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EXHIBIT INDEX
Exhibit 99 - Press release of J.P. Morgan & Co.
Incorporated
dated June 21, 1995
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Exhibit 99
June 21, 1995
J.P. Morgan sells its U.S. commercial paper processing business
and outsources some processing services
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J.P. Morgan announced today that The Chase Manhattan
Corporation has agreed to acquire Morgan's U.S. commercial paper
issuing and paying agency business. The terms were not
disclosed. Morgan also announced that it will outsource certain
cash and check processing services to Transys, the operational
services subsidiary of CoreStates Financial Corp.
These announcements follow Morgan's recent agreement to sell
its global securities custody business. That decision and those
announced today reflect a sharpening of the firm's strategic
focus on core global banking activities. The firm will continue
to provide clients with money transfer services, in which Morgan
has a leading position and can leverage systems that support its
own operating needs.
Processing transactions is a core service of Chase
Manhattan, and its expertise in the commercial paper issuing and
paying agency business will ensure that Morgan's clients continue
to receive excellent service. Morgan is a major provider of
commercial paper processing in the United States.
J.P. Morgan is a global banking firm that serves clients
with complex financial needs through an integrated range of
advisory, financing, trading, investment, and related
capabilities.
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