-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BleAGUcyU5UN96oEmtRZ2H633sGgpNqHrPrzoVq6Mjr6IiGEg1kRe1/fk+lUKrnD 33qEYjBvtzDEoR4K+tSQ6Q== 0000950123-99-008415.txt : 19990913 0000950123-99-008415.hdr.sgml : 19990913 ACCESSION NUMBER: 0000950123-99-008415 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990908 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN J P & CO INC CENTRAL INDEX KEY: 0000068100 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 132625764 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05885 FILM NUMBER: 99708929 BUSINESS ADDRESS: STREET 1: 60 WALL ST CITY: NEW YORK STATE: NY ZIP: 10260 BUSINESS PHONE: 2124832323 MAIL ADDRESS: STREET 1: 500 STANTON CHRISTIANA RD STREET 2: ATTN RANDY REDCAY CITY: NEWARK STATE: DE ZIP: 19713 8-K 1 J.P. MORGAN & CO. INCORPORATED 1 =========================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 -------------- Date of Report (Date of earliest event reported) September 8, 1999 J.P. MORGAN & CO. INCORPORATED (Exact name of registrant as specified in its charter) DELAWARE 1-5885 13-2625764 (State or other juris- (Commission (IRS Employer diction of incorporation) File Number) Identification No.) 60 WALL STREET, NEW YORK, NEW YORK 10260-0060 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 483-2323 ----------------------------------------------------------------- (Former name or former address, if changed since last report) =========================================================================== 2 ITEM 5. OTHER EVENTS On September 8, 1999, the Registrant issued a press release announcing that Lloyd D. Ward, Chairman and Chief Executive Officer of Maytag Corporation, has been elected to the Board of Directors, effective immediately. A copy of such press release is filed herein as exhibit 99a. On September 9, 1999, the Registrant issued a press release announcing that they had a planned update for the investment community covering the firm's progress on strategic initiatives. The firm's asset management and global markets activities as well as its productivity efforts were areas of specific focus. A copy of such press release is filed herein as exhibit 99b. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial Statements NONE. (b) Pro Forma Financial Information NONE. (c) Exhibits 99a. Copy of press release of J.P. Morgan & Co. Incorporated dated September 8, 1999. 99b. Copy of press release of J.P. Morgan & Co. Incorporated dated September 9, 1999. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. J.P. MORGAN & CO. INCORPORATED ------------------------------ (REGISTRANT) /s/ Grace B. Vogel ---------------------------- NAME: Grace B. Vogel TITLE: Chief Accounting Officer DATE: September 9, 1999 EX-99.A 2 COPY OF PRESS RELEASE DATED SEPTEMBER 8, 1999 1 J.P. Morgan & Co. Incorporated News Release Exhibit 99a. News release IMMEDIATE September 8, 1999 J.P. Morgan elects Lloyd Ward as a new director Lloyd D. Ward, Chairman and Chief Executive Officer of Maytag Corporation, has been elected a director of J.P. Morgan & Co. Incorporated. His election is effective immediately. Mr. Ward, 50, assumed his current responsibilities at Maytag last month. He joined the company in 1996 as executive vice president and president of Maytag Appliances, and was elected president and chief operating officer of Maytag Corporation and a member of its Board in 1998. Prior to joining Maytag, Mr. Ward worked for eight years at PepsiCo, Inc., where he held a variety of executive positions. "We are very pleased that Lloyd Ward is joining J.P. Morgan's Board," said Douglas A. Warner, chairman and CEO of Morgan. "Lloyd is an extraordinary leader and marketing strategist. We will benefit greatly from his advice and expertise," Mr. Warner added. Mr. Ward is a member of the Executive Leadership Council in Washington D.C. He formerly served as a board member of Central and South West Corporation, the YMCA of Dallas, Paul Quinn College, Jimmy Johnson Foundation for Children, Inroads of Southwest Ohio, and Ronald McDonald House. Mr. Ward was born in Romulus, Michigan. He received a B.S. degree in mechanical engineering from Michigan State University in 1970 and an M.B.A. degree from Xavier University in Cincinnati, Ohio, in 1984. He and his wife have two grown sons. J.P. Morgan is a leading global financial firm that meets critical financial needs for business enterprises, governments, and individuals. The firm advises on corporate strategy and structure, raises capital, makes markets in financial instruments, and manages investment assets. Morgan also commits its own capital to promising enterprises and invests and trades to capture market opportunities. # # # - -------------------------------------------------------------------------------- Press contacts: J.P. Morgan Joseph Evangelisti 212-648-9589 Maytag Corporation James G. Powell 515-787-8392 EX-99.B 3 COPY OF PRESS RELEASE DATED SEPTEMBER 9, 1999 1 Exhibit 99b. News release: IMMEDIATE September 9, 1999 J.P. Morgan briefs investors and analysts on strategic performance At a briefing today in New York, executives of J.P. Morgan & Co. Incorporated provided a planned update for the investment community covering the firm's progress on strategic initiatives. Morgan's chairman, Douglas A. Warner III, hosted the meeting. The firm's asset management and global markets activities as well as its productivity efforts were areas of specific focus. - - Ramon de Oliveira, head of Morgan's Asset Management Services group, discussed Morgan's global money management franchise. He outlined operating initiatives aimed at expanding margins as well as strategic initiatives to both increase assets gathered through key distribution channels and expand private banking activities in the affluent market. Total assets under management grew 24% in 1998 and at a 16% annualized rate in the first half of 1999. Pretax margin for the group rose to 17% at the end of the 1999 first half, compared with 7% last year. Revenues from private banking in 1998, approximately $600 million, represented half of total group revenues. - - Bill Winters and Nick Rohatyn, who lead the firm's global markets activities (comprising interest rate, foreign exchange, and credit markets) described a diversified global business that is a consistently important contributor to earnings. They highlighted growth potential in derivatives, emerging markets, and selected origination and financing capabilities. Revenues from the derivatives franchise totaled approximately $1.6 billion in 1998 and $1 billion in the first half of 1999 (reported in the firm's Global Finance sector), having grown at a compound annual rate of 14% in recent years. Revenues from emerging markets for the same two periods were approximately $400 million and $725 million, respectively. Winters and Rohatyn stressed J.P. Morgan's client franchise in global markets as the key driver of growth in this segment, as well as a record of profitability sustained over time despite periodic market volatility. Client revenues have accounted for approximately 85% of total global markets revenues from January 1996 through June 1999. - - Peter Hancock, chief financial officer, discussed Morgan's approach to maximize long-term risk-adjusted returns and gave a progress report on productivity initiatives. He said the firm was on track to achieve productivity savings, before bonuses and investment, of $400 million in 1999 and was targeting a comparable level of productivity savings for next year. He stressed the firm's commitment to continuous productivity and - -------------------------------------------------------------------------------- Press contact: Joseph Evangelisti 212-648-9589 Investor contact: Ann B. Patton 212-648-9446 2 quality improvements. Ahead of schedule, the firm has substantially achieved its goal of reducing the capital used in credit activities by 50%; broad-based efforts are now focused on generating improved returns on capital employed across the firm. Strong performance in Investment Banking and Equities was reviewed briefly by Warner. These activities produced combined pretax income of nearly $400 million in the first half of 1999, reflecting gains in operating leverage as well as market share. Warner reported solid progress on strategic initiatives articulated at the beginning of 1998 and reiterated the firm's performance goals: 15% to 20% return on equity over the business cycle, and an efficiency ratio (the ratio of expenses to revenues) in the mid-60s. For the first six months of 1999, J.P. Morgan's return on equity was 20%, and its efficiency ratio was 64%. J.P. Morgan is a leading global financial firm that meets critical financial needs for business enterprises, governments, and individuals. The firm advises on corporate strategy and structure, raises capital, makes markets in financial instruments, and manages investment assets. Morgan also commits its own capital to promising enterprises and invests and trades to capture market opportunities. # # # Estimates or targets may differ from actual results and are subject to risks and uncertainties, as discussed in J.P. Morgan's 1998 Annual Report filed with the Securities and Exchange Commission. -----END PRIVACY-ENHANCED MESSAGE-----