NEW YORK, August 17, 2011 - J.P. Morgan Worldwide Securities Services announced today that it has been selected by Federal Home Loan Bank of Chicago (FHLB Chicago) to provide custody services for FHLB Chicago's own investment portfolio and for assets FHLB Chicago holds for its member financial institutions.
FHLB Chicago is one of 12 regional banks in the Federal Home Loan Bank System which was established by Congress in 1932. Its products, services and programs provide member financial institutions with short-term liquidity and long-term funding and support for community investment activities.
"We selected J.P. Morgan because of its integrated product offering, advanced technology and reporting platforms and deep knowledge of our specific industry and underlying clients. We are confident that J.P. Morgan's expertise in delivering custody and safekeeping services will allow us to better serve the member financial institutions with which we work," said John Stocchetti, Executive Vice President of Operations and Technology at FHLB Chicago.
Robert Caporale, head of new business development - Americas, J.P. Morgan Worldwide Securities Services, said: "J.P. Morgan is proud to add Federal Home Loan Bank of Chicago to our growing roster of Federal Home Loan Bank clients. We believe that our proven experience, comprehensive products and quality service are well suited for the needs of the Federal Home Loan Bank System."
About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a$77 billion wholesale bank and government sponsored enterprise that provides housing finance to more than 760 member commercial banks, savings institutions, credit unions, and insurance companies located in Illinois and Wisconsin. The U.S. Congress created the FHLBank System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance; the Federal Home Loan Banks are wholly owned by their member financial institutions.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A business of JPMorgan Chase & Co., WSS leverages the firm's global scale, leading technology and deep industry expertise to service investments around the world. It has $16.9 trillion in assets under custody and $7.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, 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 under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.