J.P. Morgan Securities Inc.

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J.P. Morgan Securities Inc.
JPMorganlogo.jpg
Headquarters New York, NY
Key People Equity Capital Markets Co-Head David Topper
Website www.jpmorgan.com

J.P. Morgan Securities Inc. is the wholly-owned broker-dealer subsidiary of finance and banking giant JPMorgan Chase & Co. JPMSI, which offers mostly corporate finance, investment and trading products and services for larger customers, withstood several well-publicized market scandals earlier this decade.

Recent History

J.P. Morgan Securities Inc. (JPMSI), headquartered on New York City's Park Avenue, was founded in 1986[1] and in fiscal year ending December 2007 chalked up estimated sales of $414 million with 4,200 employees.[2] As well as securities broking and trading, JPMSI also advises on corporate restructuring, underwrites debt and equity, trades derivatives and offer strructured investments to mostly corporate and institutional clients. Its derivatives-market equivalent is J.P. Morgan Futures Inc.

In 2003 JPMSI paid a total of $75 million in settlements to the U.S. Securities and Exchange Commission (SEC) that ended two separate charges of improper practises by JPMSI. In April of 2003 JPMSI settled for $25 million in disgorgement and $25 million in penalities an SEC probe that included nine other brokerages, into alleged conflicts of interests by its research analysts.[3]

Six months later JPMSI paid another $25 million to end a separate SEC charge that the brokerage violated a rule preventing Initial Public Offering (IPO) issuers from inducing recipients to later purchase shares in the aftermarket.[4] The SEC also alleged that JPMSI separately induced some IPO customers to accept low-demand issues in return for later favorable allocations of high-demand IPO offerings.

Key People

Managing director and co-head of Equity Capital Markets for the Americas, David Topper, joined JPMFI in July 2005 after a 22-year career at Morgan Stanley, most recently as managing director of Global Equiity Capital Markets.[5]

References

  1. J.P. Morgan Securities Inc.. BusinessWeek.
  2. J.P. Morgan Securities Inc.. Hoovers.com.
  3. SEC SUES J.P. MORGAN FOR RESEARCH ANALYST CONFLICTS OF INTEREST FIRM TO SETTLE WITH SEC, NASD, NYSE, NY ATTORNEY GENERAL, AND STATE REGULATORS. SEC.
  4. SEC Sues J.P. Morgan Securities Inc. for Unlawful IPO Allocation Practices J.P. Morgan Agrees to Settlement Calling for Injunction and Payment of $25 Million Penalty. SEC.
  5. David Topper Joins JPMorgan As Co-Head of Equity Capital Markets for the Americas. BusinessWire.