J.P. Morgan Chase & Co. Is a conglomerate company with a very specific purpose. According to their website, the mission and values of J.P. Morgan Chase is "To be the most profitable, respected and influential investment bank in the world for the long term." To adequately quantify a company's mission or its vision, the firm must first determine, at the strategic level, what its core principles are. J.P. Morgan Chase is a firm with very specific business principles that they believe are at the very core of achieving their mission. Many of these basic principles include: Aspire to be the best, Execute superbly, Build a great team and a winning culture. (J.P. Morgan business goals). The company defines these goals, and sets pace to realize these goals with a very precise subset goal structure. Together, this defines J.P. Morgan Chase & Co's corporate strategy. J.P. Morgan has very precise ideas on their aspiration to be the best. This goal includes developing a world class franchise in every business they operate. This is done by having the ability to deliver good returns and solid growth over time. Be client driven. J.P. Morgan believes in having consistent customer driven priorities, and exceeding their expectations. Innovate, test, and learn. Innovation must be at the very core of the company. Finally, as a corollary to being client driven, to create powerful brands that carry a commitment of quality and integrity. Essential to this is delivering on the promise everyday. (J.P. Morgan business goals).
The next business principle for J.P. Morgan is to execute superbly. Strategy is one thing, but maintaining high standards on execution is one thing J.P. Morgan strives to do best.
They have many underlying plans towards execution. Some include: Demand and maintain strong financial discipline in good times and bad, Design and maintain the best systems, Eliminate waste, and Measuring performance. (J.P. Morgan business goals). To do this, J.P. Morgan has determined that they must act quickly on problems, ensure detailed follow-up, and drive for results, not just activities. (J.P. Morgan business goals). The third basic business principle is to build a great team, and a winning culture. At J.P. Morgan Chase, this is achieved through: Operating with the highest standards of integrity, Training and retraining great managers, Being honest, Giving incentives, and Giving back to the community. (J.P. Morgan business goals) At J.P. Morgan, they understand integrity must be cultivated and continually affirmed. The focus is on what is best for the customers. J.P. Morgan understands that great managers drive for superior performance and build teamwork. This is why they consistently hire and train great managers and leaders. As a segue from maintaining standards of integrity, they stress being open an honest within and outside of the company. They understand that although it is the hardest part of leadership, the company must have the fortitude to take action and do the right thing. (J.P. Morgan business goals). Being honest within the company itself and the community outside will help the company maintain quality standards on challenging the system and solving problems. Giving incentives is another integral part of building a great team. Just compensation should be used as an incentive for performance. J.P. Morgan believes that morale builds from respect, growth, and success. They want employees to act like owners and partners. The employees must have room to advance, with adequate compensation and the ability to benefit as the company grows.
Done right, this can create a proper balance between individual and collective accountability. (J.P. Morgan business goals). Finally, another important aspect of building a great team and building a winning culture is giving back to the community. J.P. Morgan is committed to adding value to the community by focusing on issues that are universally...
Bibliography: Weidner, David. J.P. Morgan Chiefs Defend the Investment Bank, 2007.
Retrieved 30 March 2007
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