JPMorgan Chase has passed a significant milestone in its ongoing Bank One technology integration effort with the conversion of New York Tri-state accounts to a unified national network linking 2660 branches in 17 states.
The conversion of 4.7 million consumer banking, small business and other accounts onto a single deposit system in New York, New Jersey and Connecticut continues a series of product, technology and operations upgrades since the 2004 merger of JPMorgan Chase and Bank One.
Earlier this year, Chase replaced computers and other technology in all 476 branches in the New York Tri-state area with new state-of-the-art equipment.
Chase says the project entailed the elimination of 50 systems to remove duplication and streamline operations. The conversion also involved training for 9000 customer-facing employees.
The company also expects to close on its Bank of New York branch acquisition in the next few weeks and convert the 338 branches to the Chase platform in the spring of 2007.
JPMorgan Chase plans to complete its wholesale bank conversion in late 2007.
Austin Adams, chief information officer of JPMorgan Chase, who is soon to retire, has been managing the integration of systems following the bank's merger with Bank One.