J.P. Morgan
Company: JP Morgan Chase
Founders: J.P. Morgan
Industry: Financial Services
History:
JP Morgan Chase is one of the oldest financial service companies in the world. The company is based in New York City, where it manages its divisions that handle investment banking, financial services, asset and wealth management and private equity.
JP Morgan & Co. was founded in 1895 and financed the establishment of the United States Steel Corporation, which eventually became the world’s first billion-dollar company.
JP Morgan Chase was formed in 2000 when Chase Manhattan acquired JP Morgan & Co. but prior to that, critical mergers also occurred that eventually led to the unification of the four oldest and largest banking institutions in the United States. In 1996, Chase Manhattan Corporation successfully merged with Chemical Banking Corporation. In 2004, JP Morgan Chase acquired Bank One Corporation, a company formed by the merger of Banc One of Ohio and First Chicago NBD. (First Chicago NBD was formed from the merger of NBD Bancorp and First Chicago.)
The series of acquisition allowed the business to focus on four banking subsidiaries: Chase Bank USA (National Association), JPMorgan Chase Bank (National Association), JPMorgan Chase Bank (Dearborn) and J.P. Morgan Trust Company (National Association).
Today, JP Morgan Chase caters to various consumers in the United States, as well as various institutions and government agencies in other parts of the world. Currently, JP Morgan Chase’s assets amount to $1.6 trillion, which makes it the third largest banking firm in the United States. It also is considered to have the largest hedge fund in the United States, with assets totaling to more than $30 billion.
Leadership:
