Chase completes Texas conversion

Source: Chase

Chase announced today it has successfully completed its major systems conversion in Texas, upgrading the technology and opening the company's full network of 400 branches in the state for customers.

The Texas conversion continues a successful year of technology and operations upgrades following the 2004 merger of JPMorgan Chase & Co. (NYSE:JPM) and Bank One.

"The tremendous dedication and teamwork of our employees over the last year continues to improve our efficiency while creating better service and convenience for our customers," said Jamie Dimon, President and Chief Operating Officer of JPMorgan Chase. "We continue to invest hundreds of millions of dollars to create world-class infrastructure and technology."

The Texas conversion is a key milestone because it allows the state's 2 million Retail and Commercial customers to use both heritage Chase and heritage Bank One branches. When the 400 branches and 850 ATMs in Texas are united under the Chase brand Oct. 10, the company will provide the state's largest customer base with the most convenience.

The conversion, completed over the past weekend, involved:
  • More than 2 million hours of programming and testing.
  • More than 1 million hours of training for more than 11,000 customer-facing employees.
  • The replacement of computers and other technology in 182 Chase branches with state-of-the-art equipment.
  • The conversion of more than 900,000 consumer and commercial deposit accounts onto a single deposit, customer and loan system.

    "Our employees have been working nights and weekends for months, setting a high standard for teamwork and commitment," Dimon said. "As a result, we are reaching key milestones in leveraging technology to help meet our customers' needs."

    In the last nine months, JPMorgan Chase has:
  • Converted 31 million heritage Chase credit card accounts with $69 billion in balances to a common platform, after more than 900,000 hours of programming and testing. Today, all 95 million credit cards are served through a state-of-the-art TSYS platform.
  • Migrated core customer, deposits, lending and treasury management systems - the heart of a bank customer account systems - to new mainframes, significantly improving the reliability and resiliency of the Chase technology environment.
  • Migrated core customer, deposits, lending and treasury management systems - the heart of a bank customer account systems - to new mainframes, significantly improving the reliability and resiliency of the Chase technology environment.
  • Converted the network infrastructure for all consumer businesses to $500 million state-of-the-art data centers.
  • Migrated images of more than 400 million heritage Bank One documents, ranging from home finance to credit asset management, to a centralized image archive system.
  • Consolidated 1.8 million customers of the two heritage mutual fund families onto one platform, under the JPMorgan Funds brand.
  • Insourced more than 4,500 technology professionals in order to generate competitive advantages, accelerate innovation, and become more streamlined and efficient.
  • Converted all U.S. dollar clearing systems onto global clearing platform, providing wire and ACH services to nearly 50,000 clients. The firm handled an industry-record level 529,000 transactions for $3 trillion on a single day.
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