Jpmorgan Chase

J.P. Morgan Chase & Co.
Global financial services firm serving consumer, corporate, institutional, and government clients through its JPMorgan and Chase subsidiaries.
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JPMorgan Chase
JPMorgan Chase declares preferred stock dividend. JPMorgan Chase reports third-quarter 2008 net income of $527 million, or $0.11 ...
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JPMorgan Chase - Wikipedia, the free encyclopedia
The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United ... JPMorgan Chase, as it exists in 2008, is the result of the combination of ...
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JPMorgan Chase has more than $2 trillion in assets and is the largest depository ... As of September 25, 2008, JPMorgan Chase has assumed the deposit and loan ...
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{{Infobox_Company| name = JPMorgan Chase & Co.| company_logo = | type = Public company (, )| foundation = 1799| location = New York City, USA, Chairman, President & CEO| num_employees = 174,360 (2007)| industry = [Finance and Insurance| revenue = [US$99.9 billion (2007)]14.4 billion (2007)| homepage = www.jpmorganchase.com www.jpmorgan.com www.chase.com-->

JPMorgan Chase ( ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1.4 trillion, JPMorgan Chase is currently the third largest banking institution in the United States, behind Bank of America and Citigroup. The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United States with $34 billion in assets as of 2007. Formed in 2000 when Chase Manhattan Corporation acquired JPMorgan_Chase#J.P. Morgan & Company, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and governmental clients.

In 2004, the company acquired Bank One of Chicago, bringing on board Bank One CEO Jamie Dimon as president and COO of the merged firm and designating him as CEO William B. Harrison, Jr.'s future successor. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and placing some former Bank One executives in key ranks at the new company. Dimon became CEO in January 2006, and also became chairman in December 2006.

JPMorgan Chase operates as the brand for the holding company. Chase is used as the brand for credit card services and the bank's retail banking activities in the United States:

Checking
Credit Cards
Savings
CDs
Online Banking & Bill Pay
Home Equity
Mortgages
Auto/Vehicle loans
Student Loans
Business and Commercial Banking
Insurance
Investments
Retirement Planning

JPMorgan & Co. is used as the brand for the bank's:

Investment Bank
Treasury_%26_Securities_Services
Treasury_%26_Securities_Services
Private Bank
Asset Management
One Equity Partners
Private Client Services

Financial Data {| class="wikitable" border="3"|+ Financial data in $ millions ! Year! 2004! 2005! 2006|-----| [Revenue net of Interest| 7 140| 13 740| 22 218|-----| [Net Results| 160 968| 168 847| 174 360|} :::::Source :' OpesC'

History Chemical Banking Corporation 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.") 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, the company acquired the Chase Manhattan Corporation but kept that name. In 2000, the company acquired J.P. Morgan & Co. and changed its name to J.P. Morgan Chase & Co. JPMorgan Chase retains Chemical Bank's headquarters and stock history.

Chase Manhattan Bank The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799), the company's oldest predecessor institution. Led by David Rockefeller during the 1970s and the 1980s, Chase Manhattan was 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 was acquired by Chemical Bank in 1996.

The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.

Bank One Corporation Bank One Corporation was formed upon the 1998 merger between Banc One of Ohio and First Chicago NBD. These two large banking companies had themselves been created through the merger of many banks.

The bank traces its roots to First Bancgroup of Ohio, founded as a holding company for City National Bank of Columbus, Ohio and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamed Banc One Corporation. With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One", though for a long time they resisted combining them into one bank. After the NBD merger, adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. Jamie Dimon, a former key executive of Citigroup, was brought in to head the company.

J.P. Morgan & Company In 1895, Drexel, Morgan & Co. became J.P. Morgan & Co. (see also: John Pierpont Morgan). It 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, it supplied the United States government with $62 million in gold to float a bond issue and restore the United States Department of 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.

Its primary competitor, Kuhn, Loeb & Co., was a more successful adviser and financier to production companies and J.P. Morgan lost its first place in market cap and the league tables. Kuhn, Loeb & Co. would, through a series of mergers and divestitures, eventually become publicly held Lehman Brothers.

, injuring 400 and killing 38 people.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 terrorism 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 investigating the matter, 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 "fiscal agent" of J.P. Morgan & Co. and vice versa. The company also invested in the suppliers of war equipment to England and France. Thus, the company profited from the financing and buying activities of the two European governments.

In the 1930s, J.P. Morgan & Co. was forced by the Glass-Steagall Act to choose either commercial banking or investment banking. J.P. Morgan & Co. chose to operate as a commercial bank, because it was perceived to be more profitable in the post depression era. Faced with this new paradigm shift, many Morgan partners, along with some Drexel partners, sought to begin what is now called Morgan Stanley. It is a common misconception that the "Morgan" in Morgan Stanley is the last name of John Pierpont Morgan, but, in fact, it is the last name of Henry Morgan, who was a J.P. Morgan partner. J.P. Morgan & Co. incorporated in 1940, and, in 1959, merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company. Ten years later, it established a bank holding company called J.P. Morgan & Co. Incorporated as its parent. By the late 1990s, when it was acquired by Chase Manhattan (the new company's name became JPMorgan Chase & Co.). The Gramm-Leach-Bliley Act repealed the restrictions of Glass-Stegall and allowed Morgan to turn itself into an investment bank, too. Besides investment banking, it also offered private banking and private equity services.

In 2006, JPMorgan Chase purchased Collegiate Funding Services, and created Chase Education Finance.

On April 7, 2006, JPMorgan Chase announced it would be swapping its corporate trust unit for The Bank of New York Co.'s retail and small business banking network. The swap values The Bank of New York business at $3.1 billion and JPMorgan's trust unit at $2.8 billion and gives Chase access to 338 additional branches and 700,000 new customers in the New York, New Jersey, and Connecticut Tri-State area.

For the first quarter of 2007, JPMorgan Chase posted net income of $4.9 billion on a record $19.0 billion in revenues.

JP Morgan Chase stock fraud allegations filed in national court attempt to hold stock advisors responsible for poor investment decisions. JP Morgan Chase stock fraud suits seek to recover the losses suffered by individual and company clients. Groups claiming JP Morgan Chase stock fraud resulted in loss of investments are the University of California and former Enron employees, among others.

Government subsidies and incentives, post-9/11 BBC News reported that JPMorgan Chase struck a deal to receive large incentives and subsidies from the City of New York and the State of New York to ensure that the company does not follow through on threats to leave downtown New York for Connecticut. While there are other companies that have received similar incentives to stay in New York's Downtown after 9/11, BBC News reports that this is the largest deal of its kind to date. A quote from the BBC article:

New York City officials have already paid Goldman Sachs $650m (£330m) to build new offices in Battery Park City. ... But the paper says that JP Morgan Chase will receive an even better deal, with tax breaks, discounted electric power and rent subsidies worth $100m from city and state authorities. And it says that rent subsidies will amount to $50m per year for 15 years, or $750m. JP Morgan Chase is a huge, and very profitable company.

Offices Although Chase Manhattan Bank's headquarters were once located at the One Chase Manhattan Plaza building in downtown Manhattan, the current world headquarters for JPMorgan Chase & Co. are located at 270 Park Avenue. The bank moved some of its operations to the JPMorgan Chase Tower (Houston) (formerly Texas Commerce Bank Tower) in Houston, Texas, when it purchased Texas Commerce Bank. Since merging with Bank One in 2004, retail services (branded as "Chase") are headquartered in Chicago. The Card Services division has its headquarters in Wilmington, Delaware. There are also large operations centers in Brooklyn, New York, Columbus, Ohio, Dallas, Texas, Fort Worth, Texas, Indianapolis, Indiana, Newark, Delaware, Phoenix, Arizona, Glasgow, United Kingdom and Bournemouth, United Kingdom. The backoffice and Technology operations offices based in Manila in the Philippines, and Mumbai and Bangalore, India are currently being aggressively staffed.

JPMorgan Securities, the investment banking arm of JPMorgan, also maintains a number of high-profile offices around the globe, with the largest concentrations in London, Hong Kong, Singapore, and Tokyo. The bulk of North American operations, however, take place in three buildings located within a few blocks of each other on Park Avenue in New York City: the former Union Carbide Building at 270 Park Avenue, the hub of sales and trading operations, and the original Chemical Bank building at 277 Park Avenue, where most investment banking activity takes place. Also, their asset and wealth management groups are located at 245 Park Avenue.

Banking subsidiaries JPMorgan Chase & Co. owns four banking subsidiaries in the United States:

Chase Bank USA, National Association
JPMorgan Chase Bank, National Association
JPMorgan Chase Bank, Dearborn
J.P. Morgan Trust Company, National Association

Legal proceedings J. P. Morgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in the middle of March of 2005 to pay $2 billion; that was 46 percent, or $630 million, more than it would have paid had it accepted an investor offer in May of $1.37 billion. J. P. Morgan was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in Q4 2004 by Citigroup ().

In March of 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors ().

Major sponsorships JPMorgan Chase owns the naming rights of several venues in the sports world.

Chase Field, Phoenix, Arizona, - Arizona Diamondbacks, MLB. Before the Bank One buyout, it was called Bank One Ballpark (nicknamed the B.O.B.).

Official sponsorships

Major League Soccer.
Chase Auditorium (Formerly Bank One Auditorium) in Chicago, is the home of the nationally syndicated NPR program, "Wait, Wait, Don't Tell Me."
Chase Plaza was known as the Bank One Plaza before the merger in Chicago. This housed the corporate headquarters of Bank One in Chicago but is now the corporate office of JPMorgan Chase in Chicago.
The JPMorgan Chase Corporate Challenge, owned and operated by JPMorgan Chase, is the largest corporate road racing Series in the world with over 200,000 participants in 12 cities in six countries on five continents. It has been held annually since 1977 and the races range in size from 4,000 entrants to more than 60,000.
JP Morgan Chase is said to be finalizing a deal to be the principal sponsor for a New York Yacht Club backed America's Cup challenge.

Notable employees Business

Andrew Crockett - General Manager of the Bank for International Settlements (1994-2003)
Pierre Danon - Chairman of eircom
Dina Dublon - Current member of the Board of Directors at Microsoft, Accenture and PepsiCo and former Executive Vice President and Chief Financial Officer of JPMorgan Chase.
Maria Elena Lagomasino - Current member of the Board of Directors at The Coca-Cola Company and former Chief Executive Officer of JPMorgan Private Bank.
Thomas W. Lamont - acting head of J.P. Morgan & Co. on Wall Street Crash of 1929
Lewis Reford - Canadian political candidate
Jan Stenbeck - former owner of Investment AB Kinnevik

Politics and public service

William M. Daley - U.S. Secretary of Commerce (1997-2000)
Michael Forsyth, Baron Forsyth of Drumlean - Secretary of State for Scotland (1995-97)
Thomas S. Gates, Jr. - U.S. Secretary of Defense (1959-61)
Rick Lazio - Member of the U.S. House of Representatives (1993-2001)
Antony Leung - Financial Secretary of Hong Kong (2001-03)
Frederick Ma - Hong Kong Secretary for Financial Services and the Treasury (2002-present)
Dwight Morrow - U.S. Senator (1930-31)
Margaret Ng - Member of the Hong Kong Legislative Council
George P. Shultz - U.S. Secretary of Labor (1969-70), U.S. Secretary of Treasury (1972-74), U.S. Secretary of State (1982-89)

Others

Douglas Cliggott - economist
Henry P. Davison - philanthropist
David Dodd - economist
Samuel Gottesman - philanthropist
Corliss Lamont - humanist
Tarik O'Regan - composer