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Issues and perspectives
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Perspectives
On these pages, J.P. Morgan offers the insights, analysis, research, and
experiences of the firm and its top executives on critical issues facing the
financial services industry and the economy as a whole.
Morgan economist's commentary on global financial markets
Recent developments in global financial markets raise the issue of how global economic performance is likely to be affected in future months. In his commentary at an institutional investor client conference in New York on November 5, J.P. Morgan economist Phil Suttle predicted that "Domestic demand growth in Emerging Asia is going to be materially weaker over the next 18 months.(11/25/97)
Year 2000 at J. P. Morgan
In this Year 2000 fact sheet, we discuss the Year 2000 problem in general and provide information on our Year 2000 program and the specific steps we are taking to address it. A fundamental goal of our Year 2000 Program is to maintain the reliable and uninterrupted delivery of the high quality products and services clients have come to expect from us. (8/14/97)
Risk management and the search for increased bank revenue
Stephen Thieke, head of J.P. Morgan's Corporate Risk Management group, discusses how banks are identifying and coping with new risks as they search for higher revenues. His remarks were given at the International Monetary Conference on June 2 in Interlachen, Switzerland. (6/17/97)
PC industry report
J.P. Morgan has published a research report on the PC industry, "Is the Trend
a Friend, Or Will It Bend?" written by San Francisco-based equity
research analyst Daniel Kunstler. The report predicts that personal-computer
makers can look forward to continued strong profits, as businesses and
consumers upgrade their PCs to take advantage of the latest hardware and
software. (5/9/97)
Chairman Douglas A. Warner III's remarks at the annual meeting of shareholders
In his address to stockholders at the J.P. Morgan Annual Meeting in New York, Chairman Sandy Warner reported on the firm's substantial progress in 1996. (5/14/97)
Masterpieces of the Pierpont Morgan Library
J.P. Morgan is proud to sponsor a traveling exhibition called Masterpieces
from the Pierpont Morgan Library, the largest display of objects from the
53 year old library ever assembled to be seen in cities outside of New
York.(2/13/97)
Bond innovation
The first U.S. inflation-protected security will be auctioned by the Treasury in January 1997. Inflation-protected bonds are a major innovation in the U.S. markets, providing real returns for investors and savings for the Treasury. The Treasury has finalized details regarding structure, maturity and index. A new report by J.P. Morgan offers a practical guide for issuers and investors to evaluate this new asset class. (10/1/96)
The Year 2000 Problem
The Year 2000 Problem is browsing tour of a recently published industry analysis of the so-called "Year 2000 Problem," which highlights the potentially devastating results of programming written since the dawn of the computer age that was not designed to handle any dates beyond 1999 (10/1/96)
Dynamics of new baseball stadiums
The financing of new sports stadiums is a subject of lively debate. A new J.P. Morgan study analyzes the impact of new baseball stadiums and concludes many could be self supporting. (9/9/96)
J.P. Morgan sponsors Degas Exhibition at the Chicago Art Institute
Next month, the Art Institute of Chicago unveils a remarkable collection of rarely-seen works produced by Edgar Degas during the later years of his life. J.P. Morgan is proud to be the sole sponsor of this exhibition, whose only U.S. showing will be in Chicago. (8/7/96)
New developments in external reserve management
J.P. Morgan's Central Bank group recently published "New developments in external reserve management," an essay describing investment and risk management strategies used by Central Banks.
Management of Operational Risks in Foreign Exchange
A report by the New York Foreign Exchange Committee, entitled "Management of Operational Risks in Foreign Exchange," describes the best practices for managing operational risks in the foreign exchange market. Arthur Magnus of J.P. Morgan chaired the working group that prepared the report.
Chairman Douglas A. Warner III's remarks at the annual meeting of shareholders
In his address to shareholders at the 1996 Annual Meeting, Chairman Sandy Warner outlined Morgan's strategy to be a global leader of the twenty-first century.
Managing Director Nicolas S. Rohatyn at the Annual Meeting of the Emerging Markets Traders Association (EMTA).
Emerging Markets Traders Association's Fifth Anniversary:
Remarks of Managing Director Nicolas S. Rohatyn at the Annual Meeting of the Emerging Markets Traders Association (EMTA) on December 12, 1995, in New York City. Rohatyn, who is co-chairman of EMTA talks about the growth of the organization since its birth five years ago and its role in the marketplace going forward. At Morgan, Rohatyn heads Emerging Markets Sales, Trading, and Research (EMSTaR), Foreign Exchange, and Commodities.
Speech of Vice Chairman Kurt F. Viermetz delivered to the Association of French Bankers.
The Strategy of an Investment Bank: Vice Chairman Kurt F. Viermetz talks about J.P. Morgan's history and strategy for the future in a speech delivered to the Association of French Bankers. Both English and French versions of the speech are available.
Remarks of Douglas A. Warner III, chairman, to the Cincinnati Commercial and Commonwealth Clubs.
Scale and Sense: Thoughts on the Future of Financial Services discusses how the structure for delivering financial services is changing. The banking industry is consolidating, driven by the potential for economies of scale. But mergers are not the main event. The more important story is how new enterprises are finding new ways to intermediate the flow of money.
Retired Chairman Dennis Weatherstone's remarks to the Institute of International Finance
Reflections on the Business of Banking is a speech in which Dennis Weatherstone talks about the changes in the banking industry that he witnessed over the course of his 49-year career and the lessons that he learned.
What lies ahead for Wall Street firms?
The business of finance today is global, complex, and fiercely competitive. Yet it is also rewarding for those firms that can capture and manage opportunities. J.P. Morgan Chairman Douglas A. Warner III talks about what it will take to be one of the top financial firms in the year 2000 in an essay that appeared recently in the 60th Anniversary issue of Investment Dealers' Digest.
Chairman Douglas A. Warner III's remarks at the annual meeting of shareholders
J.P. Morgan & Co. Incorporated held its annual stockholder meeting on May 10 at the firm's 60 Wall Street headquarters in New York City. In his remarks, Chairman Douglas A. Warner III discussed the firm's focus on clients, its approach to risk management, and the general business climate.
Warner discusses these and other issues in greater detail in his letter to stockholders in the Annual report.
Vice Chairman Roberto G. Mendoza's speech to the American Bankers Association
Beyond Conventional Wisdom: Adapting to the Forces of Change is a speech that Roberto Mendoza gave to the American Bankers Association on March 13, 1995. Mendoza discusses how speed and freedom are likely to have an increasing impact on the profitability of financial services firms. Speed - the ability to transact business faster than the mind can calculate - and freedom - the ability to conduct business on the basis of economic return, subject to new and more progressive regulations - should be viewed as positive developments, he argues, because they both promote the efficient allocation of capital. Nevertheless, they, like all good things, can be misused and misjudged if not fully understood.
Glass-Steagall Reform
The Glass-Steagall Act was signed into law in 1933 in the midst of the Great
Depression to separate securities underwriting from commercial banking. Six
decades later, the artificial barriers imposed by the legislation are clearly
an impediment to the competitiveness of U.S. financial institutions and the
Americal economy as a whole. Glass-Steagall: Overdue
for Repeal is a report by J.P. Morgan that includes a history of the
legislation, a comparison of the risks of securities underwriting and bank
lending, and an analysis of the evolving role of commercial banks in the
securities business. The report was submitted by Michael Patterson, Morgan's
chief administrative officer, as part of his
testimony
before the House Banking Committee on April 4, 1995.
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