Situation: By the early 1990s, Morgan’s blue-chip corporate clientele could raise capital more easily and less expensively outside traditional bank lending channels.

Challenge: Keep its products and change its customers, or do the opposite? To retain its blue-chip relationships, Morgan had to move away from commercial lending and become an investment bank in the face of intense and deeply entrenched “Bulge Bracket” competition.

Response: As part of its transformation, Morgan developed a distinctive photojournalistic ad campaign -- shot on location in ambient light with no posing -- designed to highlight the firm's authenticity and credibility.        
    
Result: Morgan’s new image reinforced its steady climb in league table rankings.     

Creative Director: Gerben Hooykaas, J.P. Morgan; Copy and campaign strategy: Neil Gluckin, J.P. Morgan; Photography: Peter Zander