JPMorgan Chase
JPMorgan Chase, founded in 1799, is currently one of the oldest financial services firms in the world. Its oldest predecessor was the Bank of the Manhattan Company. The other one was the Chemical Bank of New York, founded in 1824.
It was not so simple to become so big and successful in the highly competitive financial services world. The Chemical Bank successfully grew organically and after a series of mergers became the largest bank in the United States in terms of assets and deposit market share.
In 1996, Chemical Bank acquired the Chase Manhattan Corporation and kept its name. The following important step was the acquiring of J.P. Morgan &Co in 2000. After this the company took new name J.P. Morgan Chase & Co. retaining Chemical Bank’s New York headquarters and stock history.
In 2004, JPMorgan chase merged with Bank One of Chicago. The Bank One’s former CEO Jamie Dimon became the president and COO of the merged firm. Dimon quickly made innovative steps in direction of cost-cutting strategy and key personal transformations. Soon, in January 2006, he became CEO, what was followed by chairman position in December 2006.
While JPMorgan chase operates as the brand for the holding company, the Chase brand is used for credit card services and the bank’s retail activities in the United States: Credit Cards, Savings, Online Banking & Bill Pay, Mortgages, Auto/Vehicle loans, Business and Commercial Banking, Insurance, Investments and more.
JP Morgan & Co is used as the brand for banks: Investment Bank, Private Bank, Worldwide Securities Services, Asset Management, One Equity Partners, Private Client Services.
JPMorgan chase has currently assets of $1.4 trillion and is the third largest banking institution in the United States following Bank of America and Citigroup. Its hedge fund unit is the largest in the country with $ 34 billion in assets as of 2007.
Besides this, JPMorgan chase is the United States’ largest issuer of credit cards.
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