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JP MORGAN in France

JP MORGAN in France. Best in France Case Study May 2004, Monday 17 th. Marc GAUTIER, James JOHNSTON, Denis LANTRADE, Mazen SINGER and Natsuki TOKUBUCHI. A global financial services firm present in more than 50 countries Investment banking Commercial banking Securities Treasury Equities.

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JP MORGAN in France

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  1. JP MORGAN in France Best in France Case Study May 2004, Monday 17th Marc GAUTIER, James JOHNSTON, Denis LANTRADE, Mazen SINGER and Natsuki TOKUBUCHI

  2. A global financial services firm present in more than 50 countries Investment banking Commercial banking Securities Treasury Equities Executive Overview

  3. American global cultureadapted to the French environment Key constraints : labor law, income tax and corporate tax Key benefits : quality of life, infrastructure and size of the economy Competitiveness with UK market Executive Overview

  4. JP Morgan • Present in Paris since 1868 • Leading player : 801 $ Bn assets • # 1 Global Syndicated Loans, 18%MS • # 1 in Emerging Markets International Bonds, 16%MS • # 4 in Global Equity and equity-related capital raising • #1 Global convertibles 13%MS

  5. Company’s results • # 1 private bank US and # 3 worldwide • # 2 EU mutual fund provider • # 3 assets under custody 7.6 $ trillion • # 4 mortgage originator and service in the US, 4 million+ customers (Chase) • # 4 US credit card issuer (Chase) • # 1 US bank originator of automobile loans (Chase)

  6. French subsidiary's clients • Company's clients are mainly businessmen with wealth over 20 $M • Need to be present in France to serve these clients • Also responsible for Belgium and some clients from Switzerland or in London

  7. Why it came to France • In 1868, France was already among the biggest economies • Current size of the French economy • French regulations

  8. Company values • American company with a global corporate culture • Almost all the executives in Paris are French • Work in English • French rules

  9. Constraints in France • At the origin, nothing special • Today : labor law / lack of flexibility • High income taxation • Corporate taxation • Hinders the rapid expansion of foreign investments.

  10. Adaptation to France • For investment bankers, recruitment process and decisions in London. • Own recruitment policyin the private bank • French market requirements and specificities

  11. Key Benefit Numbers • One of the biggest economies (G7) • Excellent infrastructure • Telecom network • High quality of life • Future : fiscal amnesty ?

  12. Essential Advice • French regulations are part of the “game”: before they change, you have to respect them • Special care for the laws that govern the financial services • Current laws do not allow Paris to compete with London

  13. Possible improvements • Adaptation of labor laws to improve the flexibility • Special status for foreign executives • Fiscal amnesty • And … reform the I.S.F. tax

  14. Any question

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