Buffalo soldiers essays

Buffalo soldiers essays In the years immediately following the Civil War, thousands of former slaves moved westward, hoping to find new opportunities for employment. Among the opportunities open to young black men was serving with the United States Army. In 1866, the United States Congress authorized the creation of six regular Army regiments to be staffed entirely by black soldiers. By 1869, these regiments were decreased by two. Black men were given the choice of enlisting with the Ninth or Tenth Cavalry or the Twenty-fourth or Twenty-fifth Infantry. It is these regiments that would eventually be dubbed the Buffalo Soldiers (Katz 1996). The term Buffalo Soldiers was bestowed by the Plains Indians, who were the soldiers' enemies. Despite their enmity, however, the name reveals the respect many Native Americans accorded to the black soldiers. The Indians had high regard for the courage and valor shown by the black men in combat. This paper argues that the Buffalo Soldiers played a crucial, though often overlooked role in the history of westward expansion. By protecting settlers, the Buffalo Soldiers paved the way for the settlement of the west and the creation of the United States. By showing courage on the battlefield, the Buffalo Soldiers also challenged prevailing misconceptions about black people. In doing so, they contributed to the establishment of multicultural societies in the West and by extension, in the rest of the The Buffalo Soldiers initially came into being because during the late 19th century, the United States Military supported segregation. Black freemen thus could not serve along with the white soldiers. Thus, the Buffalo Soldiers were tasked with building forts which were often reserved only for white soldiers. In Forth Concho, the Buffalo Soldiers were housed in separate rooms. However, historians like Stanford L. Davis (1999) argue that the realitie...

The Linked History of the Flashlight and the Battery

The Linked History of the Flashlight and the Battery The flashlight was invented in 1898 and patented in 1899. The biblical quote let there be light was on the cover of the 1899 Eveready catalog advertising the new flashlight.   Eveready Founder Conrad Hubert In 1888, a Russian immigrant  and inventor named Conrad Hubert founded the  American Electrical Novelty and Manufacturing Company (later renamed Eveready). Huberts company manufactured and  marketed battery-powered novelties. For example, neckties and flower pots that lit up. Batteries were still a novelty at that time, then only recently introduced to the consumer market. David Misell, Inventor of the Flashlight A flashlight by definition is a small, portable lamp usually powered by batteries.  While  Conrad Hubert might have known  the flashlight was a bright idea, it was not his. British inventor David Misell, who was living in New York, patented the original flashlight and sold those patent rights to the Eveready Battery Company. Conrad  Hubert first met Misell  in 1897. Impressed with his work,  Hubert  purchased all of Misells previous patents related to lighting, Misells  workshop, and his then-unfinished invention, the tubular flashlight. Misells patent was  issued on January 10,  1899.  His portable light was  designed in the now familiar tube-shape and used three D batteries  placed in a line, with a lightbulb at one end of the tube.   Success Why  was the flashlight called a flashlight? The first flashlights used batteries that did not last very long. They provided a flash of light, so to speak. However, Conrad  Hubert continued to improve his product and made the flashlight a commercial success. It helped make Hubert a  multi-millionaire, and  Eveready a huge company. Source: Utley, Bill. History of the First Tubular Flashlight. CandlePowerForums, May 20, 2002.

Canadian Breast Cancer Foundation Essay Example | Topics and Well Written Essays - 1000 words

Canadian Breast Cancer Foundation - Essay Example The most sensitive criteria are the clauses that provide for the protection of the interest of established corporate sponsors against new ones that have the interest to be partners. A $50,000 annual fee that a company pays as a license fee to the organization to act as a solid pledge for the involved company that has expressed interest for partnership is a criterion that CBCF strongly considers. The interested companies have to subscribe to the breast cancer cause and express a brand image that strongly supports the organization’s brand awareness as well. These criteria only to mention a few in general opinion need review in reference to amending specific clauses that will increase funding and still protect the main objective of the organization which is solely tied down to fighting breast cancer. Â  The sensitivity of the relationship between established corporate sponsors and the new entrants or interested parties should be expounded on to give a broad approach to the organization criteria and guideline principles. CBCF should be able to protect the interest of the established long-term corporate sponsors against the new entrants so as to avoid conflicts and increase the pipeline for funding from these interested parties. This is the most agreeable clause the organization has come up with in guiding the relationship between the corporate sponsors. However, the annual license fee charged by the organization as a form of a pledge for the corporate sponsors should be reviewed and the fee brought down a bit to encourage maximum participation by upcoming companies that are willing to take part in the fighting breast cancer initiative that is somewhat restricted to big established corporations.

Analysis Essay Example | Topics and Well Written Essays - 1000 words - 1

Analysis - Essay Example To begin with, it is not safe to love someone too much. It is neither safe to kiss the person one loves. Besides, it is dangerous to declare that one loves someone. The author mentions that everyone is a murderer. In this case, the girl is susceptible to murder. It is crucial for the girl not to venture outside at night. Furthermore, she should inform her mother about her whereabouts and the time she will come home from a night out. More essentially, such a person should not sleep so deeply. In the end, the author warns the girl to protect herself by carrying a knife, pepper spray, mace, and a gun. The author urges the teenage to spontaneous. In the last line, however, the story surprises the readers by saying that the teenage girl will die anyway. It is essential to highlight that this text does not read as a short story. Instead, it reads as an instruction manual that is indispensable for maneuvering a complex life. All the same, the story uses a mild flashback as the author conceals the subject in the second paragraph. Before that, the audience is not aware of the direction of the short story. It, therefore, occurs that the subject is a vulnerable person of whom the society poses danger from all fronts. The text thrives on contradictions. In the first paragraph, the protagonist receives a warning not to venture outside. The audience expects that once the subject receives a warning not to go on dates she may be allowed to go outside for other activities. In addition, the author warns the subject neither to go on dates with men who drive nor drive herself to date (Monson 64). In this case, the subject is torn between these two extremes of advice since she cannot choose. Besides, the author warns the girl to spend time neither with men friends nor with any friend at all. In the end, the girl will lack any friend. The author also tells the girl neither to stay home alone nor to venture out in public. The audience,

Safeways Human resources management Essay Example for Free

Safeways Human resources management Essay Introduction I will be looking at the way Safeways Human resources management is run, Safeway is one of the leading grocery retailers in the UK with annual sales of around à ¯Ã‚ ¿Ã‚ ½9 billion, 90,000 employees and nearly 480 stores nationwide. Their stores attract around 8 million shoppers every week. Originally they were a US owned company called Safeway Food Stores Ltd. Their first UK store was opened in Bedford in 1962. Over the next two decades the companys portfolio of stores rose to 133, establishing it as a serious player in the booming UK food retailing market. This success reflects the radical changes they have made in the way they do business and their strategy is based on four key objectives which is focus on product and price, best at fresh, best at availability and best at customer service Argyll was formed in 1977 by James Gulliver and named after his Scottish birthplace, the company grew rapidly through acquisition, and during the 80s Argyll focused its retailing operation on the Presto brand while also operating a range of other food and drinks businesses. By 1987, Argyll had the necessary financial muscle to make a bid for the Safeway name and estate. In February 1987 Argyll bought the UK arm of Safeway for à ¯Ã‚ ¿Ã‚ ½681m and with it came a distribution network and the Safeway name, a programme was launched to integrate the best systems and processes from each company and convert many of the larger Presto stores to the Safeway fascia. As its food retailing operations became more important, Argyll began to sell its non-core businesses and invested in a massive store opening programme. In 1996 the company name was changed to Safeway plc and all stores reframed under the Safeway identity. Their human resources support management in recruitment, induction and training. HR policies on terms and conditions of pay and benefits, performance management, training and career development apply to all Safeway people. It believes that by building sustainable advantage over our competitors it can only be done through Safeway people. We are creating a business culture in which our people are passionate about our products, our stores and everything we do. If their employees have an unbreakable will to compete and have the skills, knowledge and resources to do their best every day. The Human Resources operation within Safeway affects all departments and impacts on all members of staff. Human Resources Managers are responsible for attracting, developing and retaining people who are great assets to the stores. They provide expert advice on a range of employee issues and work to help people achieve their full potential. Their HR strategy has been broadened to ensure they prepare both their business and people for the future and will continue to develop managers in the key areas needed to support this phase, e.g. change. Leadership will be a requisite skill to support their people and managers will receive ongoing development in this area. Safeways entire Supply and HR Divisions recently became Investors in People accredited. In the case of the Supply Division this achievement was unique as they employ both permanent employees and contractors at third party depots. Human Resources Planning The function of human resources within a business is considered to be one of very important elements in running private and public enterprises besides the financial capital. It envisages manpower planning which focus on the various ways of attracting sufficient candidates with the right qualifications. Broadly speaking, the role of human resources include among others manpower planning, recruitment and selection, training and development and performance of management so that a business can have the best people for jobs who are able to perform their respective tasks to the highest level possible. Other responsibilities also include designing jobs that are interesting, keeping within the law on issues such as health safety, equal opportunities, sex race discrimination and termination of employment. Another responsibility also include dealing with trade unions, staff association, disputes, industrial tribunals and other legal actions, also ensuring that organisational structures and procedures allow employees to express their views, ideas, complaints and worries. If a business is expected to be effective and efficient it needs to manage its employees or human resources well. If workers are well managed they will be happier, better motivated, more responsive and more productive. Badly managed employees are more likely to be less enthusiastic, less willing to show initiative and likely to miss work. and finally less productive. The external labour market is also considered to be a very important factor when dealing with human resources. It is made up of potential employees whether they are locally, regionally or nationally that may have the skills and experience required for a particular business. Manpower planning should cover the analysis of both internal staffing resources, and the monitoring of the availability of labour from external resources. If a business fails to analyse the pool of recruits within the working population both local national then it runs the risk of not being able to satisfy any additional manpower requirements from external sources. There are many different factors that affect the size and nature of the labour market. Labour Market The Labour market is defined as the combination of labour demand and labour supply. Labour demand refers to the total number of workers or even working hours required by employers and is usually measured by the number of jobs plus vacancies. Labour supply refers to the total numbers of hours that labour is willing and able to supply at a given wage rate. It can also be defined as the number or workers willing and able to work in a given occupation or industry for a given wage. National Labour Market A business must consider its ability to meet its manpower requirements so that it can operates efficiently and at the same obtain profit or at least cover its running costs in the short run. Overall a national labour market is influenced by the following factors: * Trends in the size of the working population. * Competition for labour within businesses industry. * Overall level of economic activity. * Education and training opportunities. * The effect of government legislation. A national external source also has to be considered, these include national policies, demographics trends and developments which can affect the ability of a business to recruit certain types of labour. Similarly all these factors can have an implication of salary levels and the conditions of employment. We can easily say that manpower planning must also take into account the following factors: * Economic trends which will affect the demands for different types of labour e.g. in todays environment there is a greater demand for people with technology skills. * National demographic trends may have particular implications for the growth of the working population. * Education and training trends which change the structure and emphasis of university courses and the provision of technical and vocational education in schools and colleges. * New legislation including government policies and European Union directives on wage and salary negotiations, the role of staff associations and trade unions, equal pay, sex discrimination, employment protection, working time and industrial relations. Local Labour Market Business needs to be aware of the labour supply in the location they are operating, they need to know about future and current supply trends. In order for a business to gain a clear understanding of the local supply conditions they must have access to such statistics. Other information can be obtained by local employment offices and job centres which have details of unemployment figures for their particular area, local employers also want information on local wage rates and income levels in order for them to pitch an appropriate wage level to recruit or attract the right sort of employees. The types of information a business needs to know about local employment trends are the following: * Local employment gives an indication of the general availability of labour and state how easy or difficult it will be to recruit. * Local Skills shortage, there are job roles that go into decline because the skills required for certain jobs are becoming redundant. * Competition for employees, it is in a business best interest to know whether its competitors are expanding. * Availability of labour. Local external sources have to be looked over when assessing future manpower requirements and how it can be satisfied by local labour markets and manpower planning should take into account the following: * Developments in the local transport system that determine the effective catchments for labour area. * Demographic trends paying particular attention on the overall size and age structure of the local working population, e.g. if there a lot of graduates in the area they might consider recruiting them. * Housing and the availability of different types of accommodation. * Environmental developments that influence the attractiveness of the area as a place in which to live, more homes and people. * The local effect of any changes in the governments regional and urban development policies, e.g. if a new retail park opens, there will be more jobs. * Unemployment rates and the availability of workers with particular skills, qualifications and experience for example higher labour market available for work higher demand for certain jobs then wages get higher. * The availability of part time and casual labour, e.g. students and mothers. * The quality of local education and training providers, people will be more skilled which means higher wages. * Local competition for labour and its impact on pay rates and fringe benefits e.g. one company might look at what benefits another company offers. Manpower planning and internal staffing resources The purpose of manpower planning within different organisations will vary and it is important to identify this purpose i.e. why your organisation needs to do manpower planning. Once the purpose is clear, then it is important to develop a consistent approach to meet these needs. Manpower Planning is the process by which an organisation determines its human resource management needs and issues, and develops and implements plans to address them, it also gives a clear picture of the supply of labour available to a business internally for example skills, attributes and the potential of the current employees. At this level the manpower planning function deals with understanding the staffing requirements necessary to implement the organisations overall plans. The focus here is on the wider implications of the organisations manpower plans in terms of, for example, skill mix and development programme requirements, as they affect the organisation as a whole. Manpower planning at an operational level deals with specific programmes defined as necessary by management to meet their objectives. Research and experience shows that workforce planning fails when it is applied in a manner which is inconsistent with the needs of the organisation. If it is viewed as too complicated, lacking serious senior management support or focused on issues which are not important to the organisations success, it may be perceived as just another personnel procedure. However, when it involves managers in meaningful and significant ways, when it provides useful information and stimulates effective decision making and when it addresses important issues before they become expensive problems, then workforce planning is seen as a valuable process of management. This should be based on a manpower inventory consisting of computerised personnel records on each employee which cover the following: * Age, gender and martial status. * Date employment commenced, the first day of their work. * How the employee first heard of the vacancy with the business, whether it was recommended. * Job title. * Department, section and job location. * Employment status (hourly, full-time, part time, shift). * Previous job titles within the organisation, whether they were once a checkout assistant and now a manager, we know that skills are there. * Previous work experience with other employees. * Performance and attainment, their ability. * Qualifications. * Training and development, what type of training they have and if they need more strengths. * Potential for transfer or promotion. Information from manpower planning can be analysed to help determine the resources that an organisation possess, and also identify important trends that may have implications for its future labour requirements. This plan should include records of employees that are no longer within the business and the reasons why these employees left for example if it was the companys fault or employee personal reasons. It gives an opportunity for measuring and analysing: Labour Turnover Labour turnover occurs when workers leave an organisation and need to be replaced by new recruits. The main reasons that workers leave are: à ¯Ã‚ ¿Ã‚ ½ Resignation (both voluntary and due to incapacity pregnancy, ill-health, etc) à ¯Ã‚ ¿Ã‚ ½ Dismissal (including redundancy). à ¯Ã‚ ¿Ã‚ ½ Retirement. It is calculated in percentage terms using the following formula: Labour turnover = number of employees leaving over specific period x 100 Average number of people employed A labour turnover ratio of 25% is generally considered acceptable, however when the rate reaches 30% or more, an organisation will need to pay attention to this particular area. High labour turnover can be expensive, although the actual costs are difficult to estimate. To get some indication, organisations can start by adding up the most obvious expenses those of advertising, recruitment and training, together with the cost of associated management and supervisory time. The annual total could well convince the organisation that time and effort spent reducing labour turnover is cost-effective. Increased expenditure on recruitment and training represents only a small proportion of the total cost of labour turnover. Much greater costs may be incurred through: * Poor recruitment with the wrong people being selected for the job, perhaps interviewer did not select the right person. * Low levels of motivation within a department. * Employee dissatisfaction with unfavourable wage rates or working conditions maybe not getting enough for their use and may introduce fringe benefits to keep their employees. For example Safeway offer a competitive salary and an employee can look forward to a range of benefits including: * Generous holiday entitlement. * Contributory pension scheme. * Staff discount card. * Subsidized meals and drinks. * Share save scheme to become a Safeway shareholder. * Safeway Lifestyle Voluntary Benefits which are a wide range of discounts on services including mortgages, electrical services, personal travel services and fitness. * Bonus scheme. * Staff uniform. * Premium payments for Sunday working. Safeway employees become eligible for further benefits such as medical cover as their career progresses, and their store social committee organizes different number of activities like theatre trips to Christmas parties. * Failing induction process and employees are not made to feel comfortable. It is also important that Safeway measure the labour turnover rate to warn of potential problems, so that the management can take appropriate action. The replacing of employees can cause a lot of disruption in the efficiency; it can also create costs for recruitment and training. For Safeway to meet its manpower planning it is important that it minimises labour turnover. Labour stability index This outlines stability because it emphasizes the employees that stay within the business rather than those that leave, this is another important ratio that is used and a measure which is more suitable is the labour stability index, as the labour turnover is generally measured. The labour stability index is measured by this formula: Labour stability = number employed with more than 12 months service x 100 Total number of staff employed one year ago The labour stability for Safeway is: 157 x 100 196 Labour stability = 80 The index stability represents stability because it emphasizes those employees that stay rather than leave. The labour stability, which is 80, means that only 20% of workers leave, so this is a very good employment for Safeway. Sickness and accident rates Absences are bad for companies as work is not done, and sickness rate is measured using the following formula: Sickness rate = number of working days lost per year due to illness x 100 Total number of available working days Due to the Health and safety at work act 1974, an organization is required by law to investigate a keep a detailed record of its accident rates, accidents can be caused by factors such as: * Insufficient safety training. * Stress, caused by too much to do. * A lack of safety equipment. * Poor motivation, money related perhaps due to unhappy with their work surroundings. These factors can result in ineffective working practices and reduced efficiency, keeping records allows an organization to protect itself from legal actions and will help identify and deal with causes of accidents before problems occur. Safeway circulate an annual health and safety report to employees in order to illustrate where we are and actions underway to improve our health and safety performance. They are always encouraging employees to consider key health and safety challenges facing Safeway and how they can make a difference: * Protecting members of public and visitors visiting Safeway premises. * Reduction in stock handling injuries to staff. * Motivation and training of staff in health and safety. * Improving the safety of contractors during construction and maintenance operations. Age Structure This information is useful for several reasons, it will help highlight a potential staff shortage that may be caused by a large number of employees all reaching retirement age, mostly students are most willing for jobs. When deciding the allocation of training opportunities a detailed analysis of the age structure of the workforce is needed, for example who is in need of training and you would not give training to pensioners, elderly as they are not in need of it. Succession This analysis identifies any managerial and supervisory posts that face a weak replacement position and for this reason the assessment of employees must be a continuous process, the manpower plan allows plans to be made for the effects of retirement or resignation among supervisory and managerial employees. An organization needs to know if it has the appropriate employees in order to promote and transfer them to the managerial positions. Safeways are committed to the provision of a full outplacement and career-coaching service at all levels. This will be supported by the development of their own internal re-deployment framework. They also plan to further enhance their system provision, enabling automated succession planning and competency modelling, which will support the above. To support improved communication across their Business. In October 2002 the ten year old Human Resources System was replaced by a new, more efficient management information system (People soft). This manages the companys and facilitates our performance management and succession planning processes:- * Recruitment administration. * All personal and job details. * Information about absence, discipline and grievances Recruitment and Selection The ultimate success of a business depends upon the quality and contribution of its workforce, businesses recruit staff for a variety of reasons. Before recruiting it is essential to ensure that there is actually a need to recruit workers. External influences such as technological developments can change job roles within the business creating a need to recruit new people with specific skills. Other reasons why businesses recruit include the following: * The growth of the business When existing jobs are being expanded human resources management simply needs to copy existing practice on a larger scale. In creating new jobs more detailed thought is required particularly if the jobs are quite different from those that already exist within the organisation. * Changing the job roles within the business Due to the rise in information and communication technology, there has been a change in businesses job structures. When developing new jobs requires considerable amount of research, which is often done by examining best practice in businesses or by looking at the development of new jobs in other countries. * Filling vacancies created by resignation, retirement or dismissal In all businesses people move on, they become older they either hand in their notice or are dismissed. So it is necessary for employers to replace their employees. * Internal promotion In any successful business there will be opportunities for internal promotion, this allows an employee something to aim towards in a business rather than looking elsewhere for something better. When one employee is promoted, sometimes they need a replacement. The recruitment process as illustrated is a tried and tested process that aims to reduce the risk of selecting the wrong person. It can be costly in terms of resources devoted to the process and costs associated with recruiting poor performing employees, it is important to select people accurately for interviews. Businesses need to be very clear always about the requirements of the job and about the kind of person they are seeking for. The following ways can be achieved through: * Job descriptions A job description is used as a job indicator for applicants, it is also used by managers to identify their roles and responsibilities within the business. This also can be used by businesses to provide information to be used in making a vacancy advert and for briefing interviews. A job description normally follows a similar pattern of headings: * Title of post, this should give a good indication of what the job is. * Position within business structure, state who the post holder is accountable to and who is accountable to them. * Duties and responsibilities that need to be performed by a job holder and the skills and qualities required. * Responsibilities for assets and materials, the rage of materials and physical assets the job holder will be responsible for. * Person specifications this describes the characteristics and attributes which a person needs to be able to do the job to the required standards. It can also be used to make sure a job advertisement conveys the qualities that prospective candidates should have and check candidates have the right qualities. * Achievements, what education, qualifications and experiences does the applicant need? * Personal attributes they have e.g. works well in teams or on their own. * The amount of experience in the business industry or related areas. * Carefully planning how and when to advertise This process is to attract only those people who fit the companys person specification Advertisements must reach those who have the qualities to fill the vacancy, the business needs to be aware of who there target audience is(manager, supervisor, etc) and also where the advert will be placed(on a notice board, broadsheet paper, local job centre).The presentation of the advert is very important as it gives prospective employees a first impression of the business. A good advertisement needs to contain the following information: * Job title, details about the business and who would I am working for. * Job description, what would I be doing. * Location, where would I be working. * Salary, what financial reward would I get and an indication should always be given. * Qualifications needed for the business must be stated clearly. * Address and contact, so that the applicant can contact the business for further information. * Fringe benefits, additional things an employee will receive other than pay. * Organisational identity, this may be in the form of a logo. Safeway as a Company undertakes a positive and proactive approach to equality and diversity. They recognize the benefits of providing a working environment in which everyone feels valued, respected and able to contribute to the success of the business and also wish to employ a workforce that reflects the diverse society of which they live in and serve. To ensure that all colleagues remain committed to and involved in promoting diversity, it undertakes the following activities:- * Dignity and respect training entitled Appreciating Differences is provided for managers throughout the Company. * Conduct diversity profiling across their workforce and this information is fed back to each of their stores, to ensure that the workforce in each location reflects the profile of their local community. * They advertise vacant positions both within their stores and through the distribution of fliers to local communities. * Use both internal and external posters and recruitment materials targeted at workers of different ages. * They also utilize the Age Positive and 50 Plus websites when advertising positions. * Springboard is used to target school leavers. * They are accredited to use the Positive about Disability symbol on our recruitment literature. * They are committed to interviewing all disabled people who meet the minimum job requirements. * They make any reasonable adjustments required to meet the needs of disabled applicants and colleagues. * We have developed partnerships with around 40 external providers such as Re-employ and the Shaw Trust. In 2002/3 we employed approximately 140 people on supported placements. * Identify the strengths and weaknesses of job application: CSVs and letters of application A CV is a document usually prepared by the job seeker, it is similar to an application form. It supplies an employer with the job seekers details. It must be truthful and positive and should have the following information: * Personal details. * Education. * Qualifications. * Work experience. * Interests. * Ambitions. Letters of application should be written to support a CV, it should have A clear structure, with beginning, middle and an ending. Which should state the following: * The reason applying for the job. * The contribution that can be made to the business. * The developed capabilities through training and education. * The skills and knowledge acquired that will help in the job. * Short listing candidates This process involves looking through the completed applications to narrow the number down to a manageable number, it helps eliminate all the applicants that do not meet the job requirements. * Taking references Most businesses an applicants reference will be considered by the employer before a contract of employment is agreed. It is an opinion usually in writing of a persons character, ability, honesty and reliability. Some employers tend to not even consider the job applicant until they have seen a reference from a college or previous employer. * Job analysis The first stage is to conduct a detailed analysis of the job, which may involve questioning the current job holder at work. It might be obtained through discussions with the job holders manager or supervisor. The job analyst compiles a description of the main responsibilities of the job by asking: * What are the main tasks of the job and how often do they need to be completed. * What mental processes are required to do the job. * Is the job holder required to take decisions and use initiative. * Is the output from the job a part or a whole. * Does the job holder have to work with others or control the work of others. * What are the required performance standards. Recruitment and selection are linked, selection interviews also present candidates with a realistic picture of what the job entails and what it will like to work for the business. Selection interviews are well organised they must be arranged at convenient locations and times. The selection should attempt to get the best people within the existing budgets i.e. candidates with the most appropriate skills, experience and attitudes. It should also select people who will stay with the business for a reasonable time and minimise the costs of recruitment and selection relative to returns. In Safeways selection depends on the position you have applied for, one of the following selection processes will apply: At this level, we call our store recruitment process Selecting for Excellence. It usually consists of 2-3 stages depending on the position youve applied for. Selection Process * Completion of the Application Form. * You may be required to complete a pencil and paper test, followed by a short practical exercise which measures a range of skills and abilities. * Attend a selection interview. The recruitment process in Safeway is highlighted below: * During 2002/3 they created 1500 net jobs (permanent roles only), principally in stores across the Company. * This year they have centralised recruitment centre in Warrington became fully operational, and received a weekly average of 11,300 phone calls to their recruitment hot line. * They advertise vacancies for all stores on-line in the Careers section of their website and receive approximately 820 job applications via the Internet each week. * 32 graduates have joined the business this year, 12 on the new store specific graduate programme. * The retention of people is a key part of their HR strategy on an ongoing basis. Safeways work with other External organizations concerned with diversity or are members of include:- * The Employers Forum on Disability. * The Disability Rights Commission. * The Retail Employment Development Group (RED Group). * Diversity Network. * Re-employ. * The Employment Services (Job Centre Plus). * Age Positive. * Commission for Racial Equality (CRE). * DEXTRA, Diversity Network Group. * The Employers Forum on Age. The Employment Rights Act 1996 states that the employees should receive certain information within the first two months of starting their employment. All contracts of employment should include the following: * The names of the employer and the employee. * The name and address of the place of. * The date when employment began. * The job title. * Employment conditions e.g. full time, part time, permanent, temporary. * The salary. * The intervas in which the employee will be paid e.g. monthly or weekly. * Any terms and conditions relating to holiday entitlements (including public holidays, sick pay and pensions). * The length of notice required from either party. * If the employment is temporary, how long it is expected to continue. * Any disciplinary rules to which the employee may be subject. * Signatures. Training and Development Training envisages all types of planned learning experiences and activities aimed at making positive changes to the performance of the employees and other behaviour, which will help them gain new knowledge, skills, beliefs, values and attitudes. As the technology develops and advances with a very high speed, it is necessary for the business to acquire these new innovations which will be available in the market and provide appropriate training to its human resources so that it will be in a position to operate efficiently and be able to compete with other business of the same nature. The training programme for a business is part and parcel of manpower planning which require a through analysis and continuous adjustment over time in relation to the existing and the new technology. Safeway believes that its employees are its best assets, they are provided with knowledge, skills and tools to be the leading retailer in our markets. Whether its providing customer service, offering exceptional products at a competitive price or learning the latest in merchandising and display. The companys training program provides the individual with a solid foundation to achieve their best. There are different forms of training, namely; * Induction Training It is when employers introduce new employees to the business. Employers also have to make sure the employees are aware of the new environment and have the necessary information on specific areas of the business so that they can perform their tasks. The new recruit is sometimes given an induction pack by the employer, also an overview of Health and Safety, Security and Equal Opportunities. * Mentoring It is used by businesses so that employees can develop a good working relationship and it also provides employees a chance to learn new skills. Mentoring is mainly when a trainee is allocated to a more experienced employee. If and when the trainee faces any difficulties or problems with their duties, they must seek advice from the mentor. * Coaching This is when an employees performance is assessed by the manager, which helps the manager to identify the employees strengths and weaknesses which intern they will need to work together to develop their skills. The manager needs to develop their coaching skills, otherwise this will affect the success of any coaching programme. The manager coaching has to have the appropriate skills and sufficient time should be allocated so that the time could take place. * In-house training This is when a business builds its own training department, which provides employees with training and development using resources within the business. * External training External training always takes place away from the real working environment, which is an external course that employees are sent on. * The national training system: * Training enterprise councils This is sponsored by the government and led by local people, which helps businesses to identify their own training needs. * Investors in People The initiative is that investing in people is the most effective way of improving the performance of the business. The Tecs help to asses businesses that want to be recognised publicly as investor in people. * Individual learning accounts This is a sort of bank account which the government, the employer and the individual all contribute money which is then used to buy training and education. * Modern Apprenticeships- Modern Apprenticeships have been designed for people whose learning styles are more suited to a job with training, most of your training is done while you are at work, and lasts for around three or more years. It is very flexible which can be structured to meet different needs of employers. * National vocational qualifications the national vocational qualifications are indicators which show occupational qualifications. It is the ability of an employee to reach a specific kind of skills or competence in carrying out a specific job. An NVQ is awarded to an employee after an assessment done by the appropriate institution or work place. Additionally, 210 Bakers have completed the craft baking NVQ and over 7,000 colleagues have received craft skills and systems training at one of Safeways three Regional Training Centres. The NVQ is a vital part of management training, awarded by city guilds it is nationally recognised and on successful completion they will become a qualified NVQ assessor in their own right * National learning targets the national learning target is set by the government and it is expected that every business institution in the private or public sector to achieve those targets. These targets for example includes target for young, adults and for a businesses as a whole. Training and development is a continuous process helping Safeway to deliver its goals and benefits to its colleagues as their skills, competence and capability grow. Training for skills remains critical, and this year they launched apprenticeship programmes for Butchers, Fishmongers and Florists, with over 200 colleagues attending the Fishmonger course and 116 the Meat course. They have continued to provide support to the growing Non food offer by delivering training to support our 6 Mega stores and 50 Home Entertainment centres. Driving improvements in customer service continues to be critical and their Star Service programme was broadened this year to include Friendliest Store in Town. To support this, their Selecting for Excellence recruitment tool was extended to assess this key area. By Safeway building sustainable advantage over our competitors can only be done through their people, they create business culture in which their people are passionate about their products and have unbreakable will to compete and have the skills, knowledge and resources to do their best. Purpose of Performance Management The purpose of performance management is to achieve objectives of the business, to provide better customer service, to increase market share (volume, units, and value). Also to maximize profit, to motivate employees (encourage hard work and set targets) and to improve competition within the business. To make the purpose of performance management understandable along with my businesses approach it is important to understand how the HR manager measures performance. * Performance Management The performance management process provides an opportunity for the employee and performance manager to discuss development goals and jointly create a plan for achieving those goals. Development plans should contribute to business goals and the professional growth of the employee. The planning process must also involve consideration of the emerging business environment, for some performance managers the changing environment offers many new challenges and opportunities. Performance managers and their employees are increasingly being asked to become generalists who step outside of traditional narrowly-defined job descriptions in support of team objectives and goals. These changes are resulting in the development of new approaches to human resource management. * Management by Objectives This is a system in which specific performance objectives are jointly determined by managers and their employees, the progress toward objectives is reviewed periodically and rewards are allocated on the basis of this progress. The principles of management by objectives are specific objectives for each employee, performance evaluation and feedback and explicit time period. All objectives should be discussed with both managers and employees, this process is used and is likely to be successful if the businesses objectives met the SMART criteria. These are known as the following: S Specific M Measurable A Agreed R Realistic T Time related * Monitoring Performance This process requires the measurement of performance which then needs to be linked with these performance measurements against the achievement of objectives. What needs to be taken into account when comparing performance with targets is the general context that a particular operation is taking place. * Individual Performance Review This process is for individual employees, which is usually implemented with the following review systems: All Safeway colleagues have a performance review at least once a year, although more frequent reviews may be requested by individual colleagues. The progress of new colleagues is reviewed at six, twelve, eighteen and twenty-six week intervals after appointment. * Appraisal This system is used by the employer to help them review the standard of work being done by employees within the business, and also assess the value or contribution of individual employees. It is used by employers to reinforce company goals, identify training needs and career opportunities, recognise good performance and review and set targets. Appraisals can be expensive and time consuming, but good appraisals have positive effect on employees motivation. Instead of appraising employees by rating their performance, which could intern discourage employees involvement and will not help overcome weaknesses. Some managers may use personal performance interview, which should cover a review of performance objectives over the previous year, an assessment of an employees strengths and weaknesses based upon key job related criteria and a personal job improvement plan. * Self Evaluation This is when an employee is asked to review their own performance before attending a performance review interview, this enables employees what their objectives are and identify training and development needs. * Peer Evaluation Peer evaluation can be a useful and valuable tool in helping employees to develop their critical skills and insight into the evaluation process. By making a critical appraisal of another employees work or performance, they can begin to understand the requirements of the business and what it entails. The only problem with this objectivity is that some employees might be in competition for a promotion or perhaps favour a friend to promote their own personal interests. * 360 Degree Evaluation This is one of the instruments that is used to evaluate the performance appraisal based on data collected from all around employee, such as customers, supervisors, peers and sub-ordinates. This evaluation provides feedback on abilities, skills, knowledge and effectiveness of the employee with the business. Based on the findings of the evaluation it can be highlighted the areas that need to be improved and type of training that needs to be undertaken to further develop the skills and the knowledge of the employees, further more the data collected will serve as a basis for any future improvement of the business activities as well as giving a new guideline for the management. This kind of evaluation will also help deal with emergency situations and build up a strong relationship between management and employee. * Managing performance in the modern business environment The business environment is subject a continuous changes and it is the most critical aspect of effective management. The performance management has to reflect these constant changes which have an extensive and complex impact on business. Managing Change These changes are of different nature, and the response varies with the situation. If these changes are badly handled can lead to serious consequences, which may include: * The frustration of sound strategies and the lack of its implementation. * The costs of implementation may rise. There might be unnecessary delays, spoilt work and emergency action to reduce the impact of delay all add to costs. * Benefit of the market may be lost due to the inability to compete with businesses in the market. * The human consequences of the change may be high. For example when people lose their jobs due to change or when the change is handled carelessly or without adequate planning. * Motivation reduced or lost within the business as people become confused due to poor management. * Resistance to future change may increase when they see their worst fears about the change are justified. The management has to adapt new methods in response to the changes in the labour, consumer, world and technological markets. The management has also to ensure that all measures in response to the changes should be smooth and effective with minimum damage to the employees and the business itself. Employee Welfare Any organization has the obligation to provide its employees with suitable and safe working environment and abide by the employees rights and interests. An organization has also the obligation of abiding by new government legislation and regulation and if it fails to do so it can face prosecution or financial costs. Some employers and business organizations are of the opinion that the recent legislation on working hours has limited their ability to operate flexibly and made it more difficult to improve their performance. Working Time Directive In October 1998 the UK government has introduced a new Working Time Directive as a measure designed to protect the health and safety of employees. This Directive covers seven areas: * Maximum working weekly hours- it should exceeds 48 hours, but it leaves the option for an employee to increase if he or she wishes. * Employees are entitled to have 11 consecutive hours in each 24hr period of daily rest. * An employee that has worked six hours is entitled to a 20 minute rest break. * In each seven day period employees are entitled to an uninterrupted rest period of 24hrs. * An employee must get at least four weeks paid annual leave by their employer. * An employer should make sure that employees take regular breaks and are not subjected to high risk tasks. * An average of eight hours in any 24hr period should be worked by night workers but if they should get sick they then must have the option to move to day jobs. Maternity and paternity leave According to the Sex Discrimination Act 1975 and the Employment Rights Act 1996 have entitled pregnant employees, maternity leave regardless their length. The maternity leave has been extended from 14 to 18 weeks, under the 1999 legislation. Employees are entitled to their statuary and fringe benefits during their leave period, and are free to come back to work after maternity leave. The earliest time that can be taken is 11 weeks before the baby is due. Many employers do not grant paid maternity leave, and there is no legal legislation for it. Although some companies and local councils grant paid leave, and the average leave period for paternity is ten days. Safeway aims to assist both male and female colleagues in managing their individual work-life balance, through a wide range of employment policies and practices in areas such as maternity and paternity leave and flexible working, many of which offer benefits over and above any minimum legal requirements. The Minimum wage In order to protect employees from exploitation this law was introduced in April 1999, it covers any UK employee who is aged 18 or older. The legislation covers agency workers, home workers, casual and temporary employees, and people on fixed term or freelance contracts as well as full and part time employees. Currently there are three bands for minimum wage: * A rate of à ¯Ã‚ ¿Ã‚ ½3.60 per hour for those aged 22 and over. * A rate of à ¯Ã‚ ¿Ã‚ ½3.00 per hour for those aged 18 to 21. * A rate of à ¯Ã‚ ¿Ã‚ ½3.20 per hour for those who are 22, and are within the first six months of a new job. * Improving performance through raising employee motivation * Motivation A strong team needs individuals who are dedicated to giving their best at work. Highly self-motivated, committed, ambitious employees give the most to their company and get the most from their work. But if employees are lacking motivation the effects can be dramatic, such as low team morale, lack of initiative, lack of energy, mistakes and high staff turnover. Motivational experiences improve employee attitudes, confidence and performance. Good leadership demands good people-motivation skills, motivational methods are wide-ranging, from inspirational quotes and poems, to team building games and activities, as ice-breakers or warm-ups and exercises for conferences, workshops, meetings and events which are great for staff motivation. When you break down barriers such as misunderstandings, prejudices, insecurities, divisions, territories and hierarchies you begin to build teams. If you take a group of people in a room having fun with juggling balls or spinning plates and barriers are immediately removed, teams unite and work together when they identify a common purpose. It can also be generated by a pay increase, by promotion or by simply by the status and satisfaction associated with possessing a new skill using the most up to date machinery or equipment. Managers can use non financial and financial means to motivate employees. This year the key areas for them to focus on with regards to their colleagues will be retention, development, motivation and maintaining morale. They will need to do this whilst preparing for and responding to any changes which the business may face. * Hertzbergs two factor theory Hertzbergs two factor theories is a simple but powerful way to understand an employees needs. Hertzberg believed that Hygiene and Motivator are two levels of needs which are as equally important for job satisfaction even though they worked in different ways. If the lower needs are inadequate workers will quickly become dissatisfied, however, as these needs are satisfied trying to motivate staff by just adding more hygiene factors such as wages or work hours is an inefficient and short term solution. A better way would be to appeal to their higher level needs by giving them more responsibility or giving them greater scope for advancement, in this way the individuals goals are satisfied as well as those of the business. The two factors are the following: Hygiene Hygiene factors are based on the need to for a business to avoid unpleasantness at work. If these factors are considered inadequate by employees, then they can cause dissatisfaction with work. Hygiene factors include: * Company policy and administration. * Wages, salaries and other financial remuneration. * Quality of supervision. * Quality of inter-personal relations. * Working conditions. * Feelings of job security. Safe has implemented its own hygiene management, a review of cleaning standards within stores has commenced with the objective of building on existing cleaning procedures. This has involved a comprehensive review of their cleaning procedures assessing developments in the cleaning industry to enable the best and most effective use of consumables and equipment used to clean their stores. Motivator Motivator factors are based on an individuals need for personal growth. When they exist, motivator factors actively create job satisfaction. If they are effective, then they can motivate an individual to achieve above-average performance and effort. Motivator factors include: * Status * Opportunity for advancement * Gaining recognition * Responsibility * Challenging / stimulating work * Sense of personal achievement * Personal growth in a job * McGregors theory X and theory Y Douglas McGregor, an American social psychologist, proposed his famous X-Y theory in his 1960 book The Human Side of Management, he suggested that there were two types of employees each with different needs. McGregors X-Y theory is a simple reminder of the natural rules of managing people, which under the pressure of day-to-day business are easily forgotten. He also argues that the type of employee a person will become is influenced by the management style they are under. Theory X It conveys negative view of human nature, but is the primary source of most employee motivation. A Theory X manager assumes the following: * Work is inherently distasteful to most people, and they will attempt to avoid work whenever possible. * Most people are not ambitious, have little desire for responsibility, and prefer to be directed. * Most people have little aptitude for creativity in solving organizational problems. * Motivation occurs only at the physiological and security levels of Maslows Needs Hierarchy * Most people are self centred and must be closely controlled and often pushed to achieve business objectives. * Most people resist change. Theory Y This argues that employees gain reward from the job itself and are not money motivated, a theory Y manager makes the following assumptions: * Work can be as natural as play if the conditions are favourable. * People will be self-directed and creative to meet their work and organizational objectives if they are committed to them. * People will be committed to their quality and productivity objectives if rewards are in places that address higher needs such as self-fulfilment. * The capacity for creativity spreads throughout organizations. * Most people can handle responsibility because creativity and ingenuity are common in the population. * Under these conditions, people will seek responsibility. * Maslow`s hierarchy of needs Maslow`s theory consisted of two parts the classification of human needs and consideration of how the classes are related to each other. The classes of needs were summarized by Maslow as follows: A person starts at the bottom of the hierarchy and will initially seek to satisfy basic needs (e.g. food, shelter).Once these physiological needs have been satisfied, they are no longer a motivator. The individual moves up to the next level which is safety needs at work could include physical safety (e.g. protective clothing) as well as protection against unemployment, loss of income through sickness etc. Social needs recognize that most people want to belong to a group, these would include the need for love and belonging (e.g. working with a colleague who supports you at work, teamwork, communication) Esteem needs are about being given recognition for a job well done, they reflect the fact that many people seek the esteem and respect of others even perhaps a promotion at work might achieve this. Self-actualization is about how people think about themselves which often measured by the extent of success or challenge at work. Maslows model has great potential appeal in the business world. The message is clear if management can find out which level each employee has reached, then they can decide on suitable rewards. * Taylors principles Frederick Taylor in his 1911 book Principles of Scientific Management intensified the view that employees are motivated by money. Taylor discussed what he called a struggle for control of production between management and labour. In order to control production he developed methods for the measure and design of machining methods as part of a general plan for increasing the planning functions of management. By management planning and providing the support to show the workforce how best to do the job. It showed this clear line and staff organisational structure, productivity would increase because the employee recognizing the higher output would lead to higher pay. Taylors principles would support the use of these three pay systems, which are as follows: * Performance Related pay (PRP) Performance related pay has been much advocated by governments as a means of promoting labour market flexibility and generating higher productivity, this links output and performance to pay. Due to employee ability to reach specific targets they receive bonuses, PRP rewards good performance so it should motivate. Small increases can prevent feelings of dissatisfaction but to create motivation in a person who will be motivated by money it is necessary for the amounts to be large. Some think that this demotivating employees because it categorises them as good and bad performers because they fail to achieve their targets. * Piece rates Employees are encouraged to produce as much output as possible and maximize productivity, this allows employers to identify good performers. It provides employees with a variable income and payment is directly linked to output. Although by paying for quantity not quality, standards can be sacrificed as employees strive to gain rewards. * Commission based pay Is for sales staff and employees and are paid a percentage of the value of goods they sell. This motivates employees because due to the level of their salary is determined by their own performance ad help sell the company products. There is no doubt that the human resources management constitutes one of the important elements which contributes to the success of a business. Besides capital, the element of human resources management requires proper utilization, planning and investment. Investing in human resources includes staff training and development, motivation, recruitment and their wellbeing so that they can be retained in order to carry out their tasks and avoid the unnecessary turnover. Promotion, improvement of staff working conditions, better salaries all contribute to the high standard of production and to the high level of competition in the market. The healthier way of using capital is positively related to the better human resources management. Qualified human resources improve the competitiveness of business and allow it expansion. As the production technology develops and improves almost on daily basis, it is necessary to have staffs who are properly training to use the new technology. The use of new technology will allow competing with other businesses, reducing costs of production and increasing business profits. Safeway works very hard to maintain their competitive edge, but there will always be times when products are cheaper in one supermarket chain than another. In fact there are often times when Safeway are cheaper and they aim to stay ahead of their rivals by offering the best balance of quality and value and they trust that customers feel that in general they succeed. Here are some of their pioneering initiatives in this area: * Every week they offer customers great value promotions in Safeway Mega-Deals leaflet. * They were one of the first to introduce an economy range, Safeway Savers, which offers low prices. Conflicts may arise between different human resources management within the same business activities due to lack of coordination, understanding and proper planning. Activities need to be coordinated before undertaking. Conflicts can cause lost time, resources, and efficiency in any work team. But when managed well, conflicts can result in new ideas, more informed decision making, and better performance. But managing conflict effectively requires skill, knowledge and experience. These days every organization must train its employees to effectively manage conflict and resolve issues that block performance. If this were to occur at Safeway they should again need to use communication skills to avoid this problem, because this is a simple conflict that can be resolved by simple communication with the two human resources functions. If this was done they will see that the employee was the one who was not following his training techniques. However the member of staff may have not been trained and the performance management team may think he has and think his performance standards are not acceptable. These tools will help training and human resources professionals to provide members of their organizations with critical Conflict Management capabilities. These training programmes include workshops on management, leadership, communication, negotiation and diversity. Conclusion Effective Human Resources management is critical to the success of any firm. Human resources practices will contribute to the greater financial performance and productivity as well as reduced employee turnover. The changes expected in the next twenty years will cause many challenges to human resource professionals. Therefore, in order to facilitate these changes, many roles and competencies must be developed and the necessary tools such as information technology should be sought to aid along with the process. Over the last 20 years, the workplace has changed in more ways that one could have ever imagined, resulting from the increase in technology, innovation and globalization. The next decade will bring even greater change, impacting all facets of the workplace, including major changes for the Human Resources Department and human resource managers. In order to respond to the demands of globalization, HR managers will require new skills and competencies relating to language and culture, technological capabilities to facilitate overseas communication, methods to measure and quantify effectiveness and evaluate strategies and return on investment. Evidently, these new skills and competencies will result in an emerging new role for HR managers, requiring them to be strategic business partners, supportive of the overall corporate strategy. The future of role of human resources professionals will change from a less administrative role to more of a strategic role (Workforce, January 1998, 89). HR managers will continually be required to prove their effectiveness and their existence. They will be expected to understand international business practices and promote cultural diversity within the organization. They will need to understand the core business of the organization and become partners with line managers. They will need to prove that their initiatives and programs are results-oriented, providing specific measurable results in terms of business competitiveness that contribute positively to the bottom-line of the organization. They will be required to stay current with leading-edge as more and more organizations are faced with the demands of globalization and strategic alliances with other organizations around the world

Steroid Use in Pro Sports is Unethical Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  When you were a kid, didn’t you want to play a professional sport? What would you give to be one of the best athletes in the world? Would you risk your reputation? Your health? Would you be willing to die? Although many studies have come out saying that steroids diminish one’s health, people still take them hoping to be the best. Imagine if you were a 28 year old who left college early because a pro team â€Å"guaranteed† you that you would play in the big leagues. Yet you just got stuck in the minors, and the only way you could get to the big’s was to take a pill that made you super-strong and super-fast. It would make sense to just take it. But what if that pill shrunk your testicles, hurt your heart and vascular system, and made your heart work 3 times harder than it is suppose to? An athlete would be pressured to take these pills, yet it would be smarter to say no. Why would athletes, of all people-risk harming their bodies? If I became a major league baseball player, and hit 65 homeruns, I couldn’t live with myself thinking that most of those wouldn’t have gone over that fence if I hadn’t taken steroids. I could never be proud of my stats or not be ashamed when a reporter told me how good I was and asked me how I learned to hit the ball that far. Although the benefits of steroids are good, the risks and side effects are too dangerous. Therefore athletes should not use steroids. Steroids have a surprisingly long and interesting history. Although steroids did not become popular until the late 1980’s and early 1990’s, they were around for a long time before that. In the 1930’s, anabolic steroids were developed to treat anemia and other muscle-wasting diseases. But it was not until 1954 that anabolic steroids began to appear in athletic competition when Soviet weightlifters supposedly used them at the World Championships. In 1958, a doctor by the name of John Ziegler developed Dianabol; the first mass produced anabolic steroid, with the help of a Pharmaceutical company, and in 1960 distributed Dianabol to the U.S. weightlifting team. The IOC (International Olympic Committee) banned the use of anabolic steroids in 1974, just 7 years after it hired a medical commission to perform drug tests on athletes. Two years after the ban by the IOC, eight athletes were disqualified from the Montreal Olympics after testing positive for steroids. The NFL started ... ...y if every player uses them. Also when sports were invented it was made to be challenging. Baseball wasn’t invented for someone to go up to the plate and hit 2 of every 10 balls pitched to them over the fence. When a player hits a homerun it is supposed to be special. When golf courses need to be renovated from 500 yard Par 5’s, to 650 yard Par 5’s, because players are driving the ball 350 yards, it kind of defeats the purpose of the game. What is the point of watching it when the players are too good for the courses they play on. Are all sports going to become obsolete or boring to watch from the use of steroids? The answer is yes, if the use of steroids isn’t stopped. Bibliography Congress gets baseball to act on steroids www.comcast.net/news/sports Fredric J. Frommer Associated press writer Steroid use a growing problem among American High School athletes www.opposingviewpoints.com Gary Mihoces USA Today Athletes have the right to accept the risks of steroids www.opposingviewpoints.com Robert Lipsyte New York Times United states must spearhead reform to eradicate drugs www.opposingviewpoints.com Barry R. McCaffery Retired U.S. Army general

Political Maharashtra

Politics of Maharashtra After India's independence, most of Maharashtra's political history was dominated by the Indian National Congress party. Maharashtra became a bastion of the Congress party producing stalwarts such as Yashwantrao Chavan, Vasantdada Patil, Shankarrao Chavan, Vasantrao Naik, Vilasrao Deshmukh and Sharad Pawar. The party enjoyed near unchallenged dominance of the political landscape until 1995 when the Shiv Sena and the Bharatiya Janata Party (BJP) secured an overwhelming majority in the state to form a coalition.After a split in the Congress party, former chief minister Sharad Pawar formed the Nationalist Congress Party (NCP), but formed a coalition with the Congress to keep out the BJP-SS combine. Prithviraj Chavan of Congress party is the current Chief Minister of Maharashtra. Maharashtra, 1960-1971 Establishment of the State : In 1956 the Bombay State ceded Kannada-speaking territory to Mysore, but gained Marathwada (Aurangabad Division) from Hyderabad State a nd Vidarbha (Amravati and Nagpur Divisions) from Madhya Pradesh & Berar.In 1960, Bombay State was split into the States of Gujarat and Maharashtra. Administration : From 1962 to 1979 Maharashtra was administrated by an Indian National Congress (INC) led government Annals : 1960 : Bombay State split into Gujarat and Maharashtra; Bombay capital of Maharashtra, Marathi provincial language 1960 : Nagpur Pact; Nagpur (Vidarbha) elevated to second capital of Maharashtra; legislative assembly meets here for two weeks in December every year 1961 : communal violence in Nagpur (BBoY 1962) 962 : state election; INC formed government 1966 : communal incidents in Maharashtra (BBoY 1967) 1966 : Shiv Sena (SHS), Maharashtra Hindu party, founded 1967 : state election; INC formed government 1968 : Hindu-Muslim riots in Aurangabad and Nagpur (BBoY 1969) 1969 : India's first nuclear power station at Tarapur became operational (BBoY 1970) Social History : In 1961 the population of Maharashtra was 39. 9 million, in 1971 50. 3 million. The Statesman's Yearbook, based on the census of 1971, gives the literacy rate for Maharashtra in 1971 as 39. %; in 1961 80. 2 % of the population were Hindus, 7. 6 % Muslims, 7 % Buddhists. Government, Politics and Judiciary Maharashtra is one of the most advanced states in India, the second most populated state and the third largest state in India. The government, politics and judiciary of Maharashtra is quite similar to those of the other states. The state of Maharashtra is governed by the Governor and the Chief Minister. The Governor is the nominal head of the state and the Chief Minister is the Head of the government.He is the head of the political party which has the maximum number of seats in the State Legislative Assembly. The State Legislative Assembly is also known as the Vidhan Sabha and it is situated in the capital city of Maharashtra, Mumbai. The Chief Minister has all the executive powers which he can execute taking the advice of his c ouncil of ministers. The government of Maharashtra is aided by a bicameral parliament, the lower house and the upper house – the Vidhan Sabha and the Vidhan Parishad.At present the Chief Minister of Maharashtra is Vilasrao Deshmukh from the Congress Party. The political party which holds the maximum number of seats in the Vidhan Sabha at present is the NCP which had formed the government with a coalition with the Congress. The state of Maharashtra has been nominated 19 seats in the Rajya Sabha and 48 in the Lok Sabha. Commissions : The four commissions of the government of Maharashtra are the State Election Commission, Maharashtra Public Service Commission, Union Public Service Commission, and Staff Selection Commission.These commissions have been formed to fulfill certain special responsibilities such as conducting exams which are related to government jobs. The State Election Commission: has the responsibility of taking care of the election chores in the state. There is a s tate election commissioner who is appointed on the basis of certain qualifications. Maharashtra Public Service Commission: the MPSC consists of examinations which are scheduled for the posts of Judges of the Co – Operative courts, Assistant Director, Special District Social Welfare Officer, Medical Officer.This commission fixes the dates of the examinations, the syllabus for the examination, the schedule for the interview and other details in connection with the examinations. Union Public Service Commission: the most important function of the Union Public Service Commission is the recruitment of services through written examinations and interviews, advising the state government on the recruitment of personnel, disciplinary functions, other miscellaneous functions regarding pensions and reimbursements of legal expenses. Staff Selection Commission: he function of the Staff Selection Commission of the Maharashtra government is to select staff of the Group B and technical staff o f the Group C in the Ministries or Departments, Government of India offices, Election Commission and the Central Vigilance Commission. The Commission is responsible for formulation of policies which might assist in conducting the examination smoothly. Government Departments : Maharashtra government is dedicated towards serving the citizens and for that purpose it has delegated the responsibility to the various departments of the government.Each department takes care of the different needs of the inhabitants. Apart from the government departments, the government of Maharashtra is assisted by the Boards and Corporations in the fulfillment of its duty. The Government Departments and their functions are: Agriculture Department Co-operation Department Directorate of Medical Education and Research (DMER) Directorate of Technical Education, Maharashtra Directorate of Vocational Education and Training (DVET) Employment and Self Employment Department, Maharashtra Finance Department, Maharash traFood, Civil Supplies and Consumer Protection Department Forest Department Home Department Irrigation Department Public Works Department (PWD) Vidhan Sabha : The Vidhan Sabha of Maharashtra is the lower house or the House of the People. The total strength of the House is 289 members and the term of office for the members is five years. Under unusual conditions the House may be dissolved. It consists of members who are directly elected by the people of Maharashtra. There are certain qualifications required to be the member of the Vidhan Sabha which are: To be a citizen of IndiaTo be not less than 25 years of age To be mentally sound and not bankrupt To have an affidavit of not having any criminal procedures against him. Mumbai High Court : The highest body of the Maharashtra judiciary is the Bombay High Court under which there are the Subordinate Courts which serve the districts and the City Civil Courts. The Bombay High Court can exercise original jurisdiction over the state of Ma harashtra, Goa, Daman and Diu. It has benches in the cities of Bombay, Aurangabad, Nagpur and Panaji in Goa. The Bombay High Court can exercise both original and appellate jurisdiction in Bombay.The Bombay High Court can have maximum of 64 judges. The judiciary of the state of Maharashtra offers legal aid services in all its benches. The Lokayuktas and the Upa – Lokayuktas form the subordinate courts of Maharashtra. the benches of the Bombay High Court in the cities also serve as the subordinate courts in the state. Other than that there is the Maharashtra State Legal Services and Authority department which provides all the necessary information about the important names and contact numbers related to the judiciary services. Maharashtra Politics : Current ScenarioIndia is the biggest democratic country in the world. Indian democracy provides the right of vote to its citizens to elect the government of their choice after every period of five years. However, some times unfortun ately the situation rises when the ruling government looses majority in the house and vote of non-confidence is passed by the opponent party, and if the ruling party is not able to win the vote of non-confidence the house has to under go the mid-term elections. This situation may rise at the Lok Sabha in centre or at Vidhan Sabha or State Assembly in state.The major political parties dominating Indian Politics from the last few decades have been Indian National Congress and Bhartiya Janta Party besides them there are various regional parties at state level which play an influencing role in the political scenario. These parties however do not have their threshold in whole country but they have their impact on the politics at state level. These parties are the ruling parties in some of the states and in some states they act as an alliance of the party in rule. The politics of Maharashtra is not an exception to it where apart from the two major political parties i. e. , Indian

Short History of Bank

The History of JPMorgan Chase & Co. 200 Years of Leadership in Banking Table of Contents 1 2 3 4 5 6 7 8 9 10 11 12 12 13 14 14 15 16 16 This bronze sculpture, A River, is a cast of a famous work created by Jean-Jacques Caffieri in 1759. It depicts Oceanus, the Greek god of water. Oceanus was portrayed in the bank’s first logo, representing its origin as a water company. The Bank of The Manhattan Company used numerous versions of Oceanus from its founding in 1799 through the mid-1950s when it merged with Chase National Bank. Introduction The Beginning: The Manhattan Company Early Growth of Banks The Civil War and National Banking Origins and Influence of J. P. Morgan & Co. Financing Major Projects Banking at the Beginning of the 20th Century The World War I Years The Roaring ’20s The 1929 Market Crash and the Great Depression First-Class Business Glass-Steagall World War II Global Banking Banking Industry Consolidation Development of Credit Cards ATMs and Debit Cards Home Banking by Computer Difficult Competitive Environment Erosion and Repeal of Glass-Steagall Deregulation and Industry Consolidation Key Mergers That Shaped JPMorgan Chase & Co. JPMorgan Chase & Co. Today Cover Image References 17 17 19 20 21 The History of JPMorgan Chase & Co. Introduction JPMorgan Chase & Co. is one of the world’s oldest, largest and best-known financial institutions. Since our founding in New York in 1799, we have succeeded and grown by listening to our customers and meeting their needs. As a global financial services firm with operations in more than 50 countries, JPMorgan Chase & Co. combines two of the world’s premier financial brands: J. P. Morgan and Chase. The firm is a leader in investment anking; financial services for consumers, small business and commercial banking; financial transaction processing; asset management; and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients. JPMorgan Chase & Co. is built on the foundation of more than 1,000 p redecessor institutions that have come together over the years to form today’s company. Our many well-known heritage banks include J. P. Morgan & Co. , The Chase Manhattan Bank, Bank One, Manufacturers Hanover Trust Co. Chemical Bank, The First National Bank of Chicago and National Bank of Detroit, each closely tied in its time to innovations in finance and the growth of the United States and global economies. The pages that follow provide highlights of the JPMorgan Chase & Co. story – our history, our predecessor institutions, our people, our services and our philosophy. The Bank of The Manhattan Co. , JPMorgan Chase & Co. ’s earliest predecessor, commissioned this striking silver Tiffany & Co. ashtray in the 1950s. 1 The Beginning: The Manhattan Company Commercial banking in the United States got its start immediately after the Revolutionary War. The earliest American banks played a central role in the nation’s economic and industrial growth by lending money, safeguarding deposits and issuing bank notes that were used as currency. The Bank of New York – founded in 1784 by Alexander Hamilton, who became George Washington’s Treasury Secretary – was the first commercial bank in New York City. It had no competition until 1799 when Hamilton’s political rival, Aaron Burr, a U. S. Senator and future vice president of the United States, founded The Bank of The Manhattan Co. JPMorgan Chase traces its beginnings to Burr’s fledgling institution. The Bank of The Manhattan Co. had an unusual beginning. Burr led a group of New Yorkers, including Hamilton, in obtaining a state charter for a company to supply fresh water to the residents of Lower Manhattan. At Burr’s initiative, the charter included a provision allowing the company to employ its excess capital in any activity â€Å"not inconsistent with the Constitution and laws of the United States. † Burr then used that provision to start a bank. The waterworks, called The Manhattan Co. , laid a network of pipes made from hollowed pine logs and distributed water until 1842. The Bank of The Manhattan Co. outlived the waterworks and became one of the leading banking institutions in the nation – lending money and underwriting bonds, for instance, to help finance the Erie Canal, which opened in 1825. The Manhattan Co. wooden pipes carried water to more than 2,000 customers in Lower Manhattan for 43 years until the creation of New York City’s municipal water system. Wooden water pipes are still being unearthed by utility workers today. Alexander Hamilton collaborated with Aaron Burr and other civic leaders to establish The Manhattan Co. However, Hamilton opposed Burr's insertion of a provision in its charter enabling the water company to open a bank and withdrew his connection to the new firm. Antagonism between these two men over a variety of issues raged until 1804 when Burr challenged Hamilton to a duel; Hamilton was mortally wounded. The pistols were owned by Hamilton’s brother-in-law, John Church, whose granddaughter sold them to The Bank of The Manhattan Co. in 1930. 2 The Chemical Bank in New York sold its factory in 1851, continuing solely as a bank. The bank used the engraving shown here of the factory on stock certificates in the 1950s. The stained glass window and 25 cent fractional note from 1817 are from The Western Reserve Bank in Warren, Ohio, Bank One’s earliest predecessor. Early Growth of Banks As America expanded and diversified in the 1800s, new banks were formed across the nation. JPMorgan Chase has historic links to many of these early institutions, including The Western Reserve Bank, one of the first banks in Ohio when it was organized in 1812; Second State Bank of Indiana, formed in 1834 when Indianapolis still was a frontier town with a population of about 1,500; and Springfield Marine and Fire Insurance Co. which began operation in Illinois in 1851. Abraham Lincoln was one of its first customers, depositing $310. All three banks are predecessors of Bank One, which merged with JPMorgan Chase in 2004. Individual states controlled the creation of banks in the early 1800s, and several states were highly restrictive in granting charters or awarding them only to organizers who belonged to the politi cal party in power. Demand for banking services was so great, however, that entrepreneurs sometimes found ways to get around such prohibitions. Some of the banks were offshoots of industrial or commercial businesses. New York Manufacturing Co. egan in 1812 as a manufacturer of cottonprocessing equipment and switched to banking five years later. It was a forerunner of Manufacturers Hanover Trust Co. on the JPMorgan Chase family tree. In 1823, the New York Chemical Manufacturing Co. began producing medicines, paints and dyes at a plant in Greenwich Village. It modeled its charter on The Manhattan Co. , using its excess capital in 1824 to later open a bank called The Chemical Bank, which joined the JPMorgan Chase family in 1996. To sidestep Wisconsin’s prohibition against banking, Scottish immigrant George Smith founded the Wisconsin Marine and Fire Insurance Co. n 1839, which, despite its name, operated like a bank by accepting deposits and issuing bank notes redeemable in gold . The notes, known popularly as â€Å"George Smith’s money,† were used as currency throughout the Midwest. By one estimate, they represented nearly 75% of the currency in circulation in Chicago in 1854. Smith’s company became the first legally approved bank in Wisconsin following statehood and later was known as The Marine Corp. , merging with Bank One in 1988. 3 The Baroque-era iron chest was used from 1809 to 1818 to transport currency and valuables between The Bank of The Manhattan Co. s Wall Street office and its branches in Utica and Poughkeepsie, New York. JPMorgan Chase & Co. has an extensive collection of early currency, including the first $1 federal â€Å"greenback† note, printed in 1862 by the U. S. Treasury with the image of Salmon P. Chase. Chase National Bank’s first permanent office opened in 1878 at 104 Broadway – the first New York City bank without a Wall Street address. The Civil War and National Banking By 1860, just prio r to the Civil War, the nation had more than 1,500 commercial banks with nearly $700 million of loans outstanding. The war brought challenge and change. The United States did not have a unified national currency when the war began. Instead, individual banks issued paper money in the form of notes. Although this system had served the nation well in its formative years, more than 7,000 different types of bank notes – of various shapes, sizes and colors issued by various banking institutions – were in circulation, resulting in confusion and inefficiency. The situation changed in 1862 when the Union began printing â€Å"greenback† currency to help finance the war. With the passage of the National Banking Act of 1863, the United States adopted a dual system of federal and state chartered banks. One of the pioneering institutions was The First National Bank of Chicago, which received federal charter number eight in 1863; First National became part of Bank One in 1998. Other predecessors founded or reorganized in the wake of the National Banking Act include Hanover National Bank (New York), Indiana National Bank (Indianapolis), The National Bank of Commerce (New York), State National Bank (Evanston, Illinois) and Union National Bank (Chicago). Initially, only a handful of banks applied for national charters, but the trickle soon became a flood in 1865 when the federal government began imposing a 10% tax on bank notes issued by state banks. By 1868, there were only 247 state banks left in the entire country compared with 1,640 national banks. Many thought that state banks would disappear altogether, but a surprising turnaround occurred: Forced to find a substitute for notes, state banks invented interest-paying demand deposits (deposits that could be withdrawn at any time). With this new service at their disposal, state banks rebounded and outnumbered national banks by 1894. Both types of institutions continue today, contributing to America’s decentralized banking system in which banks of varying sizes serve the needs of small businesses, large businesses and consumers in local, regional, national and international markets. During the severe economic downturn in the decade following the Civil War, John Thompson, a 75-year-old Wall Street publisher and banker, established Chase National Bank in a one-room office in Manhattan in 1877. Thompson named the bank in honor of his late friend, Salmon P. Chase, who had not only been President Lincoln’s Treasury Secretary but also had served as governor of Ohio and chief justice of the United States. The firm soon became a respected correspondent bank and expanded rapidly in the early 20th century by developing a large corporate business. By 1930, it was the world’s largest bank, with assets of $2. 7 billion. In 1955, it merged with The Bank of The Manhattan Co. to form The Chase Manhattan Bank. 4 This sterling silver guest book cover, 1895, and dinner service pitcher were commissioned for J. Pierpont Morgan’s yacht. Corsair was the name given to all four of the steam yachts owned by the Morgans between 1882 and 1943. J. Pierpont Morgan played a pivotal role in resolving the two-week-long financial crisis in October 1907. His syndicate memorandum outlined plans for the purchase of $30 million in bonds to prevent New York City from defaulting on its obligations. Origins and Influence of J. P. Morgan & Co. JPMorgan Chase’s other namesake predecessor, J. P. Morgan & Co. , was founded in New York in 1871 as Drexel, Morgan & Co. by J. Pierpont Morgan and Philadelphia banker Anthony Drexel. The new merchant banking partnership served initially as an agent for Europeans investing in the United States, ultimately raising much of the capital to support American industrial expansion. It did not take long for the Drexel-Morgan partnership to establish itself as the nation’s pre-eminent private domestic and foreign bank. The firm made its first big splash in 1879 when it sold financier William Vanderbilt’s New York Central Railroad stock without driving down the share price. The deal – involving the largest lock of stock ever offered to that time – was a huge success, emphasizing Morgan’s strength as a mobilizer of capital and wholesaler of securities. From that point forward, the Morgan firm was closely associated with the railroad industry. Railroads in the United States were plagued throughout the late 19th century by overcapacity and rate wars, but J. Pierpont Morgan saw opportunity in the s ituation. He became an industry consolidator, reorganizing financially troubled railroads by cutting their costs, restructuring their debt, placing their stock in trusts he managed and appointing senior executives who were loyal to him. This process, called â€Å"Morganization,† was applied to the Northern Pacific, the Erie, the Reading and many other railroads. By the end of his career, Morgan had an integral role in approximately one-sixth of the track in the United States. J. Pierpont Morgan began his career as the New York agent of his father Junius’ London-based private bank. He became one of America’s most powerful and influential bankers, heading what became the nation's pre-eminent private bank. As the American railroad network neared completion in the 1890s, the Morgan houses turned to providing funds for the great industrial mergers, including General Electric, U. S. Steel and International Harvester. J. P. Morgan & Co. , as it later was known, became the most powerful investment bank in the world and J. Pierpont Morgan, known for his integrity and judgment, one of history’s most influential and powerful bankers, personally intervening in business disputes and orchestrating solutions during economic crises. When gold reserves fell in 1894, J. Pierpont Morgan formed a syndicate to save he gold standard for the U. S. government and, through his influence, played a central role during the 1907 financial panic, saving several trust companies and a leading brokerage house, bailing out the City of New York and rescuing the New York Stock Exchange. 5 Orville Wright’s passbook from 1912 to 1918 from his account at Bank One predecessor Winters National Bank in Dayton, Ohio. Predecessors of Texas Commerce Bancshares, Inc. helped finance the Houston Ship Channel, today one of the busiest waterways in the United States, linking the port of Houston and petrochemical plants along the channel with the Gulf of Mexico. Financing Major Projects The late 19th and early 20th centuries were an era of memorable engineering projects and revolutionary technologies, many financed with capital from heritage JPMorgan Chase institutions. The Brooklyn Trust Co. was a major lender for the construction of the Brooklyn Bridge, completed in 1883, which featured the world’s longest suspension span. William L. Strong, founder of The New York Security & Trust Co. , was a member of the American finance committee that raised funds for the Statue of Liberty’s pedestal, the largest 19th century concrete structure in the United States. In 1904, J. P. Morgan & Co. helped finance the Panama Canal by raising $40 million for the U. S. government to buy land rights from the bankrupt French Panama Canal Co. The purchase, at the time, was the largest real estate transaction in history. 6 In 1911, Union National Bank and National Bank of Commerce in Houston, predecessors of legacy institution Texas Commerce Bancshares, Inc. , helped finance the construction of the 50-mile-long Houston Ship Channel, one of the largest public projects in the Southwest. These banks persuaded other Houston banks to purchase unsold municipal bonds issued to finance the channel’s construction. The Houston Ship Channel opened in 1914 to great fanfare and today is one of the busiest waterways in the United States. Apart from major construction projects, Winters National Bank in Dayton, Ohio, was present at the birth of aviation, providing banking services to the pioneering Wright brothers from the early years of their bicycle shop in the 1890s through their invention of the world’s first successful airplane. The Statue of Liberty was partly financed by a group that included the president of a Chemical Bank predecessor, The New York Security & Trust Co. This bank later merged with The Liberty National Bank, which used the statue as its logo between 1891 and 1921. The Brooklyn Trust Co. , a Manufacturers Hanover Trust Co. predecessor, helped finance construction of the Brooklyn Bridge, which opened in 1883. Pictured here are regional predecessors, from left to right: First National Bank of Mantua, Ohio; National Exchange Bank, Milwaukee, Wisconsin; and South Texas National Bank. Porters carrying a currency chest at Fourth National Bank, a Chase Manhattan Bank predecessor, in 1910. Banking at the Beginning of the 20th Century Banking at the dawn of the 20th century was different in many ways than it is today. Most states – the primary banking regulators at the turn of the century – prohibited or severely restricted branching, fearing that small banks might have trouble competing with large banks if branching were allowed. As a result, the United States was a nation of one-office banks, the vast majority of which were small institutions. In 1898, New York became one of the first states to permit branch banking on a limited scale when it allowed New York City banks to have branches anywhere in the city’s five boroughs. The Corn Exchange Bank, a predecessor of Chemical Bank, quickly capitalized on the new rules, opening a dozen branches within four years and changing its focus from providing credit to grain merchants to serving retail customers. When New York City inaugurated its subway system in 1904, the bank opened branch offices in residential areas along the subway lines to serve commuters. In 1913, Congress established the Federal Reserve System to regulate the money supply and manage the economy. The Federal Reserve formally assumed the role of central banker that had been informally held by J. Pierpont Morgan for years. The Federal Reserve Act of 1913 gave national banks the right to make real estate loans and exercise trust powers. The 19th century corporate seal shaped like a lion’s head and the Brandt Automatic Cashier, a mechanical change maker from the 1920s used by bank tellers, are examples of early mechanical devices used in banks. 7 Guaranty Trust Co. mployees, below, posed at an officers’ training camp in Plattsburgh, New York, in 1917. The Ouachita National Bank in Monroe, Louisiana, distributed this 1919 customer brochure, left, profiling important leaders in the Allied cause. Patriotic imagery was used extensively in posters to spur sales, as in this one from 1918. Many JPMorgan Chase & Co. predecessors were active in the distribution of Wa r Bonds that helped finance the American war effort. The World War I Years World War I was devastating for Europe, America and the world. Many bank employees joined the armed forces, in some cases giving their lives. J. P. Morgan & Co. played a major role in financing the Allied victory. In September 1915, the firm arranged a $500 million Anglo-French loan, at that time the largest foreign loan in Wall Street history. Moreover, the firm was chosen by the European Allies as their U. S. purchasing agent. Its purchases during the war – involving everything from horses to artillery shells – came to $3 billion, representing nearly half of all American supplies sold to the European Allies. The war was, at the same time, a watershed for the U. S. economy and the nation’s banks. The United States was a net debtor nation when the war began in 1914. After the war, with many parts of Europe in ruins and desperately in need of reconstruction loans, the United States supplied much of the capital and became a net creditor nation. In the process, New York emerged as the world’s leading capital market. Before the United States entered the war, J. P. Morgan & Co. aided the British and French, arranging a $500 million loan that was offered to investors in the United States. Britain’s King George V sent this cable personally thanking J. P. Morgan, Jr. , for his wartime help. Shanghai The Roaring ’20s The banking industry changed dramatically in the 1920s, a decade of innovation and diversification. Many banks formed investment departments to meet customer demand for government and corporate securities. Some large banks went beyond the marketing of securities and established underwriting affiliates. Chase National Bank and Guaranty Trust Co. in New York became major players in the underwriting business – Chase in 1917 through its Chase Securities Corp. affiliate and Guaranty Trust through its Guaranty Co. affiliate, established four years later. Diversification took banks into other areas as well. In 1919, The First National Bank of Chicago created an affiliate, First National Investment Co. , which invested in second mortgages and operated a travel agency. The 1920s also saw a wave of bank mergers, failures and voluntary liquidations, with the result that the number of banks in the United States declined by 20% from 1921 to 1929. Global expansion was another key theme of the 1920s, made possible by the Federal Reserve Act of 1913, which removed many legal obstacles in the chartering of overseas branches. Ironically, some banks suddenly found it easier to establish branch offices in distant lands than to overcome state anti-branching laws in order to open branches at home. Chase National Bank, after acquiring five banks during the 1920s and three Latin American branches in Cuba and Panama, merged with The Equitable Trust Co. of New York in 1930. Equitable Trust’s branches in Mexico City, London, Paris, Hong Kong, Paris Shanghai and Tianjin all became part of Chase when the two companies merged. Chase began the 1930s with one of the banking industry’s larger overseas branch systems, with a presence in Europe, Asia and Latin America. The Chase-Equitable merger not only created the world’s largest bank in terms of assets and deposits but also gave the Rockefeller family, which controlled Equitable, a strong connection to Chase. The Rockefellers have been associated with Chase ever since. Not only were banks interested in foreign opportunities, so were many stock market investors. In 1927, Guaranty Trust Co. opened the way for Americans to buy foreign stocks by inventing the American Depositary Receipt (ADR). JPMorgan Chase & Co. continues as the leading ADR depositary bank today. San Juan London Foreign branches, such as those in Shanghai, Paris, San Juan and London, offered full-service banking in the 1920s, including trade financing and government loans. 9 On March 24, 1933 customers mobbed the new National Bank of Detroit to open 562 accounts on the bank’s opening day, following six weeks without banking services in Detroit. Customers brought in bundles of currency and coins ranging from a few hundred to several hundred thousand dollars. Numerous First National Bank of Chicago customers wrote letters to Melvin Traylor, the bank’s president, thanking him for inspiring confidence and offering him their support. The 1929 Market Crash and the Great Depression Although the banking industry had an abundance of money to lend in the 1920s, large corporations borrowed less, choosing instead to finance a sizable portion of their capital needs in the stock and bond markets. Consequently, banks sought new lending outlets, including loans to individuals speculating in the stock market. As the stock market rose, these loans produced solid returns. But when the market crashed in October 1929, many of the loans went into default. For the banking industry, the 1930s would be the most difficult period in history. In the years after the crash, thousands of banks faced hard times because of loan losses, depositor withdrawals, 10 inadequate reserves and, in some cases, the collapse of speculative investments made in the 1920s. Even well-capitalized, well-managed institutions were battered by the financial panics that swept across the nation. In June 1932, depositors began withdrawing money from First National – Chicago’s largest bank – when unknown individuals circulated flyers claiming First National was insolvent. Media reports speculated that the attacks were the work of political enemies of First National’s president, Melvin Traylor, considered a potential Democratic Party nominee for U. S. president. Traylor responded to the attacks with an impassioned speech, attesting to First National’s soundness, ending the run. In Houston, two of the city’s major banks were on the brink of collapse in October 1931. National Bank of Commerce President Jesse Jones called a secret meeting of the city’s bank leaders, urging them to pool $1. 25 million to save the failing institutions. Some of the bankers did not want to risk any of their limited capital, but Jones argued that allowing the two banks to collapse might bring down the entire banking sector in the city. A rescue was finally agreed to, including the absorption of one of the failing banks by Jones’ National Bank of Commerce. Because of his leadership, not a single bank in Houston collapsed during the Depression. While thousands of banks across the country went out of business during the ’30s, JPMorgan Chase predecessor National Bank of Detroit was formed at the very depths of the Depression. After Michigan’s governor declared an eight-day bank holiday in February 1933 – closing all of Michigan’s banks so they could regroup financially – Detroit’s two largest banks lacked the funds to reopen, leaving the city virtually without banking services for the next six weeks. General Motors Corp. and the federal Reconstruction Finance Corp. , the government agency that provided emergency financing to banks, stepped into this void to establish National Bank of Detroit. Local corporations and consumers, desperate for checking services, flocked to the new institution. On the bank’s first day, Chrysler Corp. deposited $4 million, General Motors $1 million and General Electric Co. $500,000. The two founding institutions divested their ownership in the 1940s, and National Bank of Detroit grew into the largest bank in Michigan. It merged with First Chicago Corp. in 1995 to form First Chicago NBD Corp. â€Å"first-class business †¦ in a first-class way† In May 1933, J. P. Morgan, Jr. , who had become the senior partner of J. P. Morgan & Co. following his father’s death in 1913, testified at a series of Senate committee hearings. He publicly stated the guiding principle of his firm – to conduct â€Å"first-class business †¦ in a first-class way. † First-Class Business In May 1933, J. P. â€Å"Jack† Morgan, Jr. , as well as several Morgan partners and other major bank executives, testified at hearings held by the Senate Committee on Banking and Currency investigating the causes of the 1929 stock market crash and the subsequent banking crisis. The hearings raised the question of the role banks played in the speculative fever leading up to the crash. J. P. Morgan & Co. as the first private bank investigated and Jack Morgan the first Morgan witness. In his opening statement, Jack Morgan emphasized with great dignity the duties and ethics of the private banker upheld by three generations of Morgans at the firm and still a cornerstone of JPMorgan Chase & Co. today: â€Å"If I may be permitted to speak of the firm of which I have the honour to be the senior partner, I should state that at all times the idea of doing only first-class business, and that in a firstclass way, has been before our minds. We have never been satisfied with simply keeping within the law, but have constantly sought so to act that we might fully observe the professional code, and so maintain the credit and reputation which has been handed down to us from our predecessors in the firm. † This building at 23 Wall Street, which opened in 1914, was the headquarters of J. P. Morgan & Co. for 75 years. It embodied the discreet style of business that characterized the firm. The building facade never bore a name, only the number 23 on its entrance doors. 11 Wartime volunteer activities of bank employees included holding blood drives, assembling care boxes, knitting clothes and raising money to buy ambulances. Chase National Bank employees folded surgical dressings. Arm bands, far left, were given to New York’s Manufacturers Trust Co. air raid wardens. World War II ad campaigns promoted the patriotic efforts of banks as bond sellers, buyers of Treasury securities and lenders to industry. Glass-Steagall In the wake of the banking crisis, President Franklin D. Roosevelt’s administration sought legislation to reduce banking risk. Congress responded by passing the Banking Act of 1933. Popularly known as GlassSteagall, the act created federal deposit insurance, prohibited the payment of interest on checking accounts and authorized the Federal Reserve to impose a ceiling on the interest banks could pay on time deposits and savings accounts. Equally important, the law erected a wall between commercial banking (taking deposits and making loans) and investment banking (underwriting securities). Three predecessors, in particular, had to make a choice. J. P. Morgan & Co. , still the world’s most powerful bank, chose to continue as a commercial bank, spinning off its investment banking activities. Guaranty Trust Co. , which also had a major presence in commercial and investment banking, closed its securities affiliate and underwriting business. Morgan and Guaranty merged in 1959 to create Morgan Guaranty Trust Co. of New York, later forming a holding company that restored the famous J. P. Morgan & Co. name. For Chase National Bank, the decision was relatively easy. Its newly elected chairman, Winthrop Aldrich, had spoken out publicly in favor of driving a wedge between commercial and investment banking. Chase National complied immediately with the new law, closing or spinning off all its Chase securities affiliates. World War II The banking industry recovered from the trauma of early 1933 and began to stabilize. More than 4,000 banks had failed during the year. In 1934, there were just 61 failures; over the next eight years, 53 institutions, on average, failed annually. After America entered the war in 1941, U. S. commercial banks again became the leading distributors of War Bonds, which were sold in denominations as small as $10. By war’s end, more than 60% of the American population had bought War Bonds, with total purchases coming to $186 billion. Hundreds of thousands of bank employees served in the military during the war. As men (and some women) left their jobs to enlist, banks appointed women to positions previously held by men – an initial small fracturing of the traditional male dominance of banking. The Great Depression had highlighted the need for increased global cooperation to avoid another worldwide economic collapse. Toward the end of World War II, policymakers in the United States, Great Britain and other nations began to develop an international system aimed at promoting financial stability and encouraging global trade. 12 During World War II, Valley National Bank, the largest bank in Arizona, offered a unique loan of up to $300 to airmen stationed at Arizona airfields, enabling them to travel on home leaves. One hundred percent of the airmen repaid their loans. In 1973, Chase Manhattan Bank Chairman David Rockefeller visited China and met with Chinese Prime Minister Chou En-Lai. Chase became the first U. S. correspondent to the Bank of China since the 1949 Chinese Revolution. London As one of the first U. S. banks to recognize growing international trade, Chase National Bank used a bold ad campaign to promote its capabilities abroad. Chase National Bank’s Tokyo branch initially concentrated on assisting American businesses in the development of trade with Japan. By the early 1950s, Chase opened a branch in Osaka, as well as additional branches on American bases in Japan, providing banking services to U. S. military personnel. Global Banking Globalization in the postwar period began slowly. By 1965, only 12 U. S. banks had opened branches outside the United States. These included five predecessors of JPMorgan Chase – The Chase Manhattan Bank, Chemical Bank, The First National Bank of Chicago, Manufacturers Hanover Trust Co. nd Morgan Guaranty Trust Co. Chase’s postwar expansion was led by David Rockefeller, who joined the bank in 1946 as assistant manager of the Foreign Department after serving in Army intelligence during World War II. He was elected vice president of Chase in 1949, president in 1961 and chief executive officer in 1969. In 1947, at the invitation of U. S. military Paris In 196 0, the newly formed Morgan Guaranty Trust Co. opened a second London branch on Berkeley Square. Its Paris office on the historic Place Vendome was acquired by J. P. Morgan & Co. in 1917. It remains the firm’s main office in Paris today. authorities, Chase established the first U. S. postwar bank branches in Germany and Japan. These branches joined existing Chase branches in London and Paris and were followed by the opening of others around the world. In the 1970s, Chase added nearly 40 new branches, representative offices, affiliates, subsidiaries and joint ventures outside the United States, including two historic firsts in 1973: Chase opened a representative office in Moscow, the first presence for a U. S. bank in the Soviet Union since the 1920s; and Chase became the first U. S. correspondent to the Bank of China since the 1949 Chinese Revolution. In addition to Chase, several other predecessors transformed themselves into global institutions. Morgan Guaranty Trust Co. became a major international player. Prior to the merger with Guaranty Trust Co. , J. P. Morgan owned a one-third interest in London merchant bank Morgan Grenfell & Co. while Guaranty had maintained a London office since early 1897. These operations were a platform for global expansion. By 1965, Morgan Guaranty had five overseas branches, and by 1978, it had 16. Among Midwestern banks, The First National Bank of Chicago was perhaps the most active internationally, establishing offices in 25 countries by 1973. By 1980, some 160 U. S. banks were operating branch or representative offices outside the United States. In turn, many banks in Europe, Asia and other regions extended their operations to the United States. 13 This 1955 ad announced the merger of Chase National Bank and The Bank of The Manhattan Co. Pictured here, from left to right, are logos from JPMorgan Chase & Co. predecessor holding companies: Horizon Bancorp (N. J. ), American National Corp. (Ill. ), American Fletcher Corp. (Ind. ), Texas Commerce Bancshares, Inc. and First Banc Group of Ohio, later renamed Bank One Corp. Banking Industry Consolidation In addition to the powerful trend toward globalization, a second major postwar trend was industry consolidation through mergers, acquisitions and the formation of multi-bank holding companies. In New York City, a wave of mergers created a few big banks serving many customers through extensive branch networks. All four of JPMorgan Chase’s major New York City heritage firms – J. P. Morgan & Co. , The Chase Manhattan Bank, Manufacturers Hanover Trust Co. and Chemical Bank – grew through mergers in the 1950s. After passage of the 1956 Bank Holding Company Act, all four created holding companies that gained popularity and helped shape the industry for decades. The new law allowed holding companies owning just one bank to diversify into some nonbanking activities. 14 First Banc Group of Ohio, formed in 1968, was one of the most innovative and successful multi-bank holding companies in the nation, created by City National Bank & Trust Co. f Columbus and Farmers Saving & Trust Co. , a smaller Ohio bank. First Banc Group acquired banks throughout Ohio and later extended its acquisitions to Arizona, Colorado, Indiana, Texas, Utah, Wisconsin and other states. The company later changed its name to Bank One Corp. the nation to offer customers a single retail charge account that provided credit at a citywide network of stores. In 1966, shortly before founding Fir st Banc Group of Ohio, City National Bank & Trust Co. of Columbus became one of the first banks outside California to introduce BankAmericard, the precursor of Visa. Five years later, City National was involved with the first major national test of point-of-sale terminals for processing credit card transactions. Manufacturers Hanover Trust Co. and Chemical Bank entered the national credit card business in 1969 as founding members of the Eastern States Bankcard Association. This group linked up with other regional bank groups to form a nationwide network that began issuing cards under the Master Charge Plan (now MasterCard), a direct competitor of BankAmericard. In 1981, Bank One received national attention for linking its Visa card issuance and data processing technology to several ajor brokerage firms’ money market funds, giving customers access to their money market accounts through their Visa cards. Propelled in part by the popularity of this new service, Bank One became the nation’s largest processor of Visa card transactions. Development of Credit Cards Although the first multi-use credit card was launched by Diners Club in 195 0, credit cards did not gain widespread public acceptance until the late 1960s. Several JPMorgan Chase predecessors played key roles. In 1958, The Chase Manhattan Bank introduced the Chase Manhattan Charge Plan, becoming the first New York City bank and one of the first in By 1969, the Chase Manhattan Charge Plan had become the leading bank credit card in the New York area. Through the vision and foresight of Chairman John G. McCoy, City National Bank & Trust Co. launched several production model cashdispensing machines in 1970, using BankAmericard credit cards. Columbus, Ohio, became a test market for the new technology. ATMs and Debit Cards JPMorgan Chase predecessors were instrumental in introducing automated teller machines (ATM), which revolutionized banking by allowing customers to conduct transactions from almost any ATM in the world. In 1969, Chemical Bank installed the first prototype cash-dispensing machine in America, a precursor of the ATM, becoming the first bank in the country to allow customers to withdraw cash 24 hours a day. City National Bank & Trust Co. of Columbus also embraced the new technology, installing the first production-model cash-dispensing machines in 1970. Several predecessors of JPMorgan Chase also were instrumental in forming some of the early electronic banking networks to enable customers to withdraw funds from ATMs not only at their own banks but also at competitor banks. Marine National Exchange Bank of Milwaukee helped establish TYME (Take Your Money Everywhere); National Bank of Detroit was a founder of METROMONEY, the first shared electronic bank terminal program in Michigan; and in 1985, Chemical Bank and Manufacturers Hanover Trust Co. were among the founders of NYCE (New York Cash Exchange), the first automated teller network in the New York metropolitan area. Bank debit cards, introduced in the late 1970s, enabled customers to withdraw cash from ATMs, pay for retail purchases with a card in lieu of a check and access additional banking services. The Chase Manhattan Bank introduced the Chase Money Card – the first Visa debit card offered by a bank in New York. In 1969, Chemical Bank’s prototype cash-dispensing machine, developed by Docutel Corp. , was designed to be activated by magnetic-encoded Master Charge credit cards. 15 As promoted in this early 1980s ad, The First National Bank of Chicago offered the first bank account fully competitive with money market funds and insured by the Federal Deposit Insurance Corporation. Home Banking by Computer Several JPMorgan Chase predecessors played key roles in the development of home banking. In 1980, Bank One developed and tested one of the earliest online home banking services. Called Channel 2000, it allowed bank customers to view their bank and department store balances on a television screen, pay bills and shift money between accounts. The service worked over regular telephone lines; the Internet – which is used today for home banking – was not commercialized until 1987. In 1983, Chemical Bank introduced Pronto, the first major full-fledged online banking service. Using a home computer, modem and software, customers could pay bills, transfer funds, review account balances, track budgets and balance their checkbooks. After establishing the service in New York, Chemical began licensing it to banks around the country and later introduced a version for small businesses. In 1985, The Chase Manhattan Bank launched its electronic home banking service, called Spectrum, which not only permitted banking transactions but also allowed customers to buy and sell stocks through a discount broker affiliated with Chase. Difficult Competitive Environment The restrictions imposed on banks by Glass-Steagall began to erode in the 1970s as competition from nonbanking institutions and the growing role of echnology drove change. Innovative financial products were launched by brokers, mutual fund companies, savings banks and other providers – products that enabled customers to earn higher returns on their money and enjoy greater flexibility in managing their assets. Many of these products competed with savings accounts, checking accounts and other banking services. In this prolific environment of innovation and c hange, regulatory policies originally aimed at protecting banks were handicapping their ability to compete, and rate deregulation began slowly. In 1978, the Federal Reserve authorized banks to issue a new product – the six-month money market certificate with a variable rate ceiling tied to six-month Treasury bills. Nearly all of JPMorgan Chase’s predecessor banks offered the certificates. Later that same year, banks were authorized to introduce â€Å"sweep† services, overcoming the long-standing prohibition against paying interest on checking accounts. This helped banks compete with brokerage firm sweep programs and thrift institutions’ interest-paying NOW checking accounts, which combined checking and savings in a single account. When in 1979 commercial banks got regulatory approval to offer NOW checking accounts, The Chase Manhattan Bank was among the first to introduce the new service. Spurred in part by this piecemeal and sometimes complex deregulation, Congress passed the Depository Institutions Deregulation and Monetary Control Act of 1980, which phased out all savings rate ceilings on consumer accounts over a six-year period, completely removing the rate ceilings imposed by Glass-Steagall by 1986. Ever committed to advancing bank technology, JPMorgan Chase’s predecessors were innovators of early home banking technologies. Bank One tested Channel 2000 in 1980. 16 By the 1980s, debate over banking deregulation and the removal of barriers between commercial and investment banking had raged for nearly two decades. J. P. Morgan & Co. Chairman Dennis Weatherstone, pictured in the 1986 Fortune article, was â€Å"eager for underwriting. † The Chase Manhattan Bank campaigned aggressively for the repeal of Glass-Steagall. A 1988 ad noted that 77% of business executives in non-financial firms supported repeal and that bank customers had been â€Å"denied the benefits of free enterprise for far too long. † Erosion and Repeal of Glass-Steagall Another fundamental element of GlassSteagall – the wall between commercial and investment banking – crumbled in response to market change, and JPMorgan Chase heritage institutions were in the center of the action. In 1987, The Chase Manhattan Corp. became the first commercial banking institution to receive Federal Reserve approval to underwrite commercial paper (unsecured short-term corporate debt). Another New York bank previously had been permitted to sell commercial paper as an agent, but Chase was the first to underwrite and deal in paper for its own account. The Fed quickly expanded the scope of the Chase ruling by allowing three major bank holding companies, including J. P. Morgan & Co. Incorporated, to underwrite not only commercial paper but also mortgage-backed securities, municipal revenue bonds and securities backed by consumer receivables. The Federal Reserve further broadened its ruling in 1989 when it granted J. P. Morgan & Co. Incorporated the authority to underwrite corporate debt, marking the first corporate debt securities offering underwritten by a commercial bank affiliate in the United States since Glass-Steagall was signed into law in 1933. One year later, the Fed approved Morgan’s application to underwrite stocks. In the wake of this landmark ruling, Morgan quickly built a leading investment banking operation and by 1997 was the fourth-largest securities underwriter in the world. Faced with the reality that the GlassSteagall barriers were being dismantled by regulators, Congress in 1999 passed the Gramm-Leach-Bliley Act, which removed the remaining barriers and allowed financial companies to participate fully across segments. Among other provisions, the new law allowed banks to acquire full-service brokerage and investment banking firms. Beginning in the 1980s, J. P. Morgan & Co. Incorporated had developed its investment banking capability through internal development. Chase, by contrast, built its capability through merger, starting with the 1999 acquisition of San Francisco investment bank Hambrecht & Quist, a specialist in the technology industry. Continuing its expansion, in 2000, Chase bought The Beacon Group, a merger and acquisition advisory and private investment firm, and London-based Robert Fleming Holdings Ltd. , an asset management and investment banking concern. Deregulation and Industry Consolidation The emergence of nationwide branch banking was another cornerstone of the changes taking place in financial services. As of 1975, banking was still primarily a local business. Only 14 states allowed statewide branching, and none permitted out-of-state banks to open branches within their borders. However, pressure for greater branching freedom was mounting, reflecting growing awareness of the consumer convenience of branches, the need for banks to diversify their risks beyond their local markets, and an emerging legislative consensus that deregulation would promote freer markets and greater competition. Branching deregulation occurred in the 1980s at the state rather than the federal level. In the period from 17 This graphic from a 1986 First Chicago Corp. internal newsletter identified the seven Midwest states that adopted reciprocal banking legislation. This permitted across-border bank acquisitions, which predecessors First Chicago Corp. , NBD Bancorp, Inc. and Bank One Corp. aggressively pursued. 1975 through 1990, more than 25 additional states – including New York, Ohio, Texas and others in which JPMorgan Chase predecessors operated – authorized statewide branching. In 1984, The Chase Manhattan Bank ventured to upstate New York by acquiring Lincoln First Banks Inc. in Rochester. Following the transaction, Chase had 330 branches across the state, the largest branch network in New York. As Illinois anti-branching laws were eased, First Chicago Corp. – the holding company for The First National Bank of Chicago – made a series of acquisitions to expand its business. In 1984, First Chicago acquired Chicago-based American National Corp. and three years later acquired First United Financial Services Inc. a five-bank holding company in suburban Chicago. The 1980s also saw the formation of regional banking zones, representing a major step toward national banking. Banc One Corp. (later Bank One) was especially active in acquiring banks not only in its home state of Ohio but in other states as well. Its first out-of-state acquisition was the purchase of Purdue National Corp. of Lafayette, Indiana, in 1984. By 1994, it owned 81 banks with more than 1,300 branches in 13 states, including banks in Wisconsin (The Marine Corp. , Illinois (Marine Corp. ), Colorado (Affiliated Bankshares of Colorado), Kentucky (Liberty National Bancorp), Oklahoma (Central Banking Group), West Virginia (Key Centurion Bancshares), Arizona (Valley National Corp. ) and Utah (Capital Bancorp). More acquisitions soon followed. Banking zones expanded rapidly in geographic size as more states passed reciprocal banking laws. In 1987, Chemical New York Corp. acquired Texas Commerce Bancshares, Inc. , the largest interstate banking merger in U. S. history at that time, and First Chicago Corp. cquired Beneficial National Bank USA of Wilmington, Delaware, becoming the third-largest issuer of bank credit cards in the United States. The growth of banking zones culminated in 1994 with the passage of the federal Riegle-Neal Interstate Banking and Branching Efficiency Act, which made national banking the law of the land. Riegle-Neal permitted bank holding compa nies to buy banks throughout the United States beginning in the fall of 1995 and permitted nationwide branching – that is, branch offices owned and operated by a single bank – as of June 1997. Many multi-state, multi-bank holding companies soon began to streamline operations by merging their banks. In 1999, Bank One Corp. integrated its banks in Ohio, Michigan, Indiana and Illinois into a single bank with the Bank One name. The 1990s represented a period of mergers and consolidation for the banking industry. Because of consolidation, the number of commercial banks in the United States declined to 7,549 as of mid-2005 from 12,343 at the end of 1990. However, the number of branches and automated teller machines continued to increase, providing consumers with more banking outlets than ever. 18 991 John F. McGillicuddy, left Manufacturers Hanover Corp. Walter V. Shipley, right Chemical Banking Corp. 1995 Richard L. Thomas First Chicago Corp. 1996 Thomas G. Labrecque The Chase Manhattan Corp. Walter V. Shipley Chemical Banking Corp. 1998 Verne G. Istock First Chicago NBD Corp. 2000 Douglas A. Warner III J. P. Morgan & Co. Incorporated John B. McCoy Banc One Corp. William B. Har rison, Jr. The Chase Manhattan Corp. Verne G. Istock NBD Bancorp, Inc. Key Mergers That Shaped JPMorgan Chase & Co. Many JPMorgan Chase & Co. predecessors took part in the merger movement that began in the early 1990s. Key transactions that led to the formation of JPMorgan Chase include: †¢ In 1991, Chemical Banking Corp. merged with Manufacturers Hanover Corp. , keeping the name Chemical Banking Corp. , then the secondlargest banking institution in the United States. †¢ In 1995, First Chicago Corp. merged with NBD Bancorp Inc. , forming First Chicago NBD Corp. , the largest banking company based in the Midwest. †¢ In 1996, Chemical Banking Corp. merged with The Chase Manhattan Corp. , keeping the name The Chase Manhattan Corp. and creating what then was the largest bank holding company in the United States. In 1998, Banc One Corp. merged with First Chicago NBD Corp. , taking the name Bank One Corp. Merging subsequently with Louisiana’s First Commerce Corp. , Bank One became the largest financial services firm in the Midwest, the fourth-largest bank in the United States and the world’s largest Visa credit card issuer. †¢ In 2000, The Chase Manhattan Corp. merged wi th J. P. Morgan & Co. Incorporated, in effect combining four of the largest and oldest money center banking institutions in New York City (Morgan, Chase, Chemical and Manufacturers Hanover) into one firm called JPMorgan Chase & Co. In 2004, Bank One Corp. merged with JPMorgan Chase & Co. , keeping the name JPMorgan Chase & Co. Fortune magazine said that â€Å"the combined bank will be big and strong in a panoply of businesses,† adding that â€Å"the deal has been widely lauded† by investment analysts. The New York Times said the merger â€Å"would realign the competitive landscape for banks† by uniting the investment and commercial banking skills of JPMorgan Chase with the consumer banking strengths of Bank One. †¢ In 2008, JPMorgan Chase & Co. acquired The Bear Stearns Companies Inc. strengthening its capabilities across a broad range of businesses, including prime brokerage, cash clearing and energy trading globally. 2004 James Dimon Bank One Corp. Willia m B. Harrison, Jr. JPMorgan Chase & Co. 19 In over 45 years of collecting, JPMorgan Chase & Co. has built an international art collection with great breadth and depth. The collection includes a diverse range of artwork, with representation from every country in which we do business. Tony Cragg Palette, 1980 Painted wood and found objects JPMorgan Chase & Co. Today JPMorgan Chase & Co. is a leading global financial services firm with operations in more than 50 countries and has its corporate headquarters in New York City. Under the J. P. Morgan and Chase brands, it serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients. Its six major businesses are: Investment Bank J. P . Morgan is one of the world’s leading investment banks, with deep client relationships and broad product capabilities. The Investment Bank’s clients are corporations, financial institutions, governments and institutional investors. The firm offers a full range of investment banking products and services in all major capital markets. Retail Financial Services Retail Financial Services helps meet the financial needs of consumers and businesses. Under the Chase brand, the consumer business includes credit card, small business, home finance, auto finance, home equity loans, education finance and insurance. Card Services Chase Card Services is one of the largest credit card issuers in the United States. The firm offers a wide variety of general purpose cards to satisfy the needs of individual consumers, small businesses and partner organizations. Commercial Banking Commercial Banking serves a variety of clients, including corporations, municipalities, financial institutions and notfor-profit entities. The firm’s broad platform positions Commercial Banking to deliver extensive product capabilities – including lending, treasury services, investment banking and asset management – to meet its clients’ needs. Treasury & Securities Services Treasury & Securities Services is a global leader in providing transaction, investment and information services to support the needs of institutional clients worldwide. Treasury & Securities Services is one of the largest cash management providers in the world and a leading global custodian. Asset Management Asset Management is a global leader in investment and wealth management. Asset Management clients include institutions, retail investors and high-networth individuals in every major market throughout the world. 20 2. 5. . 4. 3. 10. 11. 12. 13. 8. 7. 6. 9. 14. 15. 16. 17. 18. FRONT COVER BACK COVER The JPMorgan Chase Archives Begun in 1975 by Chase Manhattan Bank Chairman David Rockefeller, the JPMorgan Chase Archives is one of the oldest corporate history programs in the United States. Recognized as an important corporate asset and an invaluable resource for financial history, the Archives has continually advanced the firm’s rich legacy by co llecting and preserving historical materials of JPMorgan Chase & Co. and its more than 1,000 predecessor institutions worldwide. With over 7,000 feet of records, this extensive collection traces the remarkable origins, developments and achievements of the firm from 1799 to the present and documents key events and business decisions, offering valuable insight into the firm’s mission and vision. 1. South Texas National Bank, Texas Bank clerks, ca. 1900s 2. First National Bank, Youngstown, Ohio Blueprint detail of building facade, 1924 3. The Bank of The Manhattan Co. , New York, New York $100 note, ca. 1830s 4. The National Bank of Commerce, New York, New York $5 note, 1885 5. J. P. Morgan & Co. , New York, New York J. Pierpont and J. P. â€Å"Jackâ€Å" Morgan, 1912 6. Lincoln-Alliance Bank, Rochester, New York Bronze table leg, early 1900s 7. Rapides Bank of Alexandria, Louisiana Hammond manual typewriter, ca. 1880s 8. The First National Bank of Chicago, Chicago, Illinois Bronze teller cage, 1931-1932 9. J. P. Morgan & Co. , New York, New York J. Pierpont Morgan’s â€Å"M† document clip, ca. 1900s 10. Chase National Bank, New York, New York Check processing department, ca. 1940s 11. J. P. Morgan & Co. , Paris, France 14 Place Vendome ceiling by Eugene Lacost, 1860 12. The Bank of The Manhattan Co. , New York, New York Vault lock, ca. 840s 13. The Chase Manhattan Bank, New York, New York Vault, 25 Broadway branch, 1921 14. The First National Bank of Chicago, Chicago, Illinois Exterior building clock, 1906 15. Manufacturers Hanover Trust Co. , New York, New York Gold scale, early 20th century 16. Wisconsin Marine and Fire Insurance Co. , Milwaukee, Wisconsin $3 note, ca. 1851-1858 17. The El Paso B ank of Colorado Springs, Colorado Springs, Colorado $10 note, 1900 18. Chase National Bank, New York, New York Portrait bust of Salmon P. Chase, ca. 1870s Thomas Dow Jones, sculptor  ©2008 JPMorgan Chase & Co. All rights reserved.