JPMorgan Chase & Co. is one of the oldest financial services firms in the world. It has operations in 60 countries. It is a leader in financial services with assets of $2 trillion, and the largest market capitalization and third largest deposit base U.S. banking institution behind Wells Fargo and Bank of America. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States with $32,893 million in assets as of 2007. Formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co., the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and governmental clients.
The JPMorgan brand is used by the Investment Bank 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.
JP Morgan Chase is one of the Big Four Banks of the United States with Bank of America, Citigroup and Wells Fargo.
Business
JPMorgan Chase’s activities are organized, for management reporting purposes, into six business segments:
- Investment Bank
- Investment banking: advisory; debt and equity underwriting
- Market making and trading: Fixed income, Equity
- Corporate lending
- Principal investing
- Retail Financial Services
- Regional banking: Consumer and business banking; home lending; education lending
- Mortgage banking
- Auto finance
- Card Services
- Credit cards
- Merchant acquiring
- Commercial Banking
- Middle market banking
- Mid-corporate banking
- Real estate banking
- Chase business credit
- Chase equipment leasing
- Chase Capital Corporation
- Treasury & Securities Services
- Treasury Services (Global Trade, Core Cash Management, Liquidity, Import/Export Advisory)
- Investor Services
- Clearance and Agency
- Asset Management
- Investment Management
- Private Bank
- Private Wealth Management
- Corporate - Includes the company's private equity; One Equity Partners, Treasury and Corporate functions.
Key financial data
JPMorgan Chase was the biggest bank at the end of 2008 as an individual bank. (not including subsidiaries)
History
JPMorgan Chase, as it exists since 2008, is the result of the combination of several large U.S. banking companies over the last decade including Chase 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
Main article: Chemical Banking CorporationThe 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 launched Chemical 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. 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 was acquired by 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 277 Park Avenue and stock price history.
Chase Manhattan Bank
Main article: Chase Manhattan BankThe Chase Manhattan Bank was formed upon the 1931 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799), the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.
Led by David Rockefeller during the 1970s and the 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early 1990s, it acquired Chemical Bank in 1996 but retained the Chase name. Prior to its merger with J.P. Morgan & Co., Chase acquired San Francisco-based Hambrecht & Quist in 1999 for $1.35 billion.
According to page 114 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:
“At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today J.P.Morgan Chase, the second largest bank in the United States.”
J.P. Morgan & Company
Main article: J.P. Morgan & Co.The heritage of the House of Morgan traces its roots back to the partnership of Drexel, Morgan & Co. which in 1895, was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan). Arguably the most influential financial institutions of its era, J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion-dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England.Although his name was big, Morgan actually only owned 19% of Morgan assets. The rest owned by the Rothschild family after 10's of bailouts and rescues due to Morgan's stubborn will and seemingly "non-existent" investment savy.
Built in 1914, 23 Wall Street was known as the "House of Morgan," and for decades the bank's headquarters was the most important address in American finance. At noon, on September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38. Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The warning read: "Remember we will not tolerate any longer. Free the political prisoners or it will be sure death for all of you. American Anarchists Fighters." While theories abound about who was behind the Wall Street bombing and why they did it, after twenty years of investigation the FBI rendered the file inactive in 1940 without ever finding the perpetrators.
In August 1914, Henry P. Davison, a Morgan partner, traveled to the UK and made a deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for UK and France. The Bank of England became a "fis
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