Morgan Chase Case Study
JUMPS headquarters are located in America’s financial business hub, New York City, but JUMP has significant global presence in over 60 countries in the Americas, Europe, Asia and Africa.
Diversity at JP Morgan Chase is taken seriously, and has been noted to have some of the most effective diversification recruiting of all the Fortune 500 firms. JUMP has created a positive Identity for itself amongst banking circles, known for being selective and competitive but understanding that talented candidates come In many forms (Yemen Davidson, 2009).
For customers and clients, JUMP strives to treat each customer as an individual and build relationships with clients. Amongst employees (current and prospective), JUMP treats them with respect and fairness with outlined procedures and managerial support, while keeping a sense of healthy competition. Jam’s CEO Jamie Idiom, a Tufts undergraduate, Harvard MBA with a lot of previous executive- level experience, was appointed on December 31, 2005 (Yemen & Davidson, 2009) after having previously been president and COO.
The operating committee underneath Idiom consists of thirteen executives that must report to the CEO (Ibid). Idiom is a hard-worker and strong believer in diversity. He desires change that would lead dotcom being more interconnected to all the top talent in the market, not just of a certain group. JUMP and The credit crisis While there were many causes to the 2008 flailing crisis, the packaging of bad mortgages into mortgage-backed securities was believed to be the “patient zero” (Irwin, 2013).
Unfortunately, JUMP had been involved in this fraudulent behavior that led to the biggest recession since the ass. During the recession, JUMP purchased two collapsing firms.
In March 2008, JUMP agreed to finance a deal with the Federal Reserve to purchase Bear Stearns. It later purchased Washington Mutual as well, acquiring thousands of employees as well taking on the two firms outstanding legal exposures (Irwin, 2013). Since JUMP itself and the firms it acquired had been involved in offloading bad mortgages on other parties, such as mortgage backed securities investors and U. S. Sprayers, JUMP has had to deal with many consequences since, and since It often takes a while to see where legal culpability lies and the cases are implicated and time-consuming, JUMP will continue being Involved In legal Issues relating to ten crawls (Airline, 2 ) However, Day aqualung Bear Stearns Ana Washington Mutual, JUMP was responsible for saving almost 40,000 Jobs that year (Yemen & Davidson, 2009). JUMP in the Media & Challenges JUMP Faces JUMP continues to face financial and legal repercussions for underwriting sub- standard mortgage loans and thereby playing a role in the global financial crisis.
Last year, JUMP agreed to around $20 billion in settlements as an attempt to clear up legal claims. The deals involved covered claims over mortgage issues, as well as derivatives and power trading (Ingram & Henry, 2014). Recently, JUMP agreed to pay $mm to the US government and admitted that it defrauded federal agencies by underwriting sub-standard mortgage loans (Ibid). They have also agreed to pay $1. 45 million to settle four-year-old allegations brought by the US Equal Employment Opportunity Commission that the bank had maintained a sexually hostile environment for women in a mortgage loan center on Ohio (Ibid).
JUMP is also still dealing with lawsuits teeming from their relationship with Bernard Maddox, a convicted Opinion scheme mastermind.
The firm has been approved to pay $543 million in order to end two lawsuits relating to Maddox (Ingram & Henry, 2014). These are Just a few of the many various legal matters JUMP has been dealing with. These legal matters stretch over long periods of time, and win or lose, JUMP can expect these challenges to continue well into the future. As well, within the firm, managers continue in efforts of making diversity part of the continuing dialogue (Yemen & Davidson, 2009).