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JPMorgan Chase
JPMorgan Chase
& Co. is an American multinational investment bank and financial services holding company headquartered in New York City. In addition to being the largest bank in the United States, JPMorgan is the world's second most valuable bank by market capitalization.[2][3] As a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. It is one of America's Big Four banks, along with Bank
Bank
of America, Wells Fargo, and Citigroup.[4] JPMorgan is considered to be a universal bank and a custodian bank. The J.P. Morgan brand, historically known as Morgan, is used by the investment banking, 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
JPMorgan Chase
Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States
United States
and Canada, the bank's retail banking activities in the United States, and commercial banking. Both the retail and commercial bank and the bank's corporate headquarters are located at 270 Park Avenue
270 Park Avenue
in Midtown Manhattan, New York City.[5] The company was formed in 2000, when Chase Manhattan
Manhattan
Corporation merged with J.P. Morgan & Co.[5] As of 2017-18, the bank is one of the largest asset management companies in the world with US$2.789 trillion in assets under management.[6] The hedge fund unit of JPMorgan is the second largest hedge fund in the United States.[7]

Contents

1 History

1.1 Chase Manhattan
Manhattan
Bank 1.2 Chemical Banking
Banking
Corporation 1.3 J.P. Morgan & Company 1.4 Bank
Bank
One Corporation 1.5 Bear Stearns 1.6 Washington Mutual 1.7 2013 settlement 1.8 Other recent acquisitions 1.9 Acquisition history 1.10 Recent history

2 Structure

2.1 JPMorgan Europe, Ltd.

3 Financial data 4 Operations

4.1 History

5 Lobbying 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 Truth in Lending Act
Truth in Lending Act
litigation 6.8 Alleged manipulation of energy market 6.9 Criminal investigation into obstruction of justice 6.10 Sanctions violations 6.11 National Mortgage Settlement 6.12 Speculative trading 6.13 Mortgage-backed securities sales 6.14 "Sons and Daughters" hiring program 6.15 Madoff fraud 6.16 Corruption investigation in Asia 6.17 September 2014 cyber-attack 6.18 Alleged discrimination lawsuit 6.19 Staff suicide

7 Offices 8 Credit derivatives

8.1 Multibillion-dollar trading loss

9 Art collection 10 Major sponsorships 11 Leadership 12 Notable former employees

12.1 Business 12.2 Politics and public service 12.3 Other

13 Awards 14 See also

14.1 Index products

15 References 16 External links

History[edit]

The JPMorgan Chase
JPMorgan Chase
logo prior to the 2008 rebranding

As of June 2008, the JPMorgan logo used for the company's Investment Banking, Asset
Asset
Management, and Treasury & Securities Services units.[8]

JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan
Manhattan
Bank, J.P. Morgan & Co., Bank
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
Chicago
Bank, National Bank
Bank
of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. The company's oldest predecessor institution, the Bank
Bank
of the Manhattan Company, was the third oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799 by Aaron Burr. Chase Manhattan
Manhattan
Bank[edit] Main article: Chase Manhattan
Manhattan
Bank

The logo used by Chase following the merger with the Manhattan
Manhattan
Bank
Bank
in 1954

The Chase Manhattan
Manhattan
Bank
Bank
was formed upon the 1955 purchase of Chase National Bank
Bank
(established in 1877) by the Bank
Bank
of the Manhattan Company (established in 1799),[9] the company's oldest predecessor institution. The Bank
Bank
of the Manhattan
Manhattan
Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank. According to page 115 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
Aaron Burr
was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan
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
Bank
of the Manhattan Company. Still in existence, it is today J. P. Morgan
J. P. Morgan
Chase, the largest bank in the United States.

Led by David Rockefeller
David Rockefeller
during the 1970s and 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 was acquired by Chemical Bank
Bank
in 1996, retaining the Chase name. Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion. In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan
Manhattan
Bank
Bank
for $7.7 billion. Chemical Banking
Banking
Corporation[edit] 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
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
Bank
in 1954, Texas Commerce Bank
Bank
(a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company
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.[10][11] At many points throughout this history, Chemical Bank
Bank
was the largest bank in the United States
United States
(either in terms of assets or deposit market share). In 1996, Chemical Bank
Bank
acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase name. To this day, JPMorgan Chase
JPMorgan Chase
retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters at 270 Park Avenue. J.P. Morgan & Company[edit] Main article: J.P. Morgan & Co.

The J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank
Bank
in 2000

Influence of J.P. Morgan in Large Corporations, 1914

The J.P. Morgan headquarters in New York City
New York City
following the September 16, 1920 bomb explosion that took the lives of 38 and injured over 400

The heritage of the House of Morgan
House of Morgan
traces its roots 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 institution of its era, J.P. Morgan & Co. financed the formation of the United States
United States
Steel Corporation, which took over the business of Andrew Carnegie
Andrew Carnegie
and others and was the world's first billion dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States
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. Built in 1914, 23 Wall Street
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 there are many hypotheses regarding who was behind the bombing and why they did it, after 20 years of investigation the FBI
FBI
rendered the case inactive 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
Bank
of England
England
to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France. The Bank of England
England
became a "fiscal agent" of J.P. Morgan & Co., and vice versa. The company also invested in the suppliers of war equipment to Britain and France. Thus, the company profited from the financing and purchasing activities of the two European governments. In the 1930s, all of J.P. Morgan & Co. along with all integrated banking businesses in the United States, was required by the provisions of the Glass–Steagall Act
Glass–Steagall Act
to separate its investment banking from its commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank, because at the time commercial lending was perceived as more profitable and prestigious. Additionally, many within J.P. Morgan believed that a change in political climate would eventually allow the company to resume its securities businesses but it would be nearly impossible to reconstitute the bank if it were disassembled. In 1935, after being barred from securities business for over a year, the heads of J.P. Morgan spun off its investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont Morgan) and Harold Stanley, Morgan Stanley
Morgan Stanley
was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock from J.P. Morgan partners. In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company. The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before beginning to migrate back toward the use of the J.P. Morgan brand. In 1984, the group finally purchased the Purdue National Corporation of Lafayette Indiana, uniting a history between the two figures of Salmon Portland Chase and John Purdue. In 1988, the company once again began operating exclusively as J.P. Morgan & Co. Bank
Bank
One Corporation[edit] Main article: Bank
Bank
One Corporation

, In 2004, JPMorgan Chase
JPMorgan Chase
merged with Chicago-based Bank
Bank
One Corp., bringing on board current Chairman, CEO and President Jamie Dimon
Jamie Dimon
as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy, and replaced former JPMorgan Chase
JPMorgan Chase
executives in key positions with Bank
Bank
One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006. Bank
Bank
One Corporation was formed upon the 1998 merger between Bank
Bank
One of Columbus, Ohio
Columbus, Ohio
and First Chicago
Chicago
NBD. These two large banking companies had themselves been created through the merger of many banks. This merger was largely considered a failure until Dimon—recently ousted as President of Citigroup—took over and reformed the new firm's practices—especially its disastrous technology mishmash inherited from the many mergers prior to this one. Dimon effected changes more than sufficient to make Bank
Bank
One Corporation a viable merger partner for JPMorgan Chase.

The First Chicago
Chicago
Bank
Bank
logo

Bank
Bank
One Corporation traced its roots to First Bancgroup of Ohio, founded as a holding company for City National Bank
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
Bank
One", though for a long time they resisted combining them into one bank. After the First Chicago
Chicago
NBD merger, adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. Dimon was brought in to head the company. JPMorgan Chase completed the acquisition of Bank
Bank
One in the third quarter of 2004. The former Bank
Bank
One and First Chicago
Chicago
headquarters in Chicago
Chicago
serve as the headquarters of Chase, JPMorgan Chase's commercial and retail banking subsidiary.

Bear Stearns[edit] Main article: Bear Stearns

The Bear Stearns
Bear Stearns
logo

At the end of 2007, Bear Stearns
Bear Stearns
& Co. Inc. was the fifth largest investment bank in the United States
United States
but its market capitalization had deteriorated through the second half of 2007. On Friday, March 14, 2008, Bear Stearns
Bear Stearns
lost 47% of its equity market value to close at $30.00 per share as rumors emerged that clients were withdrawing capital from the bank. Over the following weekend, it emerged that Bear Stearns
Bear Stearns
might prove insolvent, and on or around March 15, 2008, the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns.[12] On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase
JPMorgan Chase
announced that it had plans to acquire Bear Stearns
Bear Stearns
in a stock swap worth $2.00 per share or $240 million pending shareholder approval scheduled within 90 days. In the interim, JPMorgan Chase
JPMorgan Chase
agreed to guarantee all Bear Stearns
Bear Stearns
trades and business process flows.[13] Two days later on March 18, 2008, JPMorgan Chase
JPMorgan Chase
formally announced the acquisition of Bear Stearns
Bear Stearns
for $236 million. The stock swap agreement was signed in the late-night hours of March 18, 2008, with JPMorgan agreeing to exchange 0.05473 of each of its shares upon closure of the merger for one Bear share, valuing the Bear shares at $2 each.[14] On March 24, 2008, after considerable public discontent by Bear Stearns shareholders over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share. Under the revised terms, JPMorgan also immediately acquired a 39.5% stake in Bear Stearns
Bear Stearns
(using newly issued shares) at the new offer price and gained a commitment from the board (representing another 10% of the share capital) that its members would vote in favor of the new deal. With sufficient commitments to ensure a successful shareholder vote, the merger was completed on May 30, 2008.[15] Washington Mutual[edit] Main article: Washington Mutual

The Washington Mutual
Washington Mutual
logo prior to its 2008 acquisition by JPMorgan Chase

On September 25, 2008, JPMorgan Chase
JPMorgan Chase
bought most of the banking operations of Washington Mutual
Washington Mutual
from the receivership of the Federal Deposit Insurance Corporation. That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, had seized Washington Mutual
Washington Mutual
Bank
Bank
and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase
JPMorgan Chase
& Co for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual
Washington Mutual
shareholders lost all their equity.[16] JPMorgan Chase
JPMorgan Chase
raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual.[17] Through the acquisition, JPMorgan now owns the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual
Washington Mutual
branches to Chase by late 2009. Chief executive Alan H. Fishman received a $7.5 million sign-on bonus and cash severance of $11.6 million after being CEO for 17 days.[18] 2013 settlement[edit] On November 19, 2013, the Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into its business practices pertaining to mortgage-backed securities.[19] Of that amount, $9 billion was penalties and fines and the remaining $4 billion was consumer relief. This was the largest corporate settlement to date. Much of the alleged wrongdoing stemmed from its 2008 acquisitions of Bear Sterns and Washington Mutual. The agreement did not settle criminal charges.[20] Other recent acquisitions[edit] In 2006, JPMorgan Chase
JPMorgan Chase
purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[21] In April 2006, JPMorgan Chase
JPMorgan Chase
acquired Bank
Bank
of New York Mellon's retail and small business banking network. The acquisition gave Chase access to 339 additional branches in New York, New Jersey, and Connecticut.[22] In March 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.[23] In November 2009, JPMorgan announced it would acquire the balance of JPMorgan Cazenove, an advisory and underwriting joint venture established in 2004 with the Cazenove Group, for GBP1 billion.[24] In January 2013, JPMorgan acquired Bloomspot, a San Francisco-based startup in the "deals" space for $35 million. Shortly after the acquisition, the service was shut down and Bloomspot's talent was left unused.[25][26] Acquisition history[edit] The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

JPMorgan Chase & Co.

JPMorgan Chase (merged 2000)

Chase Manhattan Bank (merged 1996)[30]

Chemical Bank (merged 1991)

Chemical Bank (reorganized 1988)

The Chemical Bank of New York (est. 1823)

Citizens National Bank (est. 1851, acq. 1920)

Corn Exchange Bank (est. 1852, acq. 1954)

New York Trust Company (acq. 1959)

Texas Commerce Bank (est. 1866, acq. 1986)[27]

Manufacturers Hanover (merged 1961)

Manufacturers Trust Company (est. 1905)[28]

Hanover Bank (est. 1873)

Chase Manhattan Bank (merged 1955)

Bank
Bank
of the Manhattan
Manhattan
Company (est. 1799)

Chase National Bank of the City of New York (est. 1877)[29]

J.P. Morgan & Co. (formerly Morgan Guaranty Trust) (merged 1959)

Guaranty Trust Company of New York (est. 1866)

J.P. Morgan & Co. ("The House of Morgan")[31] (est. 1895)[32]

Bank One (acq. 2004)

Banc One Corp.[33] (merged 1968)

City National Bank & Trust Company

Farmers Saving & Trust Company

First Chicago NBD (merged 1995)

First Chicago
Chicago
Corp. (est. 1863)

NBD Bancorp. (formerly National Bank
Bank
of Detroit) (est. 1933)

 

Louisiana's First Commerce Corp.

Bear Stearns (est. 1923; acq. 2008)[34]

 

Washington Mutual (acq. 2008)[35]

 

Washington Mutual (founded 1889)

 

Great Western Bank (acq. 1997)

 

H. F. Ahmanson & Co. (acq. 1998)

 

Bank
Bank
United of Texas (acq. 2001)

 

Dime Bancorp, Inc. (acq. 2002)

 

Providian Financial (acq. 2005)

Recent history[edit] In October 2014, JP Morgan sold its commodities trader unit to Mercuria for $800 million, a quarter of the initial valuation of $3.5 billion, as the transaction excluded some oil and metal stockpiles and other assets.[36] In March 2016, JPMorgan decided not to finance coal mines and coal power plants in wealthy countries.[37] In September 2016, JP Morgan made an equity investment in InvestCloud.[38] In December, 14 former executives of the Wendel investment company faced trial for tax fraud while JP Morgan Chase was to be pursued for complicity. Jean-Bernard Lafonta was convicted last December[when?] for spreading false information and insider trading, and fined 1.5 million euros.[39] In March 2017, Lawrence Obracanik, a former JPMorgan Chase
JPMorgan Chase
& Co employee, pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts.[40] In June 2017, Matt Zames, the now former COO of the bank decided to leave the firm.[41] Structure[edit] JPMorgan Chase
JPMorgan Chase
& Co. owns five bank subsidiaries in the United States:[42] JPMorgan Chase
JPMorgan Chase
Bank, National Association; Chase Bank
Chase Bank
USA, National Association; Custodial Trust Company; JPMorgan Chase
JPMorgan Chase
Bank, Dearborn; and J.P. Morgan Bank
Bank
and Trust Company, National Association. For management reporting purposes, JPMorgan Chase's activities are organized into a corporate/private equity segment and four business segments; consumer and community banking, corporate and investment bank, commercial banking, and asset management.[43] The investment banking division at J.P. Morgan is divided by teams: industry, M&A and capital markets. Industry teams include consumer and retail, healthcare, diversified industries and transportation, natural resources, financial institutions, metals and mining, real estate and technology, media and telecommunications. JPMorgan Europe, Ltd.[edit] Main article: J.P. Morgan in the United Kingdom The company, known previously as Chase Manhattan
Manhattan
International Limited, was founded on September 18, 1968.[44][45] In August 2008, the bank announced plans to construct a new European headquarters at Canary Wharf, London.[46] These plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at 25 Bank
Bank
Street for use as the European headquarters of its investment bank.[47] 25 Bank Street had originally been designated as the European headquarters of Enron
Enron
and was subsequently used as the headquarters of Lehman Brothers International
International
(Europe). The regional office is in London
London
with offices in Bournemouth, Glasgow, and Edinburgh
Edinburgh
for asset management, private banking, and investment.[48] Financial data[edit]

Financial data in $ millions [49]

Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Revenue 43,097 53,748 61,437 71,372 67,252 100,434 102,694 97,234 97,031 96 606 94,205

Net Income 4,466 8,483 14,444 15,365 5,605 11,728 17,370 21,284 21,284 17,923 21,762

Assets 1,157 1,199 1,352 1,562 2,175 2,032 2,118 2,359 2,359 2,416 2,573

Employees 160,968 168,847 174,360 180,667 224,961 222,316 239,831 260,157 258,965 251,196 241,359

JPMorgan Chase[50] was the biggest bank at the end of 2008 as an individual bank. (not including subsidiaries) Operations[edit] Earlier in 2011 the company announced that by the use of supercomputers, the time taken to assess risk had been greatly reduced, from arriving at a conclusion within hours to what is now minutes. The banking corporation uses for this calculation Field-Programmable Gate Array technology.[51] History[edit] The Bank
Bank
began operations in Japan in 1924,[52] in Australia during the later part of the nineteenth century,[53] and in Indonesia during the early 1920s.[54] An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a branch in China in 1921 and Chase National Bank
Bank
was established there in 1923.[55] The bank has operated in Saudi Arabia[56] and India[57] since the 1930s. Chase Manhattan
Manhattan
Bank
Bank
opened an office in Korea in 1967.[58] The firm's presence in Greece dates to 1968.[59] An office of JPMorgan was opened in Taiwan in 1970,[60] in Russia (Soviet Union) in 1973,[61] and Nordic operations began during the same year.[62] Operations in Poland began in 1995.[59] Lobbying[edit] JP Morgan Chase's PAC and its employees contributed $2.6 million to federal campaigns in 2014 and financed its lobbying team with $4.7 million in the first three quarters of 2014. JP Morgan's giving has been focused on Republicans, with 62 percent of its donations going to GOP recipients in 2014. Still, 78 House Democrats received campaign cash from JPMorgan's PAC in the 2014 cycle at an average of $5,200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgan's PAC in 2014. JP Morgan Chase's PAC made maximum donations to the Democratic Congressional Campaign Committee and the leadership PACs of Steny Hoyer
Steny Hoyer
and Jim Himes
Jim Himes
in 2014.[63] Controversies[edit] Conflicts of interest on investment research[edit] In December 2002, Chase paid fines totaling $80 million, with the amount split between the states and the federal government. The fines were part of a settlement involving charges that ten banks, including Chase, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.[64] Enron[edit] Main article: Enron
Enron
scandal Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron
Enron
Corporation with aiding and abetting Enron
Enron
Corp.'s securities fraud, which collapsed amid a financial scandal in 2001.[65] In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan
Manhattan
district attorney's office. In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.[66] WorldCom[edit] JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in March 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 2004 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 2004 by Citigroup.[67] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[68][69] Jefferson County, Alabama[edit] In November 2009, JPMorgan Chase
JPMorgan Chase
& Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into sales of derivatives that helped push Alabama's most populous county to the brink of bankruptcy. The settlement came a week after Birmingham, Alabama Mayor Larry Langford was convicted on 60 counts of bribery, money laundering, and tax evasion related to bond swaps for Jefferson County, Alabama. The SEC alleged that J.P. Morgan, which had been chosen by the county commissioners to underwrite the floating-rate sewer bond deals and provide interest-rate swaps, had made undisclosed payments to close friends of the commissioners in exchange for the deal. J.P. Morgan then allegedly made up for the costs by charging higher interest rates on the swaps.[70] Failure to comply with client money rules in the UK[edit] In June 2010, J.P. Morgan Securities was fined a record £33.32 million ($49.12 million) by the UK Financial Services Authority (FSA) for failing to protect an average of £5.5 billion of clients' money from 2002 to 2009.[71][72] FSA requires financial firms to keep clients' funds in separate accounts to protect the clients in case such firm becomes insolvent. The firm had failed to properly segregate client funds from corporate funds following the merger of Chase and J.P. Morgan, resulting in a violation of FSA regulations but no losses to clients. The clients' funds would have been at risk had the firm become insolvent during this period.[73] J.P. Morgan Securities reported the incident to the FSA, corrected the errors, and cooperated in the ensuing investigation, resulting in the fine being reduced 30% from an original amount of £47.6 million.[72] Mortgage overcharge of active military personnel[edit] In January 2011, JPMorgan Chase
JPMorgan Chase
admitted that it wrongly overcharged several thousand military families for their mortgages, including active duty personnel in Afghanistan. The bank also admitted it improperly foreclosed on more than a dozen military families; both actions were in clear violation of the Servicemembers Civil Relief Act which automatically lowers mortgage rates to 6 percent, and bars foreclosure proceedings of active duty personnel. The overcharges may have never come to light were it not for legal action taken by Captain Jonathan Rowles. Both Captain Rowles and his spouse Julia accused Chase of violating the law and harassing the couple for nonpayment. An official stated that the situation was "grim", and Chase initially stated it would be refunding up to $2,000,000 to those who were overcharged, and that families improperly foreclosed on have gotten or will get their homes back.[74] Chase has acknowledged that as many as 6,000 active duty military personnel were illegally overcharged, and more than 18 military families homes were wrongly foreclosed. In April, Chase agreed to pay a total of $27 million in compensation to settle the class-action suit.[75] At the company's 2011 shareholders' meeting, Dimon apologized for the error and said the bank would forgive the loans of any active-duty personnel whose property had been foreclosed. In June 2011, lending chief Dave Lowman was forced out over the scandal.[76][77] Truth in Lending Act
Truth in Lending Act
litigation[edit] In 2008 and 2009, 14 lawsuits were filed against JPMorgan Chase
JPMorgan Chase
in various district courts on behalf of Chase credit card holders claiming the bank violated the Truth in Lending Act, breached its contract with the consumers and committed a breach of implied covenant of good faith and fair dealing. The consumers contended that Chase, with little or no notice, increased minimum monthly payments from 2% to 5% on loan balances that were transferred to consumers' credit cards based on the promise of a fixed interest rate. In May 2011, the United States
United States
District Court for the Northern District of California certified the class action lawsuit. On July 23, 2012, Chase agreed to pay $100 million to settle the claim.[78] Alleged manipulation of energy market[edit] In July 2013, The Federal Energy Regulatory Commission
Federal Energy Regulatory Commission
(FERC) approved a stipulation and consent agreement under which JPMorgan Ventures Energy Corporation (JPMVEC), a subsidiary of JPMorgan Chase
JPMorgan Chase
& Co., agreed to pay $410 million in penalties and disgorgement to ratepayers for allegations of market manipulation stemming from the company's bidding activities in electricity markets in California and the Midwest from September 2010 through November 2012. JPMVEC agreed to pay a civil penalty of $285 million to the U.S. Treasury
U.S. Treasury
and to disgorge $125 million in unjust profits. JPMVEC admitted the facts set forth in the agreement, but neither admitted nor denied the violations.[79] The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVEC's bidding practices. FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power plants that were usually out of the money in the marketplace. In each of them, the company made bids designed to create artificial conditions that forced California and Midcontinent Independent System Operators (ISOs) to pay JPMVEC outside the market at premium rates.[79] FERC investigators further determined that JPMVEC knew that the California ISO and Midcontinent ISO received no benefit from making inflated payments to the company, thereby defrauding the ISOs by obtaining payments for benefits that the company did not deliver beyond the routine provision of energy. FERC investigators also determined that JPMVEC's bids displaced other generation and altered day ahead and real-time prices from the prices that would have resulted had the company not submitted the bids.[79] Under the Energy Policy Act of 2005, Congress directed FERC to detect, prevent and appropriately sanction the gaming of energy markets. According to FERC, the Commission approved the settlement as in the public interest.[79] Criminal investigation into obstruction of justice[edit] FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase.[80] Various newspapers reported in September 2013 that the Federal Bureau of Investigation
Federal Bureau of Investigation
(FBI) and US Attorney's Office in Manhattan
Manhattan
were investigating whether employees withheld information or made false statements during the FERC investigation.[80] The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren
Elizabeth Warren
and Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation.[80] At the time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase
JPMorgan Chase
employees impeded the FERC investigation.[80] Reuters
Reuters
reported that JPMorgan Chase
JPMorgan Chase
was facing over a dozen investigations at the time.[80] Sanctions violations[edit] On August 25, 2011, JPMorgan Chase
JPMorgan Chase
agreed to settle fines with regard to violations of the sanctions under the Office of Foreign Assets Control (OFAC) regime. The U.S. Department of Treasury released the following civil penalties information under the heading: "JPMorgan Chase Bank
Chase Bank
N.A. Settles Apparent Violations of Multiple Sanctions Programs":

JPMorgan Chase
JPMorgan Chase
Bank, N.A, New York, NY ("JPMC") has agreed to remit $88,300,000 to settle potential civil liability for apparent violations of: the Cuban Assets
Assets
Control Regulations ("CACR"), 31 C.F.R. part 515; the Weapons of Mass Destruction Proliferators Sanctions Regulations ("WMDPSR"), 31 C.F.R. part 544; Executive Order 13382, "Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations ("GTSR"), 31 C.F.R. part 594; the Iranian Transactions Regulations ("ITR"), 31 C.F.R. part 560; the Sudanese Sanctions Regulations ("SSR"), 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations ("FLRCTSR"), 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations ("RPPR"), 31 C.F.R. part 501, that occurred between December 15, 2005, and March 1, 2011. — U.S. Department of the Treasury Resource Center, OFAC Recent Actions. Retrieved June 18, 2013.[81]

National Mortgage Settlement[edit] On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank
Bank
of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[82] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[83] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately. Speculative trading[edit] Main article: 2012 JPMorgan Chase
JPMorgan Chase
trading loss In 2012, JPMorgan Chase
JPMorgan Chase
& Co was charged for misrepresenting and failing to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan to significant losses.[84] Mortgage-backed securities sales[edit] In August 2013, JPMorgan Chase
JPMorgan Chase
announced that it is being investigated by the United States
United States
Department of Justice over its offerings of mortgage-backed securities leading up to the financial crisis of 2007–08. The company said that the Department of Justice had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during the period 2005 to 2007.[85] "Sons and Daughters" hiring program[edit] In November 2016, JPMorgan Chase
JPMorgan Chase
agreed to pay $264 million in fines to settle civil and criminal charges involving a systematic bribery scheme spanning 2006 to 2013 in which the bank secured business deals in Hong Kong
Hong Kong
by agreeing to hire hundreds of friends and relatives of Chinese government officials, resulting in more than $100 million in revenue for the bank.[86] Madoff fraud[edit] Further information: Madoff investment scandal Bernie Madoff
Bernie Madoff
opened a business account at Chemical Bank
Bank
in 1986 and maintained it until 2008, long after Chemical acquired Chase. In 2010, Irving Picard, the SIPC receiver appointed to liquidate Madoff's company, alleged that JPMorgan failed to prevent Madoff from defrauding his customers. According to the suit, Chase "knew or should have known" that Madoff's wealth management business was a fraud. However, Chase did not report its concerns to regulators or law enforcement until October 2008, when it notified the UK Serious Organised Crime Agency. Picard argued that even after Morgan investment bankers reported its concerns about Madoff's performance to UK officials, Chase's retail banking division did not put any restrictions on Madoff's banking activities until his arrest two months later.[87] The receiver's suit against J.P. Morgan was dismissed by the Court for failing to set forth any legally cognizable claim for damages.[88] In the fall of 2013, JPMorgan began talks with prosecutors and regulators regarding compliance with anti-money-laundering and know-your-customer banking regulations in connection with Madoff. On January 7, 2014, JPMorgan agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal. The government filed a two-count criminal information charging JPMorgan with Bank
Bank
Secrecy Act violations, but the charges will be dismissed within two years provided that JPMorgan reforms its anti-money laundering procedures and cooperates with the government in its investigation. The bank agreed to forfeit $1.7 billion. The lawsuit, which was filed on behalf of shareholders against Chief Executive Jamie Dimon
Jamie Dimon
and other high-ranking JPMorgan employees, used statements made by Bernie Madoff
Bernie Madoff
during interviews conducted while in prison in Butner, North Carolina
Butner, North Carolina
claiming that JPMorgan officials knew of the fraud. The lawsuit stated that, "JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them ... But faced with the prospect of shutting down Madoff's account and losing lucrative profits, JPMorgan - at its highest level - chose to turn a blind eye." [89] JPMorgan also agreed to pay a $350 million fine to the Office of the Comptroller of the Currency and settle the suit filed against it by Picard for $543 million.[90][91][92][93] Corruption investigation in Asia[edit] On March 26, 2014, the Hong Kong
Hong Kong
Independent Commission Against Corruption seized computer records and documents after searching the office of Fang, the company's outgoing chief executive officer for China investment banking.[94] September 2014 cyber-attack[edit] Main article: 2014 JPMorgan Chase
JPMorgan Chase
data breach A cyber-attack, disclosed in September 2014, compromised the JPMorgan Chase accounts of over 83 million customers. The attack was discovered by the bank's security team in late July 2014, but not completely halted until the middle of August.[95][96] Alleged discrimination lawsuit[edit] In January 2017, the United States
United States
sued the company, accusing it of discriminating against "thousands" of black and Hispanic
Hispanic
mortgage borrowers between 2006 and at least 2009.[97][98] Staff suicide[edit] On January 28, 2014, Gabriel Magee, a senior IT programmer, died when he jumped down from the roof of the 25 Bank
Bank
Street, which is the home to the European headquarters.[99] Offices[edit] Although the old Chase Manhattan
Manhattan
Bank's headquarters were located at One Chase Manhattan
Manhattan
Plaza (now known as 28 Liberty Street) in downtown Manhattan, the current world headquarters for JPMorgan Chase
JPMorgan Chase
& Co. are located at 270 Park Avenue, Chemical Bank's former headquarters. The bulk of North American operations take place in four buildings located adjacent to each other on Park Avenue
Park Avenue
in New York City: the former Union Carbide
Union Carbide
Building at 270 Park Avenue, the hub of sales and trading operations, and the original Chemical Bank
Bank
building at 277 Park Avenue, where most investment banking activity took place. Asset and wealth management groups are located at 245 Park Avenue
Park Avenue
and 345 Park Avenue. Other groups are located in the former Bear Stearns building at 383 Madison Avenue. Chase, the U.S. and Canada, retail, commercial, and credit card bank is headquartered in Chicago
Chicago
at the Chase Tower, Chicago, Illinois.[5] The Asia Pacific headquarters for JPMorgan is located in Hong Kong
Hong Kong
at Chater House. Approximately 11,050 employees are located in Columbus at the McCoy Center, the former Bank
Bank
One offices. The bank moved some of its operations to the JPMorgan Chase
JPMorgan Chase
Tower in Houston, when it purchased Texas Commerce Bank.

JPMorgan Chase
JPMorgan Chase
Tower 270 Park Avenue New York City, New York

277 Park Avenue New York City, New York

383 Madison Avenue New York City, New York

28 Liberty Street New York City, New York

Chase Tower Rochester, New York

Chase Tower Phoenix, Arizona

Chase Tower Chicago, Illinois

Chase Tower Indianapolis, Indiana

Chase Tower Dallas, Texas

JPMorgan Chase
JPMorgan Chase
Tower Houston, Texas

JPMorgan Chase Metro Manila, Philippines

25 Bank
Bank
Street London, United Kingdom

The Global Corporate Bank
Bank
leverages the wider firm's operations in 100 countries to provide corporate banking solutions to clients in the locations in which they operate. The main headquarters are in London, with regional headquarters in Hong Kong, New York and Sao Paulo.[100] The Card Services division has its headquarters in Wilmington, Delaware, with Card Services offices in Elgin, Illinois; Springfield, Missouri; San Antonio, Texas; Mumbai, India; and Cebu, Philippines. Additional large operation centers are located in Phoenix, Arizona; Los Angeles, California, Newark, Delaware; Orlando, Florida; Tampa, Florida; Indianapolis, Indiana; Louisville, Kentucky; Brooklyn, New York; Rochester, New York; Columbus, Ohio; Dallas, Texas; Fort Worth, Texas; and Milwaukee, Wisconsin. Operation centers in Canada
Canada
are located in Burlington, Ontario; and Toronto, Ontario. Operations centers in the United Kingdom are located in Bournemouth, Glasgow, London, Liverpool, and Swindon. The London
London
location also serves as the European headquarters. Additional offices and technology operations are located in Manila, Philippines; Cebu, Philippines; Mumbai, India; Bangalore, India; Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; Sao Paulo, Brazil; Mexico City, Mexico, and Jerusalem, Israel. Credit derivatives[edit] The derivatives team at JPMorgan (including Blythe Masters) was a pioneer in the invention of credit derivatives such as the credit default swap. The first CDS was created to allow Exxon
Exxon
to borrow money from JPMorgan while JPMorgan transferred the risk to the European Bank of Reconstruction and Development. JPMorgan's team later created the 'BISTRO', a bundle of credit default swaps that was the progenitor of the Synthetic CDO.[101][102] As of 2013 JPMorgan had the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank.[103][104] Multibillion-dollar trading loss[edit] Main article: 2012 JPMorgan Chase
JPMorgan Chase
trading loss In April 2012, hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities of Bruno Iksil, a trader for J.P. Morgan Chase & Co., referred to as "the London
London
whale" in reference to the huge positions he was taking. Heavy opposing bets to his positions are known to have been made by traders, including another branch of J.P. Morgan, who purchased the derivatives offered by J.P. Morgan in such high volume.[105][106] Early reports were denied and minimized by the firm in an attempt to minimize exposure.[107] Major losses, $2 billion, were reported by the firm in May 2012, in relation to these trades and updated to $4.4 billion on July 13, 2012.[108] The disclosure, which resulted in headlines in the media, did not disclose the exact nature of the trading involved, which remains in progress and as of June 28, 2012, was continuing to produce losses which could total as much as $9 billion under worst-case scenarios.[109][110] The item traded, possibly related to CDX IG 9, an index based on the default risk of major U.S. corporations,[111][112] has been described as a "derivative of a derivative".[113][114] On the company's emergency conference call, JPMorgan Chase
JPMorgan Chase
Chairman, CEO and President Jamie Dimon
Jamie Dimon
said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".[115] The episode is being investigated by the Federal Reserve, the SEC, and the FBI.[116]

Fines levied regarding the 2012 JPMorgan Chase
JPMorgan Chase
trading loss[117]

Regulator Nation Fine

Office of the Comptroller of the Currency US $300m

Securities and Exchange Commission $200m

Federal Reserve $200m

Financial Conduct Authority UK £138m ($221m US)

On September 18, 2013, JPMorgan Chase
JPMorgan Chase
agreed to pay a total of $920 million in fines and penalties to American and UK regulators for violations related to the trading loss and other incidents. The fine was part of a multiagency and multinational settlement with the Federal Reserve, Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
and the Securities and Exchange Commission
Securities and Exchange Commission
in the United States
United States
and the Financial Conduct Authority
Financial Conduct Authority
in the UK. The company also admitted breaking American securities law.[118] The fines amounted to the third biggest banking fine levied by US regulators, and the second largest by UK authorities.[117] As of September 19, 2013[update], two traders face criminal proceedings.[117] It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws.[119] A report by the SEC was critical of the level of oversight from senior management on traders, and the FCA said the incident demonstrated "flaws permeating all levels of the firm: from portfolio level right up to senior management."[117] On the day of the fine, the BBC reported from the New York Stock Exchange that the fines "barely registered" with traders there, the news having been an expected development and the company having prepared for the financial hit.[117] Art collection[edit] See also: J. P. Morgan
J. P. Morgan
§ Collector of art, books, and gemstones The collection was begun in 1959 by David Rockefeller,[120] and comprises over 30,000 objects, of which over 6,000 are photographic-based,[121] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[122] The One Chase Manhattan
Manhattan
Plaza building was the original location at the start of collection by the Chase Manhattan
Manhattan
Bank, the current collection containing both this and also those works that the First National Bank of Chicago
Chicago
had acquired prior to assimilation into the JPMorgan Chase organization.[123] L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[124] whose art program staff is completed by an additional three full-time members and one registrar.[125] The advisory committee at the time of the Rockefeller initiation included A. H. Barr, and D. Miller, and also J. J. Sweeney, R. Hale, P. Rathbone and G. Bunshaft.[126] Major sponsorships[edit]

Chase Field, (formerly Bank
Bank
One Ballpark) Phoenix, Arizona, – Arizona Diamondbacks, MLB. Chase Center (San Francisco)
Chase Center (San Francisco)
- Golden State Warriors, NBA
NBA
(Proposed) Major League Soccer Chase Auditorium (formerly Bank
Bank
One Auditorium) inside of Chase Tower (Chicago) (formerly Bank
Bank
One Tower) The JPMorgan Chase
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. JPMorgan Chase
JPMorgan Chase
is the official sponsor of the US Open. J.P. Morgan Asset
Asset
Management is the Principal Sponsor of the English Premiership Rugby 7s Series.

Leadership[edit] Jamie Dimon
Jamie Dimon
is the chairman and CEO of JPMorgan Chase. The acquisition deal of Bank
Bank
One in 2004, was designed in part to recruit Dimon to JPMorgan Chase. He became chief executive at the end of 2005.[127] Dimon has been recognized for his leadership during the 2008 financial crisis.[128] Under his leadership, JPMorgan Chase
JPMorgan Chase
rescued two ailing banks during the crisis.[129] Notable former employees[edit]

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Business[edit]

Winthrop Aldrich
Winthrop Aldrich
– son of the late Senator Nelson Aldrich Andrew Crockett – former general manager of the Bank
Bank
for International
International
Settlements (1994–2003) Pierre Danon
Pierre Danon
– chairman of Eircom Dina Dublon – member of the board of directors of Microsoft, Accenture
Accenture
and PepsiCo
PepsiCo
and former Executive Vice President and Chief Financial Officer of JPMorgan Chase Maria Elena Lagomasino – member of the board of directors of The Coca-Cola Company and former CEO of JPMorgan Private Bank Jacob A. Frenkel
Jacob A. Frenkel
– Governor of the Bank
Bank
of Israel Thomas W. Lamont
Thomas W. Lamont
– acting head of J.P. Morgan & Co. on Black Tuesday Robert I. Lipp – former CEO of The Travelers Companies Marjorie Magner – chairman of Gannett Company[130] Henry S. Morgan – co-founder of Morgan Stanley, son of J. P. Morgan, Jr. and grandson of financier J. P. Morgan Lewis Reford – Canadian political candidate David Rockefeller
David Rockefeller
– patriarch of the Rockefeller family Harold Stanley – former JPMorgan partner, co-founder of Morgan Stanley Jan Stenbeck
Jan Stenbeck
– former owner of Investment AB Kinnevik

Politics and public service[edit]

Frederick Ma
Frederick Ma
Hong Kong
Hong Kong
Secretary for Commerce and Economic Development (2007–08) Tony Blair
Tony Blair
Prime Minister of the United Kingdom
Prime Minister of the United Kingdom
(1997–2007)[131] William M. Daley
William M. Daley
– U.S. Secretary of Commerce (1997–2000), U.S. White House Chief of Staff (2011–2012) Michael Forsyth, Baron Forsyth of Drumlean
Michael Forsyth, Baron Forsyth of Drumlean
– Secretary of State for Scotland (1995–97) Thomas S. Gates, Jr.
Thomas S. Gates, Jr.
– U.S. Secretary of Defense (1959–61) David Laws
David Laws
– UK Chief Secretary to the Treasury
Chief Secretary to the Treasury
(May 2010) Minister of State for Schools Rick Lazio – member of the U.S. House of Representatives (1993–2001) Antony Leung
Antony Leung
– Financial Secretary of Hong Kong
Hong Kong
(2001–03) Dwight Morrow
Dwight Morrow
– U.S. Senator (1930–31) Margaret Ng
Margaret Ng
– member of the Hong Kong
Hong Kong
Legislative Council George P. Shultz
George P. Shultz
– U.S. Secretary of Labor (1969–70), U.S. Secretary of Treasury (1972–74), U.S. Secretary of State (1982–89)

Other[edit]

R. Gordon Wasson
R. Gordon Wasson
– ethnomycologist and former JPMorgan vice president[132][133]

Awards[edit]

Best Banking
Banking
Performer, United States
United States
of America in 2016 by Global Brands Magazine Award.[134]

See also[edit]

New York City
New York City
portal Companies portal

Credit default swap: History 2012 JPMorgan Chase
JPMorgan Chase
trading loss Palladium Card Alayne Fleischmann

Index products[edit]

JPMorgan EMBI JPMorgan GBI-EM Index

References[edit]

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JPMorgan Chase
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JPMorgan Chase
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JPMorgan Chase
to pay $264 million in fines for bribing foreign officials by hiring their friends and family". The Washington Post. Retrieved 3 July 2017.  ^ "Madoff trustee suit against JPMorgan Chase" (PDF). Retrieved November 27, 2013.  ^ Bob Van Voris. "JPMorgan Wins Dismissal of $19 Billion in Madoff Trustee
Trustee
Claims". Bloomberg.  ^ Jonathan Stempel. "Madoff said JPMorgan executives knew of his fraud: lawsuit". Reuters.  ^ "J P Morgan Chase pays $1.7 billion and settles Madoff related criminal case". Forbes. January 7, 2014.  ^ JPMorgan to pay $1.7bn to victims of the Madoff fraud BBC January 7, 2014 ^ Text of deferred prosecution agreement in Madoff case Archived January 8, 2014, at the Wayback Machine. ^ Protess, Ben; Silver-Greenberg, Jessica. JPMorgan Faces Possible Penalty in Madoff Case, The New York Times, October 23, 2013. ^ Chan, Cathy (March 30, 2014). " Hong Kong
Hong Kong
ICAC Said to Search Outgoing JPMorgan CEO's Office". Bloomberg L.P.
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Retrieved June 24, 2014.  ^ Chan, Cathy (October 2, 2014). "Hackers' Attack on JPMorgan Chase Affects Millions". The New York Times. Retrieved October 2, 2014.  ^ Goldstein, Matthew; Perlroth, Nicole; Sanger, David E. (October 3, 2014). "Hackers' Attack Cracked 10 Financial Firms in Major Assault". The New York Times. Retrieved October 4, 2014.  ^ "U.S. sues JPMorgan for alleged mortgage discrimination". Reuters. 18 January 2017. Retrieved 18 January 2017.  ^ "U.S. accuses JPMorgan of mortgage discrimination in lawsuit". USA TODAY. Retrieved 18 January 2017.  ^ Armitage, Jim (January 29, 2014). "JP Morgan employee who fell to death from bank's London
London
office in Canary Wharf named as Gabriel Magee". The Independent. Retrieved October 31, 2017.  ^ "Global Corporate Bank
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Whale Probes. Bloomberg. Retrieved December 6, 2013. ^ Gandel, Stephen. Did the SEC let JPMorgan off the hook? Archived September 22, 2013, at the Wayback Machine.. Fortune, September 20, 2013. ^ jpmorganchase - July 31, 2007 release id :257378 - about/art & About-JPMC. Retrieved February 3, 2012 ^ La Lettre (de la photographie) entries/4727. Retrieved February 4, 2012 ^ "J.P. Morgan Home - J.P. Morgan". Jpmorgan.com. Retrieved November 12, 2017.  ^ Bridges, Steven (May 25, 2010). "Spotlight: JPMorgan Chase
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Art Magazine. Archived from the original on December 14, 2010. Retrieved February 3, 2012.  ^ August 15, 2011 christies. Retrieved February 3, 2012 ^ L. Nicholson - January 1, 2008 - High Beam Research (Cengage Learning) firstly sourced at Apollo Magazine, 22 Old Queen Street, London, SW1H 9HP.. Retrieved February 4, 2012 ^ "JP MORGAN Collected Visions". Pera Museum. Archived from the original on March 4, 2012. Retrieved February 3, 2012.  ^ Flitter, Emily (2018). "Wall Street's Longest-Serving C.E.O. Says He Isn't Going Anywhere". The New York Times. ISSN 0362-4331. Retrieved 2018-01-30.  ^ "Why J.P. Morgan Chase CEO Jamie Dimon
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External links[edit]

Wikimedia Commons has media related to JPMorgan Chase.

Official website

Business data for JPMorgan Chase
JPMorgan Chase
& Co.: Google Finance Yahoo! Finance Reuters SEC filings

v t e

JPMorgan Chase

Divisions

J.P. Morgan & Co. Chase Bank Chase Paymentech Chase Card Services Canada EMC Mortgage Company Highbridge Capital Management J.P. Morgan Cazenove One Equity Partners

Notable current executives

Jamie Dimon
Jamie Dimon
(CEO) Steven Black Jing Ulrich Marianne Lake

Notable former executives

John Pierpont Morgan J. P. Morgan
J. P. Morgan
Jr. Junius Spencer Morgan George Peabody Henry Sturgis Morgan David Rockefeller William B. Harrison Jr. John B. McCoy Walter V. Shipley Douglas A. Warner III Temple Bowdoin Jes Staley Blythe Masters James B. Lee Jr. Thomas W. Lamont Dennis Weatherstone John J. McCloy Winthrop Aldrich Matthew E. Zames

Board of directors

Linda B. Bammann James A. Bell Crandall C. Bowles Stephen B. Burke Todd A. Combs James S. Crown Jamie Dimon Timothy P. Flynn Laban P. Jackson Jr. Michael A. Neal Lee R. Raymond William C. Weldon

Historical components

American Fletcher Anchor Savings Bank Banca Commerciale Italiana Trust Co. Bank
Bank
One The Manhattan
Manhattan
Company Bank
Bank
United of Texas Bear Stearns CenTrust Bank Chase Manhattan
Manhattan
Bank Chemical Bank Continental Bank
Bank
and Trust Corn Exchange Bank Dime Savings Bank
Bank
of New York First Chicago First USA Great Western Bank Hambrecht & Quist H. F. Ahmanson & Co. Indiana National Jardine Fleming J.P. Morgan & Co. Lincoln Savings Manufacturers Hanover National Bank
Bank
of Detroit National Park Bank New York Trust Company Providian Robert Fleming & Co. State Bank
Bank
of Chicago Texas Commerce Bank Valley National Bank
Bank
of Arizona Washington Mutual

Buildings

125 London
London
Wall 245 Park Avenue 25 Bank
Bank
Street 270 Park Avenue 277 Park Avenue 383 Madison Avenue Chase Field Chase Tower (Amarillo) Chase Tower (Chicago) Chase Tower (Dallas) Chase Tower (El Paso) Chase Tower (Englewood, Colorado) Chase Tower (Indianapolis) Chase Tower (Milwaukee) Chase Tower (Oklahoma City) Chase Tower (Phoenix) Chase Tower (Rochester) Chater House Indiana Michigan Power Center (Fort Wayne) JPMorgan Chase
JPMorgan Chase
Building (San Francisco) JPMorgan Chase
JPMorgan Chase
Tower (Houston) McCoy Center One Chase Manhattan
Manhattan
Plaza The Qube (Detroit)

Category Commons Wikiversity

Links to related articles

v t e

Investment banks

Bank

Divisions of universal banks

Bulge bracket

Bank
Bank
of America Merrill Lynch Barclays Citi Institutional Clients Group Credit Suisse Deutsche Bank
Bank
Corporate and Investment Bank J.P. Morgan & Co. (J.P. Morgan Cazenove) UBS
UBS
Investment Bank

Other

Berenberg Bank BMO Capital Markets BOC International BNP Paribas
BNP Paribas
Corporate & Institutional Banking Brown Shipley CIBC World Markets CITIC Securities (CLSA) Commerzbank
Commerzbank
Corporate Clients Crédit Agricole
Crédit Agricole
Corporate and Investment Bank Daiwa Securities Capital Markets Ever Bank
Bank
World Markets Harris Williams & Co. HSBC Global Banking
Banking
and Markets ING Commercial Banking Is Investment KBC Bank Korea Development Bank
Bank
(Daewoo Securities) Lloyds Bank
Bank
Corporate Markets Mitsubishi UFJ Securities Mizuho Corporate Bank Natixis Nomura Securities RBC Capital Markets RBS Markets & International
International
Banking Sberbank CIB Société Générale
Société Générale
Corporate & Investment Bank Standard Chartered TD Securities UniCredit
UniCredit
Corporate & Investment Banking VTB Capital Wells Fargo
Wells Fargo
Securities

Independents

Bulge bracket

Goldman Sachs Morgan Stanley

Other

Allen & Company Blackstone Group Brewin Dolphin BTG Pactual Centerview Partners China International
International
Capital Corporation Close Brothers Group China Everbright Group

China Everbright Limited Everbright Securities

Evercore Partners FBR Capital Markets Focus Investment Banking Galaxy Greenhill & Co. Guosen Securities Haitong Securities Houlihan Lokey Investec Jefferies Keefe, Bruyette & Woods Lazard Lincoln International Macquarie Group Mediobanca Moelis & Company N M Rothschild & Sons Oppenheimer & Co. Perella Weinberg Partners Piper Jaffray Raymond James Financial Renaissance Capital ROTH Capital Partners Salam Investment Ltd. Sandler O'Neill and Partners Stifel Nicolaus Stone Key Partners William Blair & Company

Category List

v t e

50 largest banks and bank holding companies in the United States

Ally American Express Bank
Bank
of America Bank
Bank
of New York Mellon Barclays* BB&T BBVA* BMO Harris* BNP Paribas* Capital One Charles Schwab CIT Citigroup Citizens Comerica Credit Suisse* Deutsche Bank* Discover E-Trade Fifth Third First Horizon Goldman Sachs HSBC* Huntington JPMorgan Chase KeyBank M&T* Morgan Stanley MUFG Union Bank* Mutual of Omaha New York Community Northern Trust People's United PNC Popular RBC* Regions Banco Santander* State Farm State Street SunTrust SVB Synchrony TD* TIAA U.S. Bancorp UBS* USAA Wells Fargo Zions

* indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only, and is current as of March 31, 2017.

v t e

Components of the Dow Jones Industrial Average

3M American Express Apple Boeing Caterpillar Chevron Cisco Systems Coca-Cola Disney DowDuPont ExxonMobil General Electric Goldman Sachs The Home Depot Intel IBM Johnson & Johnson JPMorgan Chase McDonald's Merck & Co. Microsoft Nike Pfizer Procter & Gamble Travelers UnitedHealth Group United Technologies Verizon Communications Visa Walmart

v t e

Members of Euro Banking
Banking
Association

Austria

Allgemeine Sparkasse Oberosterreich Bank
Bank
für Tirol und Vorarlberg AG BKS Bank
Bank
AG Erste Group
Erste Group
Bank
Bank
AG Oberbank AG Oesterreichische Nationalbank Raiffeisen Bank
Bank
International
International
AG Raiffeisenlandesbank Oberösterreich AG Raiffeisen-Landesbank Tirol AG Steiermärkische Bank
Bank
und Sparkassen AG

Belgium

Dexia
Dexia
Bank
Bank
NV KBC Bank
Bank
NV Bank
Bank
van De Post

Cyprus

Bank
Bank
of Cyprus Hellenic Bank

Denmark

Amagerbanken A/S Arbejdernes Landsbank
Arbejdernes Landsbank
A/S Danske Andelskassers Bank
Bank
A/S Danske Bank
Bank
A/S DiBa Bank
Bank
A/S Djurslands Bank
Bank
A/S Jyske Bank
Bank
A/S Nordjyske Bank
Bank
A/S Nørresundby Bank Østjydsk Bank
Bank
A/S Ringkøbing Landbobank Roskilde Bank
Bank
A/S Skjern Bank Spar Nord Bank Sparekassen Sjælland Sydbank
Sydbank
A/S Vestfyns Bank
Bank
A/S Vestjysk Bank

Finland

Aktia Bank
Bank
PLC Bank
Bank
of Åland PLC Pohjola Bank
Bank
PLC S- Bank
Bank
LTD. Tapiola Bank
Bank
LTD

France

Banque Michel Inchauspé - BAMI Banque Palatine BNP Paribas
BNP Paribas
SA BPCE BRED Banque Populaire Crédit Agricole
Crédit Agricole
SA Crédit Coopératif Crédit du Nord Crédit Mutuel Arkéa Credit Mutuel CIC Banque HSBC France La Banque postale Natixis Société Générale

Germany

Berenberg Bank BHF Bank Bremer Landesbank Commerzbank
Commerzbank
AG Deutsche Bank
Bank
AG Deutsche Bundesbank Deutsche Postbank DZ Bank
Bank
AG Europe
Europe
Arab Bank
Bank
Frankfurt Hamburger Sparkasse AG J.P. Morgan Chase Bank
Chase Bank
AG Landesbank Baden-Württemberg Landesbank Berlin Holding Landesbank Hessen-Thüringen Oldenburgische Landesbank SECB Swiss EURO CLEARING Bank
Bank
GmbH The Bank
Bank
of New York Mellon, Frankfurt Branch VTB Bank
Bank
(Deutschland) AG

Greece

Alpha Bank
Bank
SA Eurobank Ergasias
Eurobank Ergasias
SA National Bank
Bank
of Greece SA Piraeus Bank
Bank
SA

Hungary

Budapest Bank CIB Bank Erste Bank FHB Mortgage Bank Hanwha
Hanwha
Bank Hungarian Development Bank Hungarian National Bank K&H Bank MagNet Bank MKB Bank OTP Bank Raiffeisen Bank Sberbank Europe
Europe
Group TakarékBank UniCredit

Ireland

Allied Irish Banks Bank
Bank
of Ireland

Italy

Banca del Fucino Banca Monte dei Paschi di Siena Banca Nazionale del Lavoro Banca Popolare del Lazio Banca Popolare di Sondrio Banca Sella Banco BPM BPER Banca Cassa di Risparmio di Cesena Cassa di Risparmio di Fermo Cassa di Risparmio di Ravenna

Banca di Imola

Credito Emiliano Credito Valtellinese ICCREA Banca Intesa Sanpaolo Nexi Raiffeisen Landesbank Südtirol UBI Banca UniCredit

Luxembourg

Banque et Caisse d'Épargne de l'État Banque Raiffeisen Banque Internationale à Luxembourg
Banque Internationale à Luxembourg
SA KBL European Private Bankers Société Générale
Société Générale
Bank
Bank
& Trust

Netherlands

ABN Amro Bank
Bank
NV De Nederlandsche Bank ING Bank
Bank
NV Rabobank
Rabobank
Nederland

Poland

Bank
Bank
BPH SA Narodowy Bank
Bank
Polski

Portugal

Banco BPI SA Banco Comercial Português Crédito Agrícola Caixa Geral de Depósitos Novo Banco

Slovenia

Banka Slovenije

Spain

Banco Bilbao Vizcaya Argentaria, S.A. Banco Popular Español, S.A. Banco Sabadell, S.A. Bankinter, S.A. Banco Santander, S.A. CaixaBank, S.A. (La Caixa) Catalunya Banc, S.A. (CatalunyaCaixa) Kutxabank, S.A. ABANCA Corporación Bancaria, S.A. (Abanca) Caja Laboral
Caja Laboral
Popular, Cooperativa de Crédito (Caja Laboral) Banco Cooperativo Español, S.A. (Caja Rural) CECABANK, S.A.

Sweden

Skandinaviska Enskilda Banken Svenska Handelsbanken Swedbank
Swedbank
AB Nordea
Nordea
Bank
Bank
AB

United Kingdom

Bank
Bank
of Tokyo-Mitsubishi UFJ Ltd. Barclays
Barclays
Bank
Bank
PLC Citibank
Citibank
NA DNB Bank
Bank
(NOR) HSBC Bank
Bank
PLC JPMorgan Chase
JPMorgan Chase
Bank, N.A., London
London
Branch Kookmin Bank
Bank
International
International
Ltd. Lloyds Bank
Bank
PLC Mashreq Bank
Bank
psc (UAE) Royal Bank
Bank
of Scotland PLC UBS
UBS
AG Wells Fargo
Wells Fargo
Bank
Bank
NA

Non-EU

Bank
Bank
of China (CHN)

Authority control

WorldCat Identities VIAF: 126697014 ISNI: 0000 0001 2215 0980 GND: 6073167-

.