J.S. Morgan & Co. was a

merchant banking A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodi ...

firm based in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

and

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

founded by

Junius Spencer Morgan Junius Spencer Morgan I (April 14, 1813 – April 8, 1890) was an American banker and financier, as well as the father of John Pierpont "J.P." Morgan and patriarch to the Morgan banking house. In 1864, he established J. S. Morgan & Co. in L ...

, father of

J. P. Morgan John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known ...

History

The business had originally been started by the American merchant

George Peabody George Peabody ( ; February 18, 1795 – November 4, 1869) was an American financier and philanthropist. He is widely regarded as the father of modern philanthropy. Born into a poor family in Massachusetts, Peabody went into business in dry go ...

conducting business on his own account when he took up residence in London in 1838. The business was formally incorporated as George Peabody & Co. in 1851. Peabody's American agent was the New York bank,

Duncan, Sherman & Company Duncan, Sherman & Company was a New York City banking firm, founded in 1852, that went bankrupt in 1875. History Duncan, Sherman & Company was established in 1852 by Scottish immigrant Alexander Duncan, Watts Sherman (the former cashier and gene ...

J. S. Morgan & Co.

Upon Peabody's retirement in 1864, control was assumed by Morgan who had joined the firm as a partner in 1854. As a consequence the firm was re-styled J. S. Morgan & Co. The firm's New York agency was later to become J.P. Morgan & Co. (under the leadership of Junius' son J. Pierpont Morgan, who had apprenticed as a cashier at Duncan, Sherman & Co.) a predecessor firm of

JPMorgan Chase JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...

. A distant relative of Peabody, Massachusetts banker and merchant

Samuel Endicott Peabody Samuel Endicott Peabody (April 19, 1825 – October 31, 1909) was an American merchant and banker who was a partner in the London banking firm of J.S. Morgan & Co. Early life Peabody was born on April 19, 1825 in Salem, Massachusetts. He was a ...

, became a partner in the firm around 1875. J. S. Morgan & Co. came to real prominence in 1871 when they undertook the issue of a French war loan during the Franco-Prussian War. On the death of Junius in 1890, Pierpont became the senior partner of the London firm. By 1910, all the firm's Morgan family partners were resident in the U.S. and to reflect this the London partnership was restructured with J. P. Morgan & Co. in the U.S. assuming a 50% ownership of the London business which was reconstituted as Morgan Grenfell & Co. in recognition of the senior London-based partner, Edward Grenfell.

References

External links

J.S. Morgan & Co
at

WorldCat WorldCat is a union catalog that itemizes the collections of tens of thousands of institutions (mostly libraries), in many countries, that are current or past members of the OCLC global cooperative. It is operated by OCLC, Inc. Many of the OCL ...

J.S. Morgan & Co.
at the

Library of Congress The Library of Congress (LOC) is the research library that officially serves the United States Congress and is the ''de facto'' national library of the United States. It is the oldest federal cultural institution in the country. The library is ...

{{DEFAULTSORT:Morgan, J.S. and Co. JPMorgan Chase House of Morgan 1851 establishments in the United Kingdom Former investment banks of the United States History of banking Defunct financial services companies of the United States