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JPMorgan JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational finance corporation headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States, and the world's largest bank by mar ...
Chase & Co. (stylized as JPMorganChase) is an American multinational finance corporation headquartered in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
and incorporated in
Delaware Delaware ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic and South Atlantic states, South Atlantic regions of the United States. It borders Maryland to its south and west, Pennsylvania to its north, New Jersey ...
. It is the largest bank in the United States, and the world's largest bank by market capitalization as of 2024. As the largest of the Big Four banks in America, the firm is considered systemically important by the
Financial Stability Board The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established in the 2009 G20 Pittsburgh Summit as a successor to the Financial Stability Forum (FSF) ...
. Its size and scale have often led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet". The firm is headquartered in
Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough of Manhattan, serving as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Building, the ...
and is set return to its former location at the new under-construction JPMorgan Chase Building at 270 Park Avenue in November 2025. JPMorgan Chase was created in 2000 by the
merger Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...
of New York City banks J.P. Morgan & Co. and Chase Manhattan Company. Through its predecessors, the firm's early history can be traced to 1799, with the founding of what became the Bank of the Manhattan Company. J.P. Morgan & Co. was founded in 1871 by the American financier
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 and Progressive Era. As the head of the banking firm that ...
, who launched the
House of Morgan J.P. Morgan & Co. is an American financial institution specialized in investment banking, asset management and private banking founded by financier J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidi ...
on
23 Wall Street 23 Wall Street (also known as the J.P. Morgan Building) is a four-story office building in the Financial District of Manhattan in New York City, at the southeast corner of Wall Street and Broad Street. Designed by Trowbridge & Livingst ...
as a national purveyor of
commercial Commercial may refer to: * (adjective for) commerce, a system of voluntary exchange of products and services ** (adjective for) trade, the trading of something of economic value such as goods, services, information or money * a dose of advertising ...
,
investment Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...
, and
private banking Private banking is a general description for banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs) – those with very high income or substantial asset ...
services. Today, the firm is a major provider of investment banking services, through corporate advisory,
mergers and acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...
, sales and trading, and public offerings. Their private banking franchise and asset management division are among the world's largest in terms of total assets. Its retail banking and credit card offerings are provided via the Chase brand in the U.S. and
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...
. JPMorgan Chase is the world's fifth largest bank by total assets, with $ in total assets as of 2024 The firm operates the largest investment bank in the world by revenue. It occupies the 24th spot on the ''Fortune'' 500 list of the largest U.S. corporations by revenue. In 2023, JPMorgan Chase was ranked #1 in the ''Forbes'' Global 2000 ranking. The company's balance sheet, geographic footprint, and
thought leadership A thought leader has been described as an individual or firm recognized as an authority in a specific field. A thought leader is a person who specializes in a given area and whom others in that industry turn to for guidance. As the term implies, ...
have yielded a substantial market share in banking and a high level of
brand loyalty In marketing and consumer behaviour, brand loyalty describes a consumer's persistent positive feelings towards a familiar brand and their dedication to purchasing the brand's products and/or services repeatedly regardless of deficiencies, a ...
. Alternatively, it receives routine criticism for its risk management, broad financing activities, and large-scale legal settlements.


History

JPMorgan Chase is the result of the combination of several large U.S. banking companies that merged since 1996, combining Chase Manhattan Bank, J.P. Morgan & Co., and
Bank One Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, ...
, as well as asset assumptions of
Bear Stearns The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chas ...
,
Washington Mutual Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in ...
, and First Republic. Predecessors included additional historic, major banking firms, among which are
Chemical Bank Chemical Bank, headquartered in New York City, was the principal operating subsidiary of Chemical Banking Corporation, a bank holding company. In 1996, it acquired Chase Bank, adopted the Chase name, and became the largest bank in the United Stat ...
, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. The company's oldest predecessor institution, The 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 Aaron Burr Jr. (February 6, 1756 – September 14, 1836) was an American politician, businessman, lawyer, and Founding Fathers of the United States, Founding Father who served as the third vice president of the United States from 1801 to 1805 d ...
.


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. The Bank of the Manhattan Company was the creation of
Aaron Burr Aaron Burr Jr. (February 6, 1756 – September 14, 1836) was an American politician, businessman, lawyer, and Founding Fathers of the United States, Founding Father who served as the third vice president of the United States from 1801 to 1805 d ...
, who transformed the company from a water carrier into a bank. According to page 115 of ''An Empire of Wealth'' by
John Steele Gordon John Steele Gordon (born May 7, 1944) is an American writer who specializes in the history of business and finance. Born and raised in New York City, he graduated from Vanderbilt University. After spending some time in publishing, he left to tr ...
, 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 A state legislature is a Legislature, legislative branch or body of a State (country subdivision), political subdivision in a Federalism, federal system. Two federations literally use the term "state legislature": * The legislative branches of ...
. 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 Hamilton may refer to: * Alexander Hamilton (1755/1757–1804), first U.S. Secretary of the Treasury and one of the Founding Fathers of the United States * ''Hamilton'' (musical), a 2015 Broadway musical by Lin-Manuel Miranda ** ''Hamilton'' (al ...
's political enemy—and eventual murderer—
Aaron Burr Aaron Burr Jr. (February 6, 1756 – September 14, 1836) was an American politician, businessman, lawyer, and Founding Fathers of the United States, Founding Father who served as the third vice president of the United States from 1801 to 1805 d ...
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 JPMorgan Chase, the largest bank in the United States.
Led by
David Rockefeller David Rockefeller (June 12, 1915 – March 20, 2017) was an American economist and investment banker who served as chairman and chief executive of Chase Bank, Chase Manhattan Corporation. He was the oldest living member of the third generation of ...
during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banks, with leadership positions in syndicated lending, treasury and securities services, credit cards,
mortgages A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pur ...
, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by
Chemical Bank Chemical Bank, headquartered in New York City, was the principal operating subsidiary of Chemical Banking Corporation, a bank holding company. In 1996, it acquired Chase Bank, adopted the Chase name, and became the largest bank in the United Stat ...
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 San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...
–based Hambrecht & Quist for $1.35 billion. In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.


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 A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the ...
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 A leveraged buyout (LBO) is the acquisition of a company using a significant proportion of borrowed money (Leverage (finance), leverage) to fund the acquisition with the remainder of the purchase price funded with private equity. The assets of t ...
transactions. In 1984, Chemical launched Chemical Venture Partners to invest in
private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...
transactions alongside various
financial sponsor A financial sponsor is a private equity investment firm, particularly a private equity firm that engages in leveraged buyout transactions. Sponsors and management In addition to bringing capital to a deal, financial sponsors are expected to brin ...
s. 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 the 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 In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can b ...
or deposit market share). In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase name. To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters site at 270 Park Avenue (the current building was demolished and a larger replacement headquarters is being built on the same site).


J.P. Morgan and Company

The
House of Morgan J.P. Morgan & Co. is an American financial institution specialized in investment banking, asset management and private banking founded by financier J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidi ...
was born out of the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan). J.P. Morgan & Co. financed the formation of the
United States Steel Corporation The United States Steel Corporation is an American steel company based in Pittsburgh, Pennsylvania. It maintains production facilities at several additional locations in the U.S. and Central Europe. The company produces and sells steel products, ...
, which took over the business of
Andrew Carnegie Andrew Carnegie ( , ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the History of the iron and steel industry in the United States, American steel industry in the late ...
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 A treasury is either *A government department related to finance and taxation, a finance ministry; in a business context, corporate treasury. *A place or location where treasure, such as currency or precious items are kept. These can be ...
surplus of $100 million. In 1892, the company began to finance the
New York, New Haven and Hartford Railroad The New York, New Haven and Hartford Railroad , commonly known as The Consolidated, or simply as the New Haven, was a railroad that operated principally in the New England region of the United States from 1872 to 1968. Founded by the merger of ...
and led it through a series of acquisitions that made it the dominant railroad transporter in
New England New England is a region consisting of six states in the Northeastern United States: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. It is bordered by the state of New York (state), New York to the west and by the ...
. Built in 1914,
23 Wall Street 23 Wall Street (also known as the J.P. Morgan Building) is a four-story office building in the Financial District of Manhattan in New York City, at the southeast corner of Wall Street and Broad Street. Designed by Trowbridge & Livingst ...
was the bank's headquarters for decades. 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 case has never been solved, and was rendered inactive by the
FBI The Federal Bureau of Investigation (FBI) is the domestic Intelligence agency, intelligence and Security agency, security service of the United States and Federal law enforcement in the United States, its principal federal law enforcement ag ...
in 1940. In August 1914, Henry P. Davison, a Morgan partner, made a deal with the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one ...
to make J.P. Morgan & Co. the monopoly underwriter of
war bonds War bonds (sometimes referred to as victory bonds, particularly in propaganda) are debt securities issued by a government to finance military operations and other expenditure in times of war without raising taxes to an unpopular level. They are ...
for the UK and France. The Bank of England became a "
fiscal agent A fiscal agent, fiscal sponsor, or financial agent is a proxy that manages fiscal matters on behalf of another party. A fiscal agent may assist in the redemption of bonds or coupons at maturity, disbursing dividends, and handling tax issues. For ...
" of J.P. Morgan & Co., and vice versa. The company also invested in the suppliers of war equipment to Britain and France. The company profited from the financing and purchasing activities of the two European governments. Since the U.S. federal government withdrew from world affairs under successive isolationist Republican administrations in the 1920s, J.P. Morgan & Co. continued playing a major role in global affairs since most European countries still owed war debts. In the 1930s, J.P. Morgan & Co. and all integrated banking businesses in the United States were required by the provisions of the Glass–Steagall Act to separate their
investment banking Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...
from their
commercial banking A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...
operations. J.P. Morgan & Co. chose to operate as a commercial bank. In 1935, after being barred from the 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 Harold Stanley (October 2, 1885 – May 14, 1963) was an American businessman and one of the founders of Morgan Stanley in 1935. For 20 years, he ran Morgan Stanley until he left the firm in 1955. Early life Stanley was born in Great Barring ...
,
Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...
was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock from J.P. Morgan partners. 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 migrating back to the use of the J.P. Morgan brand. In 1984, the group purchased the Purdue National Corporation of Lafayette,
Indiana Indiana ( ) is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. It borders Lake Michigan to the northwest, Michigan to the north and northeast, Ohio to the east, the Ohio River and Kentucky to the s ...
. In 1988, the company once again began operating exclusively as J.P. Morgan & Co. The Bank began operations in
Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...
in 1924, in
Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...
during the later part of the nineteenth century, and in
Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...
during the early 1920s. An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a branch in
China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...
in 1921 and Chase National Bank was established there in 1923. The bank has operated in
Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...
and
India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...
since the 1930s. Chase Manhattan Bank opened an office in
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...
in 1967. The firm's presence in
Greece Greece, officially the Hellenic Republic, is a country in Southeast Europe. Located on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to th ...
dates to 1968."Central & Eastern Europe"
. JPMorgan Chase. Retrieved June 8, 2012.
An office of JPMorgan was opened in Taiwan in 1970, in
Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...
(
Soviet Union The Union of Soviet Socialist Republics. (USSR), commonly known as the Soviet Union, was a List of former transcontinental countries#Since 1700, transcontinental country that spanned much of Eurasia from 1922 until Dissolution of the Soviet ...
) in 1973, and Nordic operations began during the same year. Operations in Poland began in 1995.


Bank One Corporation

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current chairman and CEO
Jamie Dimon James Dimon ( ; born March 13, 1956) is an American businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. Dimon began his career as a management consultant at Boston Consulting Group. After earnin ...
as president and COO. He succeeded former CEO William B. Harrison Jr. Dimon introduced new cost-cutting strategies, and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at
Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...
. Dimon became CEO in December 2005 and chairman in December 2006. Bank One Corporation was formed with the 1998 merger of Banc One of Columbus, Ohio and First Chicago Bank, First Chicago NBD. This merger was considered a failure until Dimon took over and reformed the new firm's practices. Dimon effected changes to make Bank One Corporation a viable merger partner for JPMorgan Chase. Bank One Corporation, formerly First Bancgroup of Ohio, was 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." After the First Chicago Bank, First 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. JPMorgan Chase completed the merger with
Bank One Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, ...
in the third quarter of 2004.


Bear Stearns

At the end of 2007,
Bear Stearns The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chas ...
was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year. On Friday, March 14, 2008, Bear Stearns lost 47% of its equity market value as rumors emerged that clients were withdrawing capital from the bank. Over the following weekend, it emerged that Bear Stearns might prove insolvent, and on March 15, 2008, the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns. On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced its plans to acquire 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 agreed to guarantee all Bear Stearns trades and business process flows. On March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million. The stock swap agreement was signed that night. On March 24, 2008, after public discontent 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 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.


Washington Mutual

On September 25, 2008, JPMorgan Chase bought most of the banking operations of
Washington Mutual Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in ...
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 Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations, and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day. However, Chase did not purchase any mortgages in the FDIC receivership as the loans had already been sold off into Washington Mutual-branded mortgage-backed securities long before the receivership happened on September 25, 2008. If Chase wanted ownership of any Washington Mutual mortgages, they had to purchase them from the FDIC by way of a Receiver's Deed or Bill of Sale. This could not occur, as there were no mortgages on Washington Mutual Bank's books at time of receivership. Any recorded Assignments of Mortgage claiming that Chase was "successor in interest" and that the transfer occurred "by operation of law," would be incorrect. The FDIC was "successor in interest" to Washington Mutual Bank. Chase's purchase of the bank from the FDIC was for Washington Mutual Bank only and it occurred by a Purchase & Assumption Agreement and not "by operation of law" from the receivership. As a result of the takeover, Washington Mutual shareholders lost all their Equity investment, equity. JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual. 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 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.


First Republic Bank

On May 1, 2023, in what was now the second largest bank failure behind JPMorgan's acquisition of
Washington Mutual Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in ...
fifteen years earlier, the company acquired "the substantial majority of assets" and inherited the deposits of First Republic Bank. Under terms disclosed by JPMorgan Chase, it will make a $10.6 billion payment to the Federal Deposit Insurance Corporation, return $25 billion in funds that other banks deposited with First Republic in March in a lifeline negotiated with the US Department of Treasury at that time, and will eliminate a $5 billion deposit it had made with First Republic. As a result of the takeover, First Republic Bank shareholders lost all their Equity investment, equity. The FDIC estimates that the cost to the Deposit Insurance Fund will be about $13 billion.


Recent history


2006

In 2006, 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. In April 2006, JPMorgan Chase acquired Bank of New York Mellon's retail and small business banking network. The acquisition gave Chase access to 339 additional branches in New York (state), New York, New Jersey, and Connecticut. In 2008, J.P. Morgan acquired the UK-based carbon offsetting company Climate Care, ClimateCare. JPMorgan Chase was the biggest bank at the end of 2008 as an individual bank (exclusive of its subsidiaries) during the 2008 financial crisis.


2008–2009

On October 28, 2008, $25 billion in funds were transferred from the U.S. Treasury Department to JPMorgan Chase, under the Troubled Asset Relief Program (TARP). This was the fifth largest amount transferred under Section A of TARP to help troubled assets related to residential mortgages. It has been widely reported"Too Big to Fail Book"
. ''The New York Times''. November 12, 2009.
that JPMorgan Chase was in much better financial shape than other banks and did not need TARP funds but accepted the funds because the government did not want to single out only the banks with capital issues. JPMorgan Chase stated in February 2009 that it would be using its capital-base monetary strength to acquire new businesses. By February 2009, the U.S. government had not moved forward in enforcing TARP's intent of funding JPMorgan Chase with $25 billion. In the face of the government's lack of action,
Jamie Dimon James Dimon ( ; born March 13, 1956) is an American businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. Dimon began his career as a management consultant at Boston Consulting Group. After earnin ...
was quoted during the week of February 1, 2009, as saying: JPMorgan Chase was arguably the healthiest of the nine largest U.S. banks and did not need to take TARP funds. To encourage smaller banks with troubled assets to accept this money, Treasury Secretary Henry Paulson allegedly coerced the CEOs of the nine largest banks to accept TARP money under short notice. In November 2009, J.P. Morgan announced it would acquire the balance of J.P. Morgan Cazenove, an advisory and underwriting joint venture established in 2004 with the Cazenove (stock broker), Cazenove Group. Earlier in 2011, the company announced that by the use of field-programmable gate array-based supercomputers, the time taken to Risk assessment, assess risk had been greatly reduced, from arriving at a conclusion within hours to what is now minutes. In 2013, J.P. Morgan acquired Bloomspot, a San Francisco-based startup. Shortly after the acquisition, the service was shut down and Bloomspot's talent was left unused.


2013

In 2013, after teaming up with the Bill and Melinda Gates Foundation, GlaxoSmithKline and The Children's Investment Fund Foundation, Children's Investment Fund, JPMorgan Chase, under Dimon launched a $94 million fund with a focus on "late-stage healthcare technology trials". The fund will "give money to final-stage drug, vaccine, and medical device studies that are otherwise stalled at companies because of their relatively high failure risk and low consumer demand. Examples of problems that could be addressed by the fund include malaria, tuberculosis, HIV/AIDS, and Maternal death, maternal and infant mortality", according to the Gates and JPMorgan Chase led-group.


2014

The 2014 JPMorgan Chase data breach, 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. In October 2014, J.P. 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.


2016

In March 2016, J.P. Morgan decided not to finance coal mines and coal power plants in wealthy countries. In October 2016, J.P.Morgan unveiled its permissioned blockchain called Quorum, based on Ethereum's Go (programming language), GO programming language. In December 2016, 14 former executives of the Wendel investment company faced trial for Tax-fraud, tax fraud while JPMorgan Chase was to be pursued for complicity. Jean-Bernard Lafonta was convicted December 2015 for spreading false information and insider trading, and fined 1.5 million euros.


2017

In March 2017, Lawrence Obracanik, a former JPMorgan Chase & Co. employee, pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts. In June 2017, Matt Zames, then-COO of the bank, decided to leave the firm. In December 2017, J.P. Morgan was sued by the Federal government of Nigeria, Nigerian government for $875 million, which Nigeria alleges was transferred by J.P. Morgan to a corrupt former minister. Nigeria accused J.P. Morgan of being "grossly negligent".


2019

In February 2019, J.P. Morgan announced the launch of JPM Coin, a digital token that will be used to settle transactions between clients of its wholesale payments business. It would be the first cryptocurrency issued by a United States bank.


2021

On April 19, 2021, JP Morgan pledged $5billion towards the European Super League. a controversial breakaway group of football clubs seeking to create a monopolistic structure where the founding members would be guaranteed entry to the competition in perpetuity. They funded the failed attempt to create the league, which, if successful, would have ended the meritocratic European pyramid soccer system. J.P. Morgan's role in the creation of the Super League was instrumental; the investment bank was reported to have worked on it for several years. After a strong backlash, the owners/management of the teams that proposed creating the league pulled out of it. After the attempt to end the European football hierarchy failed, J.P. Morgan apologized for its role in the scheme. JPMorgan Chase CEO Jamie Dimon said the company "kind of missed" that football supporters would respond negatively to the Super League. While the absence of promotion and relegation is a common sports model in the US, this is an antithesis to the European competition-based pyramid model and has led to widespread condemnation from Football federations internationally as well as at government level. However, even at the time, JPMorgan had been involved in European football for almost 20 years. In 2003, they advised the Glazer ownership of Manchester United. It also advised Rocco Commisso, the owner of Mediacom, to purchase ACF Fiorentina, and Dan Friedkin on his takeover of A.S. Roma. Moreover, It aided Inter Milan and A.S. Roma to sell bonds backed by future media revenue, and Spain's Real Madrid CF to raise funds to refurbish their Santiago Bernabeu Stadium. In September 2021, JPMorgan Chase entered the UK retail banking market by launching an app-based Transaction account, current account under the Chase (UK), Chase brand Chase UK. This is the company's first retail banking operation outside of the United States. In 2021, the company made more than over 30 acquisitions including OpenInvest and Nutmeg (company), Nutmeg. In March 2022, JPMorgan Chase announced that would acquire Global Shares (now is J.P. Morgan Workplace solutions), a cloud-based provider of equity management software. In November 2021, JPMorgan Chase acquired restaurant recommendation website and owner of Zagat, The Infatuation. In June 2021, JPMorgan Chase invested in Brazilian digital bank C6, acquiring 40% of the company. The amount of investment was not disclosed, but 6 months before the deal C6 was valued at 2.28 billion dollars.


2022

In 2022, JPMorgan Chase was ranked 24 on the Fortune 500 rankings of the largest U.S. corporations by total revenue. In March 2022, JPMorgan Chase announced to wind down its business in
Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...
in compliance with regulatory and licensing requirements. On May 20, 2022, JPMorgan Chase used blockchain for collateral settlements, the latest Wall Street experimentation with the technology in the trading of traditional financial assets. In September 2022, the company announced it was acquiring California-based Renovite Technologies to expand its payments processing business amid heavy competition from fintech firms like Stripe, Inc., Stripe and Adyen. This comes on top of previous, similar moves of buying a 49% stake in fintech Viva Wallet and a majority sake in Volkswagen's payments business, among many other acquisitions in other areas of finance. In November 2022, JPMorgan Chase sent COO Daniel Pinto to the Global Financial Leaders' Investment Summit in Hong Kong. The attendance of US financial executives drew heavy criticism from some US lawmakers, who had previously urged the US financial executives to cancel their attendance to the summit.


2023

In May 2023, ''CNBC'' reported JPMorgan Chase was developing a new tool for investment advisers using artificial intelligence called IndexGPT. Via trademark filing, this would rely on a "disruptive form of artificial intelligence" and cloud computing software to select investments for customers. This move was a sign the bank intended to launch a product in the near term, given the requirements around filing, and it came amid a flurry of development around ChatGPT and this technology from financial institutions. This came amid a period of job cuts, including for technology roles, even as the company emphasize its commitment to AI and created a model to detect potential changes in Federal Reserve policy. JP increased its stake in Brazilian digital bank C6 to 46% in 2023: the bank has increased the number of customers from 8 million to 25 million since 2021 and its loan portfolio from R$9.5 billion (about $2 billion) to R$40 billion ($8.2 billion).


2025

In February 2025, Matt Sable and Melissa Smith were appointed as co-heads of commercial banking by JPMorgan Chase after a leadership reshuffle. They will oversee the service to over 70,000 clients across North America and report to John Simmons and Filippo Gori. Both have decades of experience under their belt, with Sable spearheading financial institutions and Smith specializing in innovation economy and middle market banking. In February 2025, JPMorgan Chase has hired Jonathan Slaughter from Goldman Sachs to join its business services unit within the investment bank. Slaughter, who has served Goldman since 2021, will be now focusing on bolstering the expansion of JPMorgan's business services in Europe, the Middle East, and Africa, based in London. He will report to the global head of business services, Dana Weinstein. In March 2025, Charlie Javice, founder of the college financial aid startup ”Frank”, was convicted on all counts of fraud related to JPMorgan Chase’s $175 million acquisition of her company. Alongside Frank’s chief growth officer Olivier Amar, she was found guilty of securities fraud, wire fraud, bank fraud, and conspiracy. The fraud centered on Javice and Amar falsely representing Frank’s user base to JPMorgan. Prosecutors revealed that the company claimed to have 4.25 million users, when in reality, it had only about 300,000 to deceive the bank. Amar had purchased fake customer lists from third parties to create the illusion of a much larger client base. JPMorgan only realized the fraud when it attempted to contact Frank’s customers and received very few responses than expected. Jamie Dimon, JPMorgan’s CEO, has since called the Frank acquisition a “huge mistake,” although the bank has remained silent in this regard. However, Javice’s sentencing is scheduled for August 26, while Amar will be sentenced on July 23.


Lawsuits and legal settlements by years


2001

Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation with aiding and abetting Enron Corp.'s securities fraud, which collapsed amid Enron scandal, a financial scandal in 2001. In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office. In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.


2002

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.


2005

JPMorgan Chase, which helped Underwriting, 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 Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...
. In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors. In 2005, JPMorgan Chase acknowledged that its two predecessor banks had received ownership of thousands of slaves as collateral prior to the American Civil War, Civil War. The company apologized for contributing to the "brutal and unjust institution" of slavery. The bank paid $5 million in reparations in the form of a scholarship program for Black students.


2009

In 2008 and 2009, 14 lawsuits were filed against 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 the 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 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. In November 2009, a week after Birmingham, Alabama Mayor Larry Langford was convicted for financial crimes related to bond swaps for Jefferson County, Alabama, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into the sales of Derivative (finance), derivatives that allegedly contributed to the near-bankruptcy of the county. JPMorgan had been chosen by the county commissioners to refinance the county's sewer debt, and the U.S. Securities and Exchange Commission, SEC had alleged that JPMorgan made undisclosed payments to close friends of the commissioners in exchange for the deal and made up for the costs by charging higher interest rates on the swaps.


2010

In June 2010, J.P. Morgan Securities was fined a record pounds sterling, £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. FSA requires financial firms to keep clients' funds in separate accounts to protect the clients in case such a 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. 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."UK fines JPMorgan record $49 mln, warns other banks"
, FinanzNachrichten.de, Reuters, June 3, 2010


2011

In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages. 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. 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. 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. On August 25, 2011, 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 N.A. Settles Apparent Violations of Multiple Sanctions Programs":


2012

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states. 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. 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. In 2012, JPMorgan Chase & Co was charged for misrepresenting and failing to disclose that the 2012 JPMorgan Chase trading loss, Chief Investment Office (CIO) had engaged in speculative trades that exposed JPMorgan to significant losses.


2013

In July 2013, The Federal Energy Regulatory Commission (FERC) approved a stipulation and consent agreement under which JPMorgan Ventures Energy Corporation (JPMVEC), a subsidiary of JPMorgan Chase & Co., agreed to pay $410 million in penalties and Disgorgement (law), disgorgement to ratepayers for allegations of market manipulation stemming from the company's bidding activities in electricity markets in California and the Midwestern United States, Midwest from September 2010 through November 2012. JPMVEC agreed to pay a civil penalty of $285 million to the 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. 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 Independent System Operator, California and Midcontinent Independent System Operators (ISOs) to pay JPMVEC outside the market at premium rates. 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. 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. FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase. Various newspapers reported in September 2013 that the Federal Bureau of Investigation (FBI) and United States Attorney for the Southern District of New York, US Attorney's Office in Manhattan were investigating whether employees withheld information or made false statements during the FERC investigation. The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation. At the time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase employees impeded the FERC investigation. Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time. Bernie Madoff opened a business account at Chemical 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 Chase 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's 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. The receiver's suit against JPMorgan Chase was dismissed by the Court for failing to set forth any legally cognizable claim for damages. In the fall of 2013, JPMorgan Chase began talks with prosecutors and regulators regarding compliance with anti-money-laundering and know-your-customer banking regulations in connection with Madoff. In August 2013, JPMorgan Chase announced that it was being investigated by the United States Department of Justice over its offerings of Mortgage-backed security, mortgage-backed securities leading up to the 2008 financial crisis. 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. On November 19, 2013, the United States Department of Justice, Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into its business practices pertaining to Mortgage-backed security, mortgage-backed securities. 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. Conduct at Bear Stearns and Washington Mutual prior to their 2008 acquisitions accounted for much of the alleged wrongdoing. The agreement did not settle criminal charges.


2014

On January 7, 2014, JPMorgan Chase 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 Chase with Bank Secrecy Act violations, but the charges would be dismissed within two years provided that JPMorgan Chase 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 James Dimon ( ; born March 13, 1956) is an American businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. Dimon began his career as a management consultant at Boston Consulting Group. After earnin ...
and other high-ranking JPMorgan Chase employees, used statements made by Bernie Madoff during interviews conducted while in prison in Butner, North Carolina claiming that JPMorgan Chase 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." JPMorgan Chase 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.


2016

In November 2016, 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 by agreeing to hire hundreds of friends and relatives of Government of China, Chinese government officials, resulting in more than $100 million in revenue for the bank.


2017

In January 2017, the United States sued the company, accusing it of discriminating against "thousands" of black and Hispanic mortgage borrowers between 2006 and at least 2009.


2018

On December 26, 2018, as part of an investigation by the U.S. Securities and Exchange Commission (SEC) into abusive practices related to American depositary receipts (ADRs), JPMorgan agreed to pay more than $135 million to settle charges of improper handling of "pre-released" ADRs without admitting or denying the SEC's findings. The sum consisted of $71 million in ill-gotten gains plus $14.4 million in prejudgment interest and an additional penalty of $49.7 million.


2020

On May 14, 2020, ''Financial Times'', citing a report which revealed how companies are treating employees, their supply chains and other stakeholders, during the COVID-19 pandemic, documented that J.P. Morgan Asset Management alongside Fidelity Investments and The Vanguard Group, Vanguard have been accused of paying lip services to cover human rights violations. The UK based media also referenced that a few of the world's biggest fund houses took the action to lessen the impact of abuses, such as modern slavery, at the companies they invest in. J.P. Morgan, in responding to the report, said that it took "human rights violations very seriously" and "any company with alleged or proven violations of principles, including human rights abuses, is scrutinized and may result in either enhanced engagement or removal from a portfolio." In September 2020, the company admitted that it manipulated precious metals futures and government bond markets in a span period of eight years. It settled with the United States Department of Justice, U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission for $920 million. J.P. Morgan will not face criminal charges, however, it will launch into a deferred prosecution agreement for three years.


2022–2023

On November 24, 2022, two women who accused Jeffrey Epstein of sex trafficking and sexual abuse also sued JPMorgan and Deutsche Bank, accusing them of benefiting and closing their eyes to Epstein's sex trafficking operations. According to the lawsuits, banks knew that Epstein's accounts were used to finance sex trafficking crimes. In June 2023, after the allegations reached class-action status, the parties reached a settlement, with JPMorgan agreeing to pay $290million. In September 2023, JPMorgan agreed to a $75 million settlement with the United States Virgin Islands Department of Justice for its alleged facilitation and failure to notify law enforcement of Epstein's illegal activities.


2024

On April 24, after Russian state-owned VTB Bank filed suit against JPMorgan to recoup assets frozen under international sanctions during the Russian invasion of Ukraine, a Russian court ordered the seizure of JPMorgan funds totalling $439.5 million. JPMorgan launched a countersuit the following day, citing its inability to reclaim VTB's stranded US funds. On April 26, a Russian court authorized the seizure of $13.34 million of assets held in Russia by a European subsidiary of JPMorgan and Commerzbank. In July, JPMorgan Chase & Co. and its affiliates became substantial holders in Telix Pharmaceuticals Ltd., acquiring a 5.04% voting power with 16,881,167 ordinary shares. On October 31, JPMorgan Chase agreed to pay $151 million to resolve five U.S. SEC enforcement cases, including allegations of misleading brokerage disclosures On December 2, JPMorgan Chase was fined Singapore dollar, S$2.4 million by the Monetary Authority of Singapore after providing inaccurate and incomplete information to clients in 24 over-the-counter bond transactions by relationship managers, overcharging the clients and refusing to pay back the money difference from the pre-agreed spreads to the spreads given to clients.


Financial data

Note: Financial data in billions of US dollars and employee data in thousands. For years 1998, 1999, and 2000 figures are combined for Chase Bank, Chase Manhattan and J.P. Morgan & Co., for consistency, pre-dating their official merger in 2000. The data is sourced from the company's SEC Form 10-K from 1998 to 2020.


Structure

The corporate structure of JPMorgan Chase & Co. has changed throughout its history through various mergers and acquisitions as well as geographic expansion. In the United States, it owns and operates two key legal subsidiaries: * Chase Bank * J.P. Morgan & Co., JPMorgan Securities, LLC. The modern JPMorgan Chase is broken up into the following three business segments: * Asset and Wealth Management (J.P. Morgan) * Consumer and Community Banking (Chase) * Commercial and Investment banking (J.P. Morgan & Chase)


JPMorgan Europe, Ltd.

The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968. In August 2008, the bank announced plans to construct a new European headquarters at Riverside South (Canary Wharf), Canary Wharf, London. These plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at 25 Bank Street for use as the European headquarters of its investment bank. 25 Bank Street had originally been designated as the European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International. The regional office is in London with offices in Bournemouth, Glasgow, and Edinburgh for asset management, private banking, and investment banking.


Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors, although this is not a comprehensive list: * JPMorgan Chase & Co. ** JPMorgan Chase (merged 2000) *** Chase Manhattan Bank, Chase Manhattan Bank (merged 1996) **** Chemical Banking, Chemical Bank (merged 1996) ***** Chemical Banking, Chemical Bank (reorganized 1988) ****** Chemical Bank, The Chemical Bank of New York (est. 1823) ****** Citizens National Bank (est. 1851, acq. 1920) ****** Corn Exchange Bank (est. 1852, acq. 1954) ****** Chemical Bank#1947–1979, New York Trust Company (acq. 1959) ****** Texas Commerce Bank (est. 1866, acq. 1986) ***** Manufacturers Hanover (merged 1961) ****** Manufacturers Hanover Corporation#Manufacturers Trust Company, Manufacturers Trust Company (est. 1905) ****** Hanover Bank (est. 1873) **** Chase Manhattan Bank, Chase Manhattan Bank (merged 1955) ***** The Bank of the Manhattan Company (est. 1799) ***** Chase National Bank of the City of New York (est. 1877) *** J.P. Morgan & Co. (formerly Morgan Guaranty Trust) (merged 1959) **** Guaranty Trust Company of New York (est. 1866) **** J.P. Morgan & Co. (est. 1895) **
Bank One Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, ...
(merged 2004) *** Banc One Corp. (merged 1968) **** City National Bank & Trust Company **** Farmers Saving & Trust Company *** First Chicago Bank, First Chicago NBD (merged 1995) **** First Chicago Bank, First Chicago Corp. (est. 1863) **** National Bank of Detroit, NBD Bancorp. (formerly National Bank of Detroit) (est. 1933) *** Louisiana's First Commerce Corp. **
Bear Stearns The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chas ...
(est. 1923; acq. 2008) **
Washington Mutual Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in ...
(acq. 2008) ***
Washington Mutual Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in ...
(founded 1889) *** Great Western Bank (acq. 1997) *** H. F. Ahmanson & Co. (acq. 1998) *** Bank United of Texas (acq. 2001) *** Dime Savings Bank of New York, Dime Bancorp, Inc. (acq. 2002) *** Providian Financial (acq. 2005)


Political contributions

JPMorgan Chase's Political action committee, 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. JPMorgan's giving has been focused on Republicans, with 62 percent of its donations going to GOP recipients in 2014. 78 House Democratic Caucus, 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. JPMorgan Chase's PAC made maximum donations to the Democratic Congressional Campaign Committee and the leadership PACs of Steny Hoyer and Jim Himes in 2014.


Climate change

JPMorgan has come under criticism for investing in new fossil fuels projects since the Paris Agreement, Paris climate change agreement. From 2016 to the first half of 2019 it provided $75 billion (£61 billion) to companies expanding in sectors such as Hydraulic fracturing, fracking and Petroleum exploration in the Arctic, Arctic oil and gas exploration. According to Rainforest Action Network its total fossil fuel financing was $64 billion in 2018, $69 billion in 2017 and $62 billion in 2016. From 2015, which is when the Paris Agreement was adopted, until 2021, JP Morgan Chase provided $317 billion in fossil fuel financing; 33% more than any other bank. On October 21, 2021, JP Morgan Chase joined the Net-Zero Banking Alliance, which supports "the global transition of the real economy to net-zero emissions." An internal study, 'Risky business: the climate and macroeconomy', by bank economists David Mackie and Jessica Murray was leaked in early2020. The report, dated 14January 2020, states that under our current unsustainable trajectory of climate change "we cannot rule out catastrophic outcomes where human life as we know it is threatened". JPMorgan subsequently distanced itself from the content of the study. In May 2023, JPMorgan Chase announced that it would purchase $200 million in Carbon offsets and credits, carbon credits representing 800,000 metric tons of carbon dioxide removal (CDR) from multiple companies (including Climeworks and Charm Industrial) after announcing the previous month that it would join the Frontier CDR initiative formed by Alphabet Inc., McKinsey & Company, Meta Platforms, Shopify, and Stripe, Inc. under a $925 million advance market commitment to the CDR industry the previous year.


Offices

The old Chase Bank#Merger as Chase Manhattan Bank, Chase Manhattan Bank's headquarters were at One Chase Manhattan Plaza (now 28 Liberty Street) in Lower Manhattan, the current temporary world headquarters for JPMorgan Chase & Co. are located at 383 Madison Avenue. In 2018, JPMorgan announced they would demolish the current headquarters building at 270 Park Avenue (1960–2021), 270 Park Avenue, which was also Union Carbide's former headquarters, to make way for a newer building at 270 Park Avenue that will be taller than the previous building. Demolition was completed in the spring of 2021, and the new building will be completed in 2025. The replacement and 70-story headquarters will contain , and will be able to fit 15,000 employees, whereas the current headquarters fits 6,000 employees in a space that has a capacity of 3,500. The new headquarters is part of the Midtown Manhattan, East Midtown rezoning plan. When construction is completed in 2025, the headquarters will then move back into the new building at 270 Park Avenue. As the new headquarters is replaced, the bulk of North American operations take place in five nearby buildings on or near Park Avenue in New York City: the former Bear Stearns Building at 383 Madison Avenue (just south of 270 Park Avenue), the former Chemical Bank Building at 277 Park Avenue just to the east, 237 Park Avenue, and 390 Madison Avenue. The bank entered into an agreement to purchase 250 Park Avenue in July 2024. Approximately 11,050 employees are located in Columbus, Ohio, at the McCoy Center, the former Bank One Corporation offices. The building is the largest JPMorgan Chase & Co. facility in the world and the second-largest single-tenant office building in the United States behind The Pentagon. The bank moved some of its operations to the JPMorgan Chase Tower (Houston), JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank. The Global Corporate Bank's main headquarters are in London, with regional headquarters in Hong Kong, New York and São Paulo. 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 City, Cebu, Philippines. Additional large operation centers are located in Phoenix, Arizona; Los Angeles, California, Newark, Delaware; Orlando, Florida; Tampa, Florida; Jacksonville, Florida; Brandon, Florida; Indianapolis, Indiana; Louisville, Kentucky; Brooklyn, New York; Rochester, New York; Columbus, Ohio; Dallas, Texas; Fort Worth, Texas; Plano, Texas; and Milwaukee, Wisconsin. Operation centers in Canada are located in Burlington, Ontario; and Toronto, Ontario. Additional offices and technology operations are located in Manila, Philippines; Cebu City, Cebu, Philippines; Mumbai, India; Bangalore, India; Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; São Paulo; Mexico City, Mexico, and Jerusalem, Israel. In late 2017, JPMorgan Chase opened a new global operations center in Warsaw, Poland. The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House. Operations centers in the United Kingdom are located in Bournemouth, Edinburgh, Glasgow, London, Liverpool, and Swindon. The London location also serves as the European headquarters.


Gallery

File:270 Park Avenue Photomontage.jpg, JPMorgan Chase World Headquarters (opening November 2025)
270 Park Avenue
New York City File:383 Madison Ave Bear Stearns C R Flickr 1.jpg,
JPMorgan Chase Temporary World Headquarters
383 Madison Avenue
New York City File:277parkave.jpg, 277 Park Avenue
New York City File:One Chase Manhattan Plaza 1.jpg, alt=28 Liberty Street, New York City, 28 Liberty Street
New York City File:Chase Tower 060514.jpg, Chase Tower (Chicago), Chase Tower
Chicago, Illinois File:JP MorganChase Building.jpg, JPMorgan Chase Building (San Francisco), JPMorgan Chase Building
San Francisco, California File:JPMorganChaseTower.png, Chase Tower (Dallas), Chase Tower
Dallas, Texas File:PhxTallest1.jpg, Chase Tower (Phoenix), Chase Tower
Phoenix, Arizona File:Chase Tower, a block away.jpg, JPMorgan Chase Tower (Houston), JPMorgan Chase Tower
Houston, Texas File:25 Bank Street 2012.JPG, 25 Bank Street
London, United Kingdom File:JP Morgan Tower, Hyderabad, India.jpg, alt=, JPMorgan Chase & Co. Tower
Hyderabad, Telangana,
India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...


Credit derivatives

The derivatives team at JPMorgan, led by 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 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. As of 2013 JPMorgan had the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank.


2012 CDS 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 2012 JPMorgan Chase trading loss, Bruno Iksil, a trader for JPMorgan Chase & Co., referred to as "the 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. Early reports were denied and minimized by the firm in an attempt to minimize exposure. 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. The disclosure, which resulted in headlines in the media, did not disclose the exact nature of the trading involved, which remained in progress as of June 28, 2012, and continued to produce losses which could total as much as $9 billion under worst-case scenarios. In the end, the trading produced actual losses of only $6 billion. The item traded, possibly related to CDX IG 9, Credit default swap index, an index based on the default risk of major U.S. corporations, has been described as a "derivative of a derivative". On the company's emergency conference call, JPMorgan Chase chairman and CEO Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored". The episode was investigated by the Federal Reserve, the SEC, and the FBI. On September 18, 2013, 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 and the Securities and Exchange Commission in the United States and the Financial Conduct Authority in the UK. The company also admitted breaking American securities law. The fines amounted to the third biggest banking fine levied by US regulators, and the second-largest by UK authorities. , two traders face criminal proceedings. It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws. 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." 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 had been an expected development, and the company had prepared for the financial hit.


Art collection

The collection was begun in 1959 by
David Rockefeller David Rockefeller (June 12, 1915 – March 20, 2017) was an American economist and investment banker who served as chairman and chief executive of Chase Bank, Chase Manhattan Corporation. He was the oldest living member of the third generation of ...
, and comprises over 30,000 objects, of which over 6,000 are photographic-based, as of 2012 containing more than one hundred works by Middle Eastern and North African artists. The One Chase Manhattan Plaza building was the original location at the start of collection by the Chase Manhattan Bank, the current collection containing both this and also those works that the First National Bank of Chicago had acquired prior to assimilation into the JPMorgan Chase organization. L. K. Erf has been the director of acquisitions of works since 2004 for the bank, whose art program staff is completed by an additional three full-time members and one registrar. The advisory committee at the time of the Rockefeller initiation included Alfred H. Barr Jr., A. H. Barr, and Dorothy Canning Miller, D. Miller, and also J. J. Sweeney, R. Hale, P. Rathbone and G. Bunshaft.


Major sponsorships

* Chase Field (formerly Bank One Ballpark), Phoenix, Arizona – Arizona Diamondbacks, MLB * Chase Center,
San Francisco San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...
, California – Golden State Warriors, NBA * Major League Soccer * Chase Auditorium (formerly Bank One Auditorium) inside of Chase Tower (Chicago), Chase Tower in Chicago, Illinois (formerly Bank One Tower) * 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. * JPMorgan Chase is the official sponsor of the US Open (tennis), US Open * J.P. Morgan Asset Management is the Principal Sponsor of the England, English Premiership Rugby 7s Series * Sponsor of the Jessamine Stakes, a two-year-old fillies horse race at Keeneland, Lexington, Kentucky, Lexington, Kentucky since 2006. * Chase Center on the Riverfront in Wilmington, Delaware where Joe Biden accepted his election as President of the United States in 2020. * European Super League (now-defunct)


Ownership

JPMorgan Chase is mainly owned by institutional investors, with over 70% of shares held. The 10 largest shareholder of the bank in December 2023 were: * The Vanguard Group (9.46%) * BlackRock (6.66%) * State Street Corporation (4.35%) *
Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...
(2.25%) * Geode Capital Management (1.92%) * Fidelity Investments (1.83%) * Bank of America (1.77%) * Capital Group Companies, Capital International Investors (1.44%) * Wellington Management Company (1.38%) * Norges Bank (1.23%)


Leadership

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


Board of directors

As of May 1, 2023: *
Jamie Dimon James Dimon ( ; born March 13, 1956) is an American businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. Dimon began his career as a management consultant at Boston Consulting Group. After earnin ...
, chairman and CEO of JPMorgan Chase * Linda Bammann, former JPMorgan and
Bank One Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, ...
executive * Steve Burke (businessman), Steve Burke, chairman of NBCUniversal * Todd Combs, CEO of GEICO * James Crown, president of Henry Crown and Company * Alicia Boler Davis, CEO of Alto Pharmacy * Timothy Flynn, former chairman and CEO of KPMG * Alex Gorsky, former CEO and chairman of Johnson & Johnson * Mellody Hobson, CEO of Ariel Investments * Michael Neal, CEO of GE Capital * Phebe Novakovic, chairwoman and CEO of General Dynamics * Virginia Rometty, Executive Chairwoman of IBM, former chairwoman, president and CEO of IBM


Senior leadership

* Chairman:
Jamie Dimon James Dimon ( ; born March 13, 1956) is an American businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. Dimon began his career as a management consultant at Boston Consulting Group. After earnin ...
(since January 2007) * Chief Executive:
Jamie Dimon James Dimon ( ; born March 13, 1956) is an American businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. Dimon began his career as a management consultant at Boston Consulting Group. After earnin ...
(since January 2006)


List of former chairmen

# William B. Harrison Jr. (2000–2006)


List of former chief executives

# William B. Harrison Jr. (2000–2005)


Notable former employees


Business

* Winthrop Aldrich – son of the late Senator Nelson Aldrich * Andrew Crockett (British banker), Andrew Crockett – former general manager of the Bank for International Settlements (1994–2003) * Pierre Danon – chairman of Eircom * Ina Drew – former CIO of JP Morgan Chase * Dina Dublon – member of the board of directors of Microsoft, Accenture and 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 – Governor of the Bank of Israel * Thomas W. Lamont – acting head of J.P. Morgan & Co. on Wall Street Crash of 1929, Black Tuesday * Charles Li – former CEO of Hong Kong Exchanges and Clearing * Robert I. Lipp – former CEO of The Travelers Companies * Marjorie Magner – chairman of Gannett Company * Henry S. Morgan – co-founder of
Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...
, son of J. P. Morgan Jr. and grandson of financier
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 and Progressive Era. As the head of the banking firm that ...
* Lewis Reford – Canadian political candidate *
David Rockefeller David Rockefeller (June 12, 1915 – March 20, 2017) was an American economist and investment banker who served as chairman and chief executive of Chase Bank, Chase Manhattan Corporation. He was the oldest living member of the third generation of ...
– patriarch of the Rockefeller family * Charles Scharf, Charlie Scharf – current CEO of Wells Fargo *
Harold Stanley Harold Stanley (October 2, 1885 – May 14, 1963) was an American businessman and one of the founders of Morgan Stanley in 1935. For 20 years, he ran Morgan Stanley until he left the firm in 1955. Early life Stanley was born in Great Barring ...
– former JPMorgan partner, co-founder of
Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...
* Jes Staley – former CEO of Barclays * Barry F. Sullivan – former CEO of First Chicago Bank and deputy mayor of
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
* C. S. Venkatakrishnan – current CEO of Barclays * Don M. Wilson III – former chief risk officer (CRO) of J. P. Morgan and current member of the board of directors at Bank of Montreal * Ed Woodward – executive vice-chairman of Manchester United F.C. * Jon F. Weber – former investment banker


Politics and public service

* Frederick Ma – Hong Kong Secretary for Commerce and Economic Development (2007–08) * Tony Blair – Prime Minister of the United Kingdom (1997–2007) * 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 – Secretary of State for Scotland (1995–97) * Thomas S. Gates Jr. – U.S. Secretary of Defense (1959–61) * David Laws – UK 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 – Financial Secretary of Hong Kong (2001–03) * Dwight Morrow – U.S. Senator (1930–31) * Margaret Ng – member of the Hong Kong Legislative Council * Azita Raji – former United States ambassador to Sweden (2016–2017) * George P. Shultz – U.S. Secretary of Labor (1969–70), U.S. Secretary of Treasury (1972–74), U.S. Secretary of State (1982–89) * John J. McCloy – president of the World Bank, U.S. High Commissioner for Germany, chairman of Chase Manhattan Bank, chairman of the Council on Foreign Relations, a member of the Warren Commission, and a prominent United States adviser to all presidents from Franklin D. Roosevelt to Ronald Reagan * Mahua Moitra – investment banker at JPMorgan Chase, Indian Member of Parliament, Lok Sabha


Other

* R. Gordon Wasson – Ethnomycology, ethnomycologist and former JPMorgan vice president


See also

* Credit default swap#History, History of the credit default swap * History of banking in the United States * J.P. Morgan Reserve Card (Palladium Card) * Big Four (banking)#United States, Big Four banks


Index products

* JPMorgan EMBI * JPMorgan GBI-EM Index


References

; Bundled references


Further reading

* Horn, Martin (2022). doi:10.1017/9781108653602, ''J.P. Morgan & Co. and the Crisis of Capitalism: From the Wall Street Crash to World War II''. Cambridge University Press.


External links

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