JPMorgan Chase (NYSE: JPM) today announced it has successfully converted the systems at the 339 branches it bought last year from The Bank of New York, 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 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: 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, global securities clearance, cash management and trade finance.