JPMorgan Chase From Wikipedia, the free encyclopedia

JPMorgan Chase & Co. is an American multinational banking and financial services holding company. It is the largest bank in the United States by assets,^[4] and as of 2012, it ranks as the second largest bank in the world by assets (after HSBC) with total assets of $2.509 trillion. It is a major provider of financial services, and according to Forbes magazine is the world's second largest public company based on a composite ranking.^[5] The hedge fund unit of JPMorgan Chase is one of the largest hedge funds in the United States.^[6] It was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.^[7]

The J.P. Morgan brand, historically known as Morgan, is used by the investment banking as well as the asset management, private banking, private wealth management and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. The corporate headquarters are in 270 Park Avenue, Midtown, Manhattan, New York City, New York, and the retail and commercial bank is headquartered in Chase Tower, Chicago Loop, Chicago, Illinois, United States.^[7] JPMorgan Chase & Co. is considered to be auniversal bank.

JPMorgan Chase is one of the Big Four banks of the United States with Bank of America, Citigroup and Wells Fargo.^{[8][9][10][11][12][13]}According to Bloomberg, as of October 2011 JPMorgan Chase surpassed Bank of America as the largest U.S. bank by assets.^[14] Its predecessor, the Bank of the Manhattan Company, was the 22nd oldest bank in the world.

Contents

  [hide] 

• 1 History
  • 1.1 Chemical Banking Corporation
  • 1.2 Chase Manhattan Bank
  • 1.3 J.P. Morgan & Company
  • 1.4 Bank One Corporation
  • 1.5 Bear Stearns
  • 1.6 Washington Mutual
  • 1.7 Other recent acquisitions
  • 1.8 Acquisition history
• 2 Structure
  • 2.1 JPMorgan Europe, Ltd.
• 3 Financial data
• 4 Operations
  • 4.1 History
• 5 2012 JPMorgan Chase trading loss
• 6 Controversies
  • 6.1 Conflicts of interest on investment research
  • 6.2 Enron
  • 6.3 WorldCom
  • 6.4 Jefferson County, Alabama
  • 6.5 Failure to comply with client money rules in the UK
  • 6.6 Mortgage overcharge of active military personnel
  • 6.7 Alleged manipulation of energy market
  • 6.8 Sanctions violations
  • 6.9 Mortgage-backed securities sales
• 7 Offices
• 8 Credit derivatives
  • 8.1 Multibillion-dollar trading loss
• 9 Art collection
• 10 Major sponsorships
• 11 Notable former employees
  • 11.1 Business
  • 11.2 Politics and public service
  • 11.3 Other
• 12 See also
  • 12.1 Index products
• 13 References
• 14 External links

History[edit source | editbeta]

JPMorgan Chase logo, prior to the 2008 rebranding

The 2008-current J.P.Morgan logo used for the company's Investment Banking,Asset Management, and Treasury & Securities Services units, as of June 2008.^[15]

JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, includingChase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit,Texas Commerce Bank, Providian Financial and Great Western Bank.

Chemical Banking Corporation[edit source | editbeta]

Main article: Chemical Bank

The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first major bank merger "among equals"). In the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launchedChemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee.^[16][17] At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share).

In 1996, Chemical Bank acquired the Chase Manhattan Corporation taking the more prominent Chase name. In 2000, the combined company acquired J.P. Morgan & Co. and combined the two names to form what is today JPMorgan Chase & Co. JPMorgan Chase retains Chemical Bank's headquarters at 270 Park Avenue and stock price history.

Chase Manhattan Bank[edit source | editbeta]

Main article: Chase Manhatt