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To: StanX Long who wrote (61858)	3/10/2002 11:43:20 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

JP Morgan to reduce credit exposure to clients By Gary Silverman in New York and Stephen Fidler in London Published: March 10 2002 18:25 \| Last Updated: March 11 2002 03:38 news.ft.com William Harrison, JP Morgan Chase's chairman and chief executive, says Enron's failure is prompting the bank to scale back some of its credit commitments to highly rated clients. In an interview with the Financial Times, Mr Harrison said the second-biggest US bank remained comfortable with its risks in making such promises of credit to blue-chip borrowers. But he said JP Morgan was worried about the anxieties such big commitments have been creating among investors since Enron's fall from grace in the credit markets. "It does create a perception problem in this environment - big time," Mr Harrison said. "One of the lessons from this is we will thoughtfully manage down some of these larger credit exposures on investment-grade companies." Mr Harrison portrayed the change as an incremental response. He said the bank remained committed to maintaining its leadership position in arranging loans for big companies and using that franchise to win investment banking mandates. "I am not going to make any major strategic changes, because we like our strategic platform," Mr Harrison said.