JP Morgan Chase & Co, listed on the New York Stock Exchange (ticker: JPM) is a financial services company, which began when Chase Manhattan Bank and JP Morgan & Co. joined forces in January 2001. It has its headquarters in New York City, while the head office of the banking and retail commercial bank wings are based in Chicago.
It is the third largest depository financial institution in the United States, with total assets of up to $ 1.2 billion in equity, and operational in over 50 countries. The American giant firm is a leader in the world of investment banking, financial services for both individuals and businesses.
It handles staggering volumes of the financial transactions relating to asset management, private banking, private equity among other things. The institution has the largest hedge funds in the whole of the United States.
JP Morgan Chase enjoys the support of up to ninety million customers, and not only has major offices in the United States, but also the United Kingdom (Glasgow, Bournemouth and London) plus in Tokyo.
JP Morgan Chase & Co is born out of of a multitude of mergers and blends four of the largest and oldest financial institutions in the area of New York City. And these are namely JP Morgan, Chase, Chemical and Manufacturers Hanover, the earliest predecessor was established in 1799.
The Chase Manhattan Bank was established at the back of an acquisition in 1955 of the Chase National Bank. David Rockefeller was at the helm of Chase Manhattan Bank in the 1970’s and 1980’s and managed to propel the institution into one of U.S. banks most prestigious. Chase Manhattan Corporation was eventually bought by Chemical Bank in 1996, following the collapse of real estate around that period.
In 1851 the bank was detached from its holding company and rose through a a number of acquisitions, and some the most noteworthy of the acquisitions include the Texas Commerce Bank, Texas Commerce Bank and Manufacturer’s Hanover Trust Company (known as Manny Hanny)..
In the mid 1990’s the firm acquired the Chase Manhattan Corporation and adopted that name. In 1995, First Chicago Corporation bought the holding company of National Bank of Detroit, NBD Bancorp, to form First Chicago NBD, the largest bank in the Midwest. In 2000, witnessed its acquisition by JP Morgan & Co., the resultant bank retained the historic seat of the ‘Chemical Bank’ and the majority of its management team.
In recent years, JP Morgan Chase purchased the commercial bank, Washington Mutual for 1.9 billion dollars, In February 2010, JPMorgan Chase & Co announced the acquisition of RBS Sempra, a specialist in commodity markets (oil, gas, electricity, metals) for 1.7 billion dollars.