User:Mxmueller/sandbox

Company structure and its influence on the work as a CRO
JP Morgan Chase & Co. Is a financial holding company (FHC). FHCs are companies do not only offer banking services but many different nonbanking services as well. Financial holding companies, also known as FHC, were able to create after the 1999 Gramm-Leach-Billey Act. As a result of the new act, Companies are allowed to have control over more than only one bank. FHC have new opportunities usual banks don’t have such as underwriting insurance, underwriting and dealing with securities, give investment advisory services and do merchant banking. Using this opportunity, JPMorgan Chase is operating in the following sections: Cosnumer and Community Banking, Corporate and Investment Bank, Commercial Banking and Asset & Wealth Management.

For Ashely Bacon as the responsible CRO of the company this implies challenging tasks to accomplish. Due to the fact JP Morgan Chase is a FHC he has to handle way more risk than other CROs from conventional banks. Especially insurance and security deals sum up to many different risks which he has to take care of additionally to the risks a regular bank has to deal with. Since JPMorgan Chase is the largest Bank in the US with 2.534 trillion US dollars in total assets, Ashley Bacon deals with enormous numbers and with it comes an immense responsibility.