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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

JP MORGAN in France

Best in France Case Study

May 2004, Monday 17th

Marc GAUTIER, James JOHNSTON, Denis LANTRADE, Mazen SINGER and Natsuki TOKUBUCHI

executive overview
A global financial services firm present in more than 50 countries

Investment banking

Commercial banking

Securities

Treasury

Equities

Executive Overview
executive overview1
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
jp morgan
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
company s results
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)
french subsidiary s clients
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
why it came to france
Why it came to France
  • In 1868, France was already among the biggest economies
  • Current size of the French economy
  • French regulations
company values
Company values
  • American company with a global corporate culture
  • Almost all the executives in Paris are French
  • Work in English
  • French rules
constraints in france
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.
adaptation to france
Adaptation to France
  • For investment bankers, recruitment process and decisions in London.
  • Own recruitment policyin the private bank
  • French market requirements and specificities
key benefit numbers
Key Benefit Numbers
  • One of the biggest economies (G7)
  • Excellent infrastructure
  • Telecom network
  • High quality of life
  • Future : fiscal amnesty ?
essential advice
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
possible improvements
Possible improvements
  • Adaptation of labor laws to improve the flexibility
  • Special status for foreign executives
  • Fiscal amnesty
  • And … reform the I.S.F. tax