Headquarters: New York
Brand established: 1862
2003 advertising: $171.8 million
Brand equity: $15.3 billion
CoreBrand ranking: No. 11
Ries: “A high-end banking reputation.”
Roth: “They’ll get a lot of momentum because [former Bank One CEO] Jamie Dimon is a smart man who knows how to run a bank.”
Ries: “JPMorgan Chase, like all dual brand names, is never going to work. The company made a major mistake in not keeping both names separate. If Coca-Cola merged with Kodak, would a name like ‘Coca Kodak’ ever be a powerful brand name? I think not.”
Roth: “The name JPMorgan Chase doesn’t have the same cachet that JP Morgan has.”
How strong is the JPMorgan brand? Not many brands that date back to 1862 can endure mergers with two powerful and more modern brands, but that's exactly what JPMorgan did. In fact, when Chase Manhattan Corp. agreed to acquire J.P. Morgan in 2000, the J.P. Morgan name was not only kept, it led off the new moniker. Earlier this year, when JPMorgan Chase & Co. completed its acquisition of Bank One, it was the Bank One name that was subsumed.
"The resiliency reflects the underlying strength of the brand, which has endured now for decades," said David Nolan, senior VP-marketing communications at JPMorgan Chase. "When you get to enjoy prominent status, you can withstand the vagaries of the marketplace that every business goes through from time to time."
In the early years, Wall Street titan J.P. Morgan was the embodiment of the brand of the bank that bore his name. Now, Nolan said, all employees of the bank, which provides both consumer and institutional/investment services, embody the JPMorgan Chase brand whenever they interact with a client.
In 2003, the company spent $171.8 million on advertising to promote its brand. It also transacts its share of multimillion-dollar deals, garnering it business news coverage.
But Nolan said the most important transactions are those encounters that the bank's employees have when they're answering phones or e-mail, meeting with prospects or building the assets of clients every day.
"All that a brand is is the sum of the experiences that the client has with the provider," Nolan explained. "My way of looking at brands and personalizing brands is very simple: Every one of the 165,000-plus people who work at this firm represents the brand. It is our individual responsibility to understand what the values of the firm are and to deliver a high-touch, high-outcome experience to our clients and customers."
The communication of JPMorgan Chase's values originates in the C-suite, according to Nolan. "I think it starts at the top of the house. ... [Chairman-CEO] Bill Harrison and [President-COO)] Jamie Dimon clearly understand this is part of their communication."