of Overseers and Managers of Memorial
Sloan-Kettering Cancer Center, a Fellow of the American Academy of Arts and Sciences and a
member of the Council on Foreign Relations.
David C. Novak
Board: Non Executive Board
Job Title: Director
Since: 2001
Age: 55
Mr. Novack has been a Director since 2001.Prior to joining JP Morgan he was the Chairman and
Chief Executive Officer of Yum! Brands, (franchised restaurants). Mr. Novak was Vice Chairman
and President of Tricon Global Restaurants, Inc. (now known as Yum! Brands,) from 1997 until
2000;
Group President and Chief Executive Officer, KFC and Pizza Hut, North America, subsidiaries of
PepsiCo, from 1996 until 1997; and President, KFC North America, a subsidiary of PepsiCo, from
1994 until 1996.
David M. Cote
Board: Non Executive Board
Job Title: Director
Since: 2007
Mr. Cote has been a Director of JPMC since 2007. He has been Chairman and Chief Executive
Officer of Honeywell International since July 2002. He joined Honeywell as President and Chief
Executive Officer in February 2002. Prior to joining Honeywell, he was Chairman, President and
Chief Executive Officer of TRW. Mr. Cote is a graduate of the University of New Hampshire, where
he earned a bachelor's degree in business administration. He received an honorary Juris Doctor
degree from Pepperdine University in 2001
Michael J. Cavanagh
Board: Senior Management
Job Title: Chief Financial Officer
Since: 2004
Age: 41
Mr. Cavanagh has been Chief Financial Officer of JPMC since 2004 prior to that he had been Head
of Middle Market Banking. Prior to the Merger, he had been Chief Administrative Officer of
Commercial
Banking and Chief Operating Officer of Middle Market Banking from 2003, and Treasurer from
2001
until 2003 at Bank One Corporation.
Steven D. Black
Board: Senior Management
Job Title: Co-Chief Executive Officer of the Investment Bank
Since: 2004
Age: 55
Mr. Black has been Co-Chief Executive Officer of the Investment Bank since 2004, prior to which
he had been Deputy Head of the Investment Bank.
William T. Winters
Board: Senior Management
Job Title: Co-Chief Executive Officer of the Investment Bank
Since: 2004
Age: 46
Mr. Winters has been Co-Chief Executive Officer of the Investment Bank since 2004, prior to which
he had been Deputy Head of the Investment Bank and Head of Credit & Rate Markets.
James E. Staley
Board: Senior Management
Job Title: Chief Executive Officer of Asset Management
Since: 2006
Age: 51
Mr. Staley has been Chief Executive Officer of Asset Management of JPMC since 2006.
Conclusions

At this price this share is good as a hold share at least for the time period of 2-3 months. Future
prospects do not seem very bright but still its performance is not as bad as its competitors or the
current market situation. Also near term outlook is satisfactory but long term outlook is very good.

Financial performance of the company is satisfactory

Management efficiency is satisfactory.

Solvency situation is satisfactory as current ratio and quick ratio is close to unity. Though the
Debt-equity ratio is close to 3 but it is satisfactory.