J.P. Morgan Chase & Co. plans $90 million in restructuring charges in its global consumer operations this year as it continues to tweak its retail businesses.

The restructuring charges are expected to result in $75 million in annual cost savings, which will be only partially realized in 2001, chief financial officer Dina Dublon said during an investor presentation last week.

The company, formed at the end of December with the merger of Chase Manhattan Corp. and Morgan, is focused primarily on corporate and investment banking. But it sees retail banking, which contributed 31% of total revenues last year, as having more predictable results, which can help smooth out volatility in other businesses.

The consumer operations, which use the Chase brand name, posted 1% revenue growth for the fourth quarter and 2000, and profit gains of 3% for the quarter and 4% for the year.

David A. Coulter, a vice chairman and head of global consumer operations, said he had “significant aspirations” for the retail businesses. “I do think there are a range of largely tactical things we can do to put retail on a different growth path,” he said.

Mr. Coulter has reviewed the retail businesses, which range from cards and auto lending to branch banking and retail brokerage. He said that his goal for 2001 is double-digit income growth.

Cards in particular have good prospects, Mr. Coulter said. The company added 1.3 million cardholders in the fourth quarter, and revenues were up 5%. “We’re beginning to get some traction,” he said. “And the environment this year will favor us.”

Most of the cost savings are expected to come from changing how Chase’s retail delivery channels interact, he said.

Mr. Coulter, the former chief executive officer of BankAmerica Corp., joined Chase last year when it bought the Beacon Group, a New York investment advisory boutique. He took over the retail unit in September, replacing Donald L. Boudreau, who retired as vice chairman.

Last month Mr. Coulter named a fellow former Beacon Group partner, Harold Pote, as his second-in-command. Mr. Pote is the former chief executive officer of Fidelcor in Philadelphia.

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