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Press Release

Banking Department and Board of Governors of the Federal Reserve System Enter into Written Agreement with J.P. Morgan Chase & Co.

July 28, 2003

The Federal Reserve Board and the New York State Banking Department on Monday jointly announced the execution of a Written Agreement among J.P. Morgan Chase & Co., New York, New York, the Federal Reserve Bank of New York, and the New York State Banking Department.

The Written Agreement follows a special review of transactions involving J.P. Morgan Chase & Co. and its subsidiaries and the Enron Corporation, Houston, Texas. 

The Written Agreement requires J.P. Morgan Chase & Co. on its own behalf and on behalf of its subsidiaries to continue to take measures to strengthen risk-management practices, particularly those associated with complex structured-finance transactions.

The Federal Reserve Board's and New York State Banking Department's enforcement action was coordinated with actions being taken today by the New York County District Attorney and the U.S. Securities and Exchange Commission.

A copy of the Written Agreement is attached.

Department of Financial Services


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