J.P. MORGAN CHASE AD WORK GOES TO MCGARRY BOWEN
New York Independent to Work on Retail Banking Business
J.P. MORGAN CHASE PUTS AD WORK IN REVIEW
Move Comes Before Expected Summer Acquisition of Bank One
J.P. MORGAN CHASE IN TALKS WITH AGENCIES
FCB Handles Account for Financial Services Marketer
A spokesman for J.P Morgan Chase would not comment "on rumors and speculation." Calls to the agencies were not returned at press time.
Largest private bank in U.S.
J.P. Morgan Chase is the new entity created by the July 1 merger of J.P. Morgan Chase & Co. and Bank One Corp. The merger created a network of 2,300 retail bank branches in 17 states and the largest private bank in the U.S. Carat was the media incumbent for Bank One, while Interpublic Group of Cos.' Initiative Media handled media for Chase. Initiative was not involved in the final round of competition for the combined company's account.
According to TNS Media Intelligence/CMR, J.P. Morgan Chase spent $43 million in measured media in 2003; Bank One spent $143 million.
In August, J.P. Morgan Chase selected independent agency McGarry Bowen, New York, to handle creative duties on its retail banking business after a review. When that announcement was made, spending was estimated at $300 million.
Zenith's selection in one aspect mirrors the advertising-and-marketing decision made in August -- no incumbent shops were retained. One of the agencies chasing the creative account was another independent, Gardner Nelson Partners, New York, which had worked on Bank One. Carat was the incumbent for Bank One and had been handling media duties for the combined entities since the July 1 merger.