JPMorgan Chase & Co. Business Strategy

I am currently employed by Chase, and happy to be a part of such an industry leader. JPMorgan Chase is a leading financial services firms that offers commercial banking, consumer banking, credit services, mortgage, securities brokerage, and financial consulting. The ironic history of the bank dates to 1799 in New York and is known by many heritage firms including The Chase Manhattan Bank, Bank One, Manufacturers Hanover Trust Co., Chemical Bank, The First National Bank of Chicago, National Bank of Detroit, The Bear Stearns Companies Inc., Robert Fleming Holdings, Cazenove Group and WaMu. Due to the many products offered by Chase, it’s easy to see why Chase is in 50% of all US households.

The JPMorgan Chase & Co. mission statement is “At JPMorgan Chase, we want to be the best financial services company in the world. Because of our great heritage and excellent platform, we believe this is within our reach. We cannot promise specific outcomes or risk-free results. What we can and will promise is to share the truth, and offer honest assessments of our businesses and our prospects; act with integrity and honor; do the right thing, not necessarily the easy or expedient thing; and work with fierce resolve to make this a company of which our shareholders, employees, customers and communities can be proud” (Our business principles). This is a great mission statement because it “describes the company’s purpose, and a set of core values to guide the pursuit of the vision and mission” (Thompson, 2018, p 19).

The vision statement is “At JPMorgan Chase, we want to be the best financial services company in the world. Because of our great heritage and excellent platform, we believe this is within our reach” (Our business principles). “A strategic vision delineates management’s aspirations for the company’s future, providing a panoramic view of “where we are going” and a convincing rationale for why this makes good business sense” (Thompson, 2018, p 19). I think the banks vision statement does a great job in setting aspirations for the future and convincing in why it makes good sense.

The four objectives are…
1. “As important as strategy is, we have to execute to win” - strategic objective.
2. “Execution involves every employee and every contact we have with customers”- strategic objective.
3. “The devil is in the details. We must act quickly on problems; drive results, not just activities” - financial objective.
4. “Ensure detailed follow-up so that we meet our commitments” - strategic objective.

The top management at The JPMorgan Chase & Co. is dedicated to its employees, focused on continuous improvement, and are focused on great corporate culture. This what Jamie Dimon, the CEO of The JPMorgan Chase & Co. has to say “People are our most important asset. The long–term growth and success of JPMorgan Chase depends on our ability to attract and retain our employees. Maintaining a diverse and inclusive workplace where everyone can thrive is not only the smart thing to do — it’s the right thing to do” (Our business principles, 2019).

These values of “People first” and retaining great talent is very true today. The employees feel supported by management and given the freedom to be creative and the ability to make a difference. This culture of “people first” sets Chase apart from its competitors and gives Chase a competitive advantage. Operating a corporation as large as JPMorgan Chase with these values leads to a sustainable competitive advantage that cannot be duplicated. “Some of the best teams do not even have the most talented individual athletes. Teams succeed because they are disciplined, they work well together, they execute consistently and they have a passion to win” (Our business principles, 2019).

References:
Business Principles. (n.d.). Retrieved March 5, 2019, from https://www.jpmorganchase.com/corporate/About-JPMC/ab-business-principles.htm
Our business principles. (n.d.). Retrieved March 5, 2019, from https://www.jpmorganchase.com/corporate/About-JPMC/document/business_principles.pdf
Thompson, A. (2018) Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases. Retrieved from http://www.freemanagementresources.com