Chase Completes Conversion of 339 Branches from The Bank of New York.Weekend conversion adds 1.2 million Tri-state accounts to state-of-the-art platform NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. (NYSE NYSE See: New York Stock Exchange : JPM JPM J. P. Morgan Chase & Co. (stock symbol) JPM Juan Pablo Montoya (formula 1 driver) JPM Jabatan Perdana Menteri (Malaysia) JPM Journal of Property Management ) today announced it has successfully converted the systems at the 339 branches it bought last year from The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , adding 1.2 million deposit accounts to the company's state-of-the-art platform. Now, consumers and businesses have unparalled access to more than 800 branches and 2,300 ATMs in New York, New Jersey and Connecticut - and more than 3,000 branches and 8,500 ATMs in 17 states. The platform now supports approximately 10 million checking accounts and more than $200 billion in deposits. "We can now provide additional convenience to Chase customers and dramatically improved products and convenience to the former The Bank of New York customers," Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jamie Dimon said. "Our people came through again by setting ambitious objectives for this conversion and exceeding them." The conversion, completed over the past weekend, involved: * The replacement of 4,000 teller-station computers with state-of-the-art equipment. * More than 100,000 hours of training for 4,000 customer-facing employees. * The conversion of $14.5 billion in consumer, business and other accounts onto Chase's systems. * Over 550,000 hours of programming and testing over the last year. * Nine months of preparation involving hundreds of employees. Signs at the former Bank of New York branches will be changed to the bright blue Chase signage with many unveiled in the next two weeks. Chase's unparalled Tri-State network now encompasses the following branches and ATMs in each area: * Northern NY suburbs: 159 branches, 247 ATMs * Long Island: 157 branches, 249 ATMs * New Jersey: 151 branches, 215 ATMs * Manhattan: 116 branches, 833 ATMs * Queens: 66 branches, 190 ATMs * Brooklyn: 47 branches, 190 ATMs * Upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. : 41 branches, 75 ATMs * Connecticut: 40 branches, 67 ATMs * Bronx: 31 branches, 112 ATMs * Staten Island: 9 branches, 25 ATMs On Oct. 1, 2006, JPMorgan Chase acquired The Bank of New York's consumer, small-business and middle-market banking businesses, including 339 branches and more than 400 ATMs, in exchange for select corporate trust businesses. JPMorgan Chase will concentrate on expanding its operating services businesses, including global custody, fund accounting and fund administration, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , global securities clearance, cash management and trade finance. About JPMorgan Chase JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 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 management and private equity. A component of the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. , 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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