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Wikipedia

JPMorgan Chase

January 22, 2023

This article is about the current company. For its predecessor, see J.P. Morgan & Co. For its subsidiary, see Chase Bank. For other uses, see J. P. Morgan (disambiguation).

JPMorgan Chase & Co. is an American multinational financial services company 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 market capitalization (as of 2023).[5][6] As the largest of the Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale has led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet"[7][8] and liquidity reserves. The firm is headquartered on 383 Madison Avenue in Midtown Manhattan and is set to move into the under-construction JPMorgan Chase Building in 2025.

JPMorgan Chase & Co.
TypePublic
ISINUS46625H1005
IndustryFinancial services
PredecessorsThe Bank of the Manhattan Company (since 1799)
Chemical Bank (since 1824)
J.P. Morgan & Co. (since 1871)
Chase National Bank (since 1877)
FoundedDecember 1, 2000; 22 years ago (2000-12-01)
FoundersAaron Burr
(The Bank of the Manhattan Company)
Balthazar P. Melick
(Chemical Bank)
John Pierpont Morgan
(J.P. Morgan & Co.)
John Thompson
(Chase National Bank)
Headquarters383 Madison Avenue
New York City, New York, U.S.
Area served
Worldwide
Key people
Jamie Dimon
(Chairman & CEO)
Daniel E. Pinto
(President & COO)
Products
Revenue US$132.3 billion (2022)
US$37.7 billion (2022)
US$35.9 billion (2022)
AUM US$2.8 trillion (2022)
Total assets US$3.66 trillion (2022)
Total equity US$288.1 billion (2022)
Number of employees
 288,474[1] (2022)
Divisions
  • Asset and Wealth Management
  • Consumer and Community Banking
  • Commercial Banking
  • Corporate and Investment Banking
Subsidiaries
Capital ratioTier 1 14.6% (2022)[2]
Websitewww.jpmorganchase.com
Footnotes / references
[3][4]

The firm's early history can be traced to 1799, with the founding of Chase Manhattan Company. In 1871, J.P. Morgan & Co. was founded by J. P. Morgan who launched the House of Morgan on 23 Wall Street as a national purveyor of commercial, investment, and private banking services. The present company was formed as the two predecessor firms merged in 2000, creating a diversified holding entity. It is a major provider of investment banking services in the Bulge Bracket, through corporate advisory, mergers and acquisitions, 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.

With US$3.774 trillion in total assets,[9] JPMorgan Chase is the fifth-largest banking institution in the world. The firm operates the largest investment bank in the world by revenue.[10][11] It occupies 24th place on the Fortune 500 list of the largest U.S. corporations by revenue. It produces institutional research on financial markets, economics, geopolitics, and personal finance across its business lines. The company's balance sheet, geographic footprint, and thought leadership have yielded a substantial market share in banking and a high level of brand loyalty. Alternatively, it receives routine criticism for its risk management, broad financing activities, and large-scale legal settlements.

History

 
The JPMorgan Chase logo prior to the 2008 rebranding
 
As of June 2008, the JPMorgan logo used for the company's Investment Banking, Asset Management, and Treasury & Securities Services units[12]

JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago 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.[13]

Chase Manhattan Bank

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

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),[14] the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed the company from a water carrier into a bank.[15]

According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:

At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr 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.[citation needed]

Led by David Rockefeller 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, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name.[16][17] Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion.[18] In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.[19]

Chemical Banking Corporation

Main article: Chemical Bank

The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank 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 transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of the pioneering investment banker, Jimmy Lee.[20][21] At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share).[citation needed]

In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase name.[16][17] 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 & Company

Main article: J.P. Morgan & Co.
 
The J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank in 2000
 
Influence of J.P. Morgan in Large Corporations, 1914
 
The J.P. Morgan headquarters in New York City following the September 16, 1920, bomb explosion that took the lives of 38 people and injured over 400 more

The House of Morgan was born out of the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan).[22] J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion dollar corporation.[23] 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 surplus of $100 million.[24] In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England.[25]

Built in 1914, 23 Wall Street was the bank's headquarters for decades.[26] On September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38.[27] 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 in 1940.[28]

In August 1914, Henry P. Davison, a Morgan partner, made a deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France. The Bank of England became a "fiscal agent" of J.P. Morgan & Co., and vice versa.[29] 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.[29] 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.[30]

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 from their commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank.[citation needed]

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, Morgan Stanley was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock from J.P. Morgan partners.[better source needed] In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company.[22] 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. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.[31]

The Bank began operations in Japan in 1924,[32] in Australia during the later part of the nineteenth century,[33] and in Indonesia during the early 1920s.[34] An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a branch in China in 1921 and Chase National Bank was established there in 1923.[35] The bank has operated in Saudi Arabia[36] and India[37] since the 1930s. Chase Manhattan Bank opened an office in South Korea in 1967.[38] The firm's presence in Greece dates to 1968.[39] An office of JPMorgan was opened in Taiwan in 1970,[40] in Russia (Soviet Union) in 1973,[41] and Nordic operations began during the same year.[42] Operations in Poland began in 1995.[39]

Bank One Corporation

Main article: Bank One Corporation
 
Logo of Bank One

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current chairman and CEO Jamie Dimon as president and COO.[43] He succeeded former CEO William B. Harrison, Jr.[44] 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. Dimon became CEO in December 2005 and chairman in December 2006.[45] Bank One Corporation was formed with the 1998 merger of Banc One of Columbus, Ohio and First Chicago NBD.[46] 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.[47]

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.[48] With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One." After the 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 acquisition of Bank One in the third quarter of 2004.[48]

Bear Stearns

Main article: Bear Stearns
 
The Bear Stearns logo

At the end of 2007, Bear Stearns was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year.[49] 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.[50]

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.[50] In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows.[51] On March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million.[49] The stock swap agreement was signed that night.[52]

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.[49] 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.[53]

Washington Mutual

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

On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation. That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, had seized Washington Mutual 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. As a result of the takeover, Washington Mutual shareholders lost all their equity.[54]

JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual.[55] 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.[citation needed] 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.[56][importance?]

Lawsuits and legal settlements

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 a financial scandal in 2001.[57] 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.[58]

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.[59]

JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in March 2005 to pay $2 billion; that was 46 percent, or $630 million, more than it would have paid had it accepted an investor offer in May 2004 of $1.37 billion. J.P. Morgan was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in 2004 by Citigroup.[60] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[61][62] In 2005, JPMorgan Chase acknowledged that its two predecessor banks had received ownership of thousands of slaves as collateral prior to the 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.[63][64][65]

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.[66]

In November 2009, a week after Birmingham, Alabama Mayor Larry Langford was convicted for financial crimes related to bond swaps for Jefferson County, Alabama,[importance?] 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 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 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.[67]

In June 2010, J.P. Morgan Securities was fined a record £33.32 million ($49.12 million) by the UK Financial Services Authority (FSA) for failing to protect an average of £5.5 billion of clients' money from 2002 to 2009.[68][69] 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.[70] 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.[69]

In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages, including active-duty personnel in the War in Afghanistan.[undue weight? – discuss] 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.[71] 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.[72] 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.[73][74]

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.[undue weight? – discuss] 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":[importance?]

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

— U.S. Department of the Treasury Resource Center, OFAC Recent Actions. Retrieved June 18, 2013.[75]

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.[76] 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.[77] 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 CIO had engaged in speculative trades that exposed JPMorgan to significant losses.[78]

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 to ratepayers for allegations of market manipulation stemming from the company's bidding activities in electricity markets in California and the Midwest from September 2010 through November 2012.[undue weight? – discuss] 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.[79] The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVEC's bidding practices. FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power plants that were usually out of the money in the marketplace. In each of them, the company made bids designed to create artificial conditions that forced California and Midcontinent Independent System Operators (ISOs) to pay JPMVEC outside the market at premium rates.[79] FERC investigators further determined that JPMVEC knew that the California ISO and Midcontinent ISO received no benefit from making inflated payments to the company, thereby defrauding the ISOs by obtaining payments for benefits that the company did not deliver beyond the routine provision of energy. FERC investigators also determined that JPMVEC's bids displaced other generation and altered day ahead and real-time prices from the prices that would have resulted had the company not submitted the bids.[79] Under the Energy Policy Act of 2005, Congress directed FERC to detect, prevent, and appropriately sanction the gaming of energy markets. According to FERC, the Commission approved the settlement as in the public interest.[79]

FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase.[80] Various newspapers reported in September 2013 that the Federal Bureau of Investigation (FBI) and US Attorney's Office in Manhattan were investigating whether employees withheld information or made false statements during the FERC investigation.[80] The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation.[80] At the time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase employees impeded the FERC investigation.[80] Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time.[80]

In August 2013, JPMorgan Chase announced that it was being investigated by the United States Department of Justice over its offerings of mortgage-backed securities leading up to the financial crisis of 2007–08. The company said that the Department of Justice had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during the period 2005 to 2007.[81] On November 19, 2013, the Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into its business practices pertaining to mortgage-backed securities.[82] 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.[83]

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 Chinese government officials, resulting in more than $100 million in revenue for the bank.[84]

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.[85][86]

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.[87]

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.[neutrality is disputed] According to the lawsuits, banks knew that Epstein's accounts were used to finance sex trafficking crimes.[88]

Bernie Madoff opened a business account at Chemical Bank in 1986 and maintained it until 2008, long after Chemical acquired Chase.[undue weight? – discuss] 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.[89] The receiver's suit against JPMorgan Chase was dismissed by the Court for failing to set forth any legally cognizable claim for damages.[90] 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.[citation needed]

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.[undue weight? – discuss] 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 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."[91][neutrality is disputed] 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.[92][93][94][95]

Recent history

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.[96]

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, New Jersey, and Connecticut.[97] In 2008, J.P. Morgan acquired the UK-based carbon offsetting company ClimateCare.[98] JPMorgan Chase was the biggest bank at the end of 2008 as an individual bank (exclusive of its subsidiaries) during the 2008 financial crisis.[99][dead link]

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 Group.[100] Earlier in 2011, the company announced that by the use of supercomputers, the time taken to assess risk had been greatly reduced, from arriving at a conclusion within hours to what is now minutes. The banking corporation uses for this calculation Field-Programmable Gate Array technology.[101] 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.[102][103]

In 2013, after teaming up with the Bill and Melinda Gates Foundation, GlaxoSmithKline and Children's Investment Fund, JPMorgan Chase, under Jamie Dimon launched a $94 Million fund with a focus on "late-stage healthcare technology trials". The "$94 million Global Health Investment Fund will give money to a 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 and infant mortality, according to the Gates and JPMorgan Chase led-group"[104]

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.[105][106]

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.[107]

In March 2016, J.P. Morgan decided not to finance coal mines and coal power plants in wealthy countries.[108] In December 2016, 14 former executives of the Wendel investment company faced trial for 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.[109]

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.[110] In June 2017, Matt Zames, the now-former COO of the bank decided to leave the firm.[111] In December 2017, J.P. Morgan was sued by the Nigerian government for $875 million, which Nigeria alleges was transferred by J.P. Morgan to a corrupt former minister.[112] Nigeria accused J.P. Morgan of being "grossly negligent".[113]

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.[114] It would be the first cryptocurrency issued by a United States bank.[115]

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 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 in order to lessen the impact of abuses, such as modern slavery, at the companies they invest in. However, J.P. Morgan replying 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 scrutinised and may result in either enhanced engagement or removal from a portfolio."[116]

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.[117]

On April 19, 2021, JP Morgan pledged $5 billion towards the European Super League.[118][119] 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.[120] After a strong backlash, the owners/management of the teams that proposed creating the league pulled out of it.[121] After the attempt to end the European football hierarchy failed, J.P. Morgan apologized for its role in the scheme.[120] JPMorgan Chase CEO Jamie Dimon said the company "kind of missed" that football supporters would respond negatively to the Super League.[122] 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.[123] However, JPMorgan has 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.[124]

In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand. This is the company's first retail banking operation outside the of United States.[125][126][127] In 2021, the company made more than over 30 acquisitions including OpenInvest and Nutmeg.[128][129] In March 2022, JPMorgan Chase announced that would acquire Global Shares, a cloud-based provider of share plan software management.[130][131]

As of 2022, JPMorgan Chase is ranked 24 on the Fortune 500 rankings of the largest U.S. corporations by total revenue.[132] In March 2022, JPMorgan Chase announced to wind down its business in Russia in compliance with regulatory and licensing requirements.[133]

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.[134]

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 and Ayden. 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.[135][136][137]

Financial data

Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenue 25.87 31.15 33.19 29.34 29.61 33.19 42.74 54.25 62.00 71.37 67.25 100.4 102.7 97.23 97.03 96.61 94.21 93.54 95.67 99.62 109.03 115.40 119.54
Net income 4.745 7.501 5.727 1.694 1.663 6.719 4.466 8.483 14.44 15.37 5.605 11.73 17.37 18.98 21.28 17.92 21.76 24.44 24.73 24.44 32.47 36.43 29.13
Assets 626.9 667.0 715.3 693.6 758.8 770.9 1,157 1,199 1,352 1,562 2,175 2,032 2,118 2,266 2,359 2,416 2,573 2,352 2,491 2,534 2,623 2,687 3,386
Equity 35.10 35.06 42.34 41.10 42.31 46.15 105.7 107.2 115.8 123.2 166.9 165.4 176.1 183.6 204.1 210.9 231.7 247.6 254.2 255.7 256.5 261.3 279.4
Capitalization 75.03 138.7 138.4 167.2 147.0 117.7 164.3 165.9 125.4 167.3 219.7 232.5 241.9 307.3 366.3 319.8 429.9 387.5
Headcount 96.37 161.0 168.8 174.4 180.7 225.0 222.3 239.8 260.2 259.0 251.2 241.4 234.6 243.4 252.5 256.1 257.0 255.4

Note: Financial data in billions of US dollars and employee data in thousands. For years 1998, 1999, and 2000 figures are combined for 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.[138][139][140][141][142][143][144][145]

CEO-to-worker pay ratio

For the first time in 2018, a U.S. Securities and Exchange Commission rule mandated under the Dodd–Frank Wall Street Reform and Consumer Protection Act requires publicly traded companies to disclose how their CEOs are compensated in comparison with their employees. In public filings, companies have to disclose their pay ratios, or the CEO's compensation divided by the median employee's.[146] According to SEC filings, JPMorgan Chase & Co. paid its CEO $28,320,175 in 2017, while the average worker employed by JPMorgan Chase & Co. was paid $77,799 in 2017, marking a CEO-to-worker pay ratio of 364 to 1.[147] As of April 2018, steelmaker Nucor represented the median CEO-to-worker pay ratio from SEC filings with values of 133 to 1.[148][importance?] On May 2, 2013, Bloomberg BusinessWeek found the ratio of CEO pay to the typical worker rose from about 20-to-1 in the 1950s to 120-to-1 in 2000.[149][importance?] Total 2018 compensation for CEO Jamie Dimon was $30,040,153, and total compensation of the median employee was determined to be $78,923; the resulting pay ratio was estimated to be 381 to 1.[150]

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:[151]

The modern JPMorgan Chase is broken up into the following four business segments:[152]

  • Asset and Wealth Management (J.P. Morgan)
  • Consumer and Community Banking (Chase)
  • Corporate and Investment banking (J.P. Morgan)
  • Commercial Banking (Chase)

JPMorgan Europe, Ltd.

Main article: J.P. Morgan in the United Kingdom

The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968.[153][154] In August 2008, the bank announced plans to construct a new European headquarters at Canary Wharf, London.[155] 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.[156] 25 Bank Street had originally been designated as the European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International.[importance?] The regional office is in London with offices in Bournemouth, Glasgow, and Edinburgh for asset management, private banking, and investment banking.[157]

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
(merged 1996)[163]
Chemical Bank
(merged 1991)
Chemical Bank
(reorganized 1988)

The Chemical Bank
of New York
(est. 1823)

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

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

New York Trust Company
(acq. 1959)

Texas Commerce Bank
(est. 1866, acq. 1986)[158]

Manufacturers Hanover
(merged 1961)

Manufacturers
Trust Company
(est. 1905)[159]

Hanover Bank
(est. 1873)

Chase Manhattan Bank
(merged 1955)

The Bank of the Manhattan Company
(est. 1799)

Chase National Bank
of the City of New York
(est. 1877)[160]

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

Guaranty Trust Company
of New York
(est. 1866)

J.P. Morgan & Co.
("The House of Morgan")[161]
(est. 1895)[162]

Bank One
(acq. 2004)
Banc One Corp.[164]
(merged 1968)

City National Bank
& Trust Company

Farmers Saving
& Trust Company

First Chicago NBD
(merged 1995)
 

Louisiana's First
Commerce Corp.

Bear Stearns
(est. 1923;
acq. 2008)[165]

 

Washington Mutual
(acq. 2008)[166]
 

Washington Mutual
(founded 1889)

 

Great Western Bank
(acq. 1997)

 

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

 

Bank United of Texas
(acq. 2001)

 

Dime Bancorp, Inc.
(acq. 2002)

 

Providian Financial
(acq. 2005)

Political contributions

JPMorgan Chase's PAC and its employees contributed $2.6 million to federal campaigns in 2014 and financed its lobbying team with $4.7 million in the first three quarters of 2014. JPMorgan's giving has been focused on Republicans, with 62 percent of its donations going to GOP recipients in 2014. 78 House Democrats received campaign cash from JPMorgan's PAC in the 2014 cycle at an average of $5,200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgan's PAC in 2014. 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.[167]

Philanthropy

In May 2022, JPMorgan Chase announced that they had committed a five-year $20 million commitment in support of summer youth employment programs (SYEPs) across 24 cities in the United States. This commitment came as part of the organisations wider $30 billion commitment to drive inclusive economic recovery and increase opportunities for underserved communities. The latest commitment will place funds to local governments, employers, and community partners to aid in giving young people access to SYEPs and gain experience to help in building careers.[168]

Climate change

JPMorgan has come under criticism for investing in new fossil fuels projects since the 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 fracking and Arctic oil and gas exploration.[169] According to Rainforest Action Network its total fossil fuel financing was $64 billion in 2018, $69 billion in 2017 and $62 billion in 2016.[170] As of 2021 it is the largest lender to the fossil fuel industry in the world.[171][neutrality is disputed]

An internal study, 'Risky business: the climate and macroeconomy', by bank economists David Mackie and Jessica Murray was leaked in early‑2020.[importance?] The report, dated 14 January 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.[172]

Offices

Although the old 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, which was Union Carbide's former headquarters, to make way for a newer building at 270 Park Avenue that will be 681 feet (208 m) taller than the previous building. Demolition was completed in the spring of 2021, and the new building will be completed in 2025. The replacement 1,388 feet (423 m) and 70-story headquarters will contain 2,500,000 square feet (230,000 m2), and will be able to fit 15,000 employees, whereas the current building fits 6,000 employees in a space that has a capacity of 3,500. The new headquarters is part of the East Midtown rezoning plan.[173] 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.

Approximately 11,050 employees are located in Columbus 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.[174] The bank moved some of its operations to the JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank.[citation needed] The Global Corporate Bank's main headquarters are in London, with regional headquarters in Hong Kong, New York and São Paulo.[175]

The Card Services division has its headquarters in Wilmington, Delaware, with Card Services offices in Elgin, Illinois; Springfield, Missouri; San Antonio, Texas; Mumbai, India; and Cebu, Philippines. Additional large operation centers are located in Phoenix, Arizona; Los Angeles, California, Newark, Delaware; Orlando, Florida; Tampa, Florida; 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, 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.[176] The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House.[citation needed]

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

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.[177][178] As of 2013 JPMorgan had the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank.[179][180]

2012 CDS trading loss

Main article: 2012 JPMorgan Chase trading loss

In April 2012, hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities of Bruno Iksil, a trader for 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.[181][182] Early reports were denied and minimized by the firm in an attempt to minimize exposure.[183] 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.[184] 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.[185][186] In the end, the trading produced actual losses of only $6 billion. The item traded, possibly related to CDX IG 9, an index based on the default risk of major U.S. corporations,[187][188] has been described as a "derivative of a derivative".[189][190] 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".[191] The episode was investigated by the Federal Reserve, the SEC, and the FBI.[192]

Fines levied regarding the 2012 JPMorgan Chase trading loss[193]
Regulator Nation Fine
Office of the Comptroller of the Currency US $300m
Securities and Exchange Commission $200m
Federal Reserve $200m
Financial Conduct Authority UK £138m ($221m US)

On September 18, 2013, JPMorgan Chase 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.[194] The fines amounted to the third biggest banking fine levied by US regulators, and the second-largest by UK authorities.[193] As of September 19, 2013, two traders face criminal proceedings.[193] It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws.[195]

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."[193] 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.[193]

Art collection

Further information: J. P. Morgan § Collector of art, books, and gemstones

The collection was begun in 1959 by David Rockefeller,[196] and comprises over 30,000 objects, of which over 6,000 are photographic-based,[197] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[198] 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.[199] L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[200] whose art program staff is completed by an additional three full-time members and one registrar.[201] The advisory committee at the time of the Rockefeller initiation included A. H. Barr, and D. Miller, and also J. J. Sweeney, R. Hale, P. Rathbone and G. Bunshaft.[202]

Major sponsorships

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.[203] Dimon has been recognized for his leadership during the 2008 financial crisis.[204] Under his leadership, JPMorgan Chase rescued two ailing banks during the crisis.[205]

Although Dimon has publicly criticized the American government's strict immigration policies, as of July 2018, his company has $1.6 million worth of stocks in Sterling Construction (the company contracted to build a massive wall on the U.S.-Mexico border).[206][207][neutrality is disputed]

Board of directors

As of April 1, 2021:[208]

Senior leadership

List of former chairmen

  1. William B. Harrison Jr. (2000–2006)[210]

List of former chief executives

  1. William B. Harrison Jr. (2000–2005)[210]

Notable former employees

Business

Politics and public service

Other

See also

Index products

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January 22, 2023
jpmorgan, chase, this, article, about, current, company, predecessor, morgan, subsidiary, chase, bank, other, uses, morgan, disambiguation, american, multinational, financial, services, company, headquartered, york, city, incorporated, delaware, largest, bank,. This article is about the current company For its predecessor see J P Morgan amp Co For its subsidiary see Chase Bank For other uses see J P Morgan disambiguation JPMorgan Chase amp Co is an American multinational financial services company 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 market capitalization as of 2023 5 6 As the largest of the Big Four banks the firm is considered systemically important by the Financial Stability Board Its size and scale has led to enhanced regulatory oversight as well as the maintenance of an internal Fortress Balance Sheet 7 8 and liquidity reserves The firm is headquartered on 383 Madison Avenue in Midtown Manhattan and is set to move into the under construction JPMorgan Chase Building in 2025 JPMorgan Chase amp Co TypePublicTraded asNYSE JPMDJIA component S amp P 100 component S amp P 500 component ISINUS46625H1005IndustryFinancial servicesPredecessorsThe Bank of the Manhattan Company since 1799 Chemical Bank since 1824 J P Morgan amp Co since 1871 Chase National Bank since 1877 FoundedDecember 1 2000 22 years ago 2000 12 01 FoundersAaron Burr The Bank of the Manhattan Company Balthazar P Melick Chemical Bank John Pierpont Morgan J P Morgan amp Co John Thompson Chase National Bank Headquarters383 Madison AvenueNew York City New York U S Area servedWorldwideKey peopleJamie Dimon Chairman amp CEO Daniel E Pinto President amp COO ProductsAsset managementbankingcommoditiescredit cardsequities tradinginsuranceinvestment managementmortgage loansmutual fundsprivate equityrisk managementwealth managementRevenueUS 132 3 billion 2022 Operating incomeUS 37 7 billion 2022 Net incomeUS 35 9 billion 2022 AUMUS 2 8 trillion 2022 Total assetsUS 3 66 trillion 2022 Total equityUS 288 1 billion 2022 Number of employees288 474 1 2022 DivisionsAsset and Wealth ManagementConsumer and Community BankingCommercial BankingCorporate and Investment BankingSubsidiariesChase BankJ P Morgan amp Co One Equity PartnersCapital ratioTier 1 14 6 2022 2 Websitewww wbr jpmorganchase wbr comFootnotes references 3 4 The firm s early history can be traced to 1799 with the founding of Chase Manhattan Company In 1871 J P Morgan amp Co was founded by J P Morgan who launched the House of Morgan on 23 Wall Street as a national purveyor of commercial investment and private banking services The present company was formed as the two predecessor firms merged in 2000 creating a diversified holding entity It is a major provider of investment banking services in the Bulge Bracket through corporate advisory mergers and acquisitions 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 With US 3 774 trillion in total assets 9 JPMorgan Chase is the fifth largest banking institution in the world The firm operates the largest investment bank in the world by revenue 10 11 It occupies 24th place on the Fortune 500 list of the largest U S corporations by revenue It produces institutional research on financial markets economics geopolitics and personal finance across its business lines The company s balance sheet geographic footprint and thought leadership have yielded a substantial market share in banking and a high level of brand loyalty Alternatively it receives routine criticism for its risk management broad financing activities and large scale legal settlements Contents 1 History 1 1 Chase Manhattan Bank 1 2 Chemical Banking Corporation 1 3 J P Morgan amp Company 1 4 Bank One Corporation 1 5 Bear Stearns 1 6 Washington Mutual 1 7 Lawsuits and legal settlements 1 8 Recent history 2 Financial data 2 1 CEO to worker pay ratio 3 Structure 3 1 JPMorgan Europe Ltd 3 2 Acquisition history 4 Political contributions 5 Philanthropy 6 Climate change 7 Offices 7 1 Gallery 8 Credit derivatives 8 1 2012 CDS trading loss 9 Art collection 10 Major sponsorships 11 Leadership 11 1 Board of directors 11 2 Senior leadership 11 2 1 List of former chairmen 11 2 2 List of former chief executives 12 Notable former employees 12 1 Business 12 2 Politics and public service 12 3 Other 13 See also 13 1 Index products 14 References 15 Further reading 16 External linksHistory Edit The JPMorgan Chase logo prior to the 2008 rebranding As of June 2008 the JPMorgan logo used for the company s Investment Banking Asset Management and Treasury amp Securities Services units 12 JPMorgan Chase in its current structure is the result of the combination of several large U S banking companies since 1996 including Chase Manhattan Bank J P Morgan amp Co Bank One Bear Stearns and Washington Mutual Going back further its predecessors include major banking firms among which are Chemical Bank Manufacturers Hanover First Chicago 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 13 Chase Manhattan Bank Edit Main article Chase Manhattan Bank The logo used by Chase following the merger with the Manhattan Bank in 1954 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 14 the company s oldest predecessor institution The Bank of the Manhattan Company was the creation of Aaron Burr who transformed the company from a water carrier into a bank 15 According to page 115 of An Empire of Wealth by John Steele Gordon the origin of this strand of JPMorgan Chase s history runs as follows At the turn of the nineteenth century obtaining a bank charter required an act of the state legislature This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual Hamilton s political enemy and eventual murderer Aaron Burr 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 citation needed Led by David Rockefeller 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 and retail financial services Weakened by the real estate collapse in the early 1990s it was acquired by Chemical Bank in 1996 retaining the Chase name 16 17 Before its merger with J P Morgan amp Co the new Chase expanded the investment and asset management groups through two acquisitions In 1999 it acquired San Francisco based Hambrecht amp Quist for 1 35 billion 18 In April 2000 UK based Robert Fleming amp Co was purchased by the new Chase Manhattan Bank for 7 7 billion 19 Chemical Banking Corporation Edit Main article Chemical Bank The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals In 1824 the company amended its charter to perform banking activities and created the Chemical Bank 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 transactions In 1984 Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors By the late 1980s Chemical developed its reputation for financing buyouts building a syndicated leveraged finance business and related advisory businesses under the auspices of the pioneering investment banker Jimmy Lee 20 21 At many points throughout this history Chemical Bank was the largest bank in the United States either in terms of assets or deposit market share citation needed In 1996 Chemical Bank acquired Chase Manhattan Although Chemical was the nominal survivor it took the better known Chase name 16 17 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 amp Company Edit Main article J P Morgan amp Co The J P Morgan amp Co logo before its merger with Chase Manhattan Bank in 2000 Influence of J P Morgan in Large Corporations 1914 The J P Morgan headquarters in New York City following the September 16 1920 bomb explosion that took the lives of 38 people and injured over 400 more The House of Morgan was born out of the partnership of Drexel Morgan amp Co which in 1895 was renamed J P Morgan amp Co see also J Pierpont Morgan 22 J P Morgan amp Co financed the formation of the United States Steel Corporation which took over the business of Andrew Carnegie and others and was the world s first billion dollar corporation 23 In 1895 J P Morgan amp Co supplied the United States government with 62 million in gold to float a bond issue and restore the treasury surplus of 100 million 24 In 1892 the company began to finance the New York New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England 25 Built in 1914 23 Wall Street was the bank s headquarters for decades 26 On September 16 1920 a terrorist bomb exploded in front of the bank injuring 400 and killing 38 27 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 in 1940 28 In August 1914 Henry P Davison a Morgan partner made a deal with the Bank of England to make J P Morgan amp Co the monopoly underwriter of war bonds for the UK and France The Bank of England became a fiscal agent of J P Morgan amp Co and vice versa 29 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 29 Since the U S federal government withdrew from world affairs under successive isolationist Republican administrations in the 1920s J P Morgan amp Co continued playing a major role in global affairs since most European countries still owed war debts 30 In the 1930s J P Morgan amp 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 from their commercial banking operations J P Morgan amp Co chose to operate as a commercial bank citation needed 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 Morgan Stanley was founded on September 16 1935 with 6 6 million of nonvoting preferred stock from J P Morgan partners better source needed In order to bolster its position in 1959 J P Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company 22 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 In 1988 the company once again began operating exclusively as J P Morgan amp Co 31 The Bank began operations in Japan in 1924 32 in Australia during the later part of the nineteenth century 33 and in Indonesia during the early 1920s 34 An office of the Equitable Eastern Banking Corporation one of J P Morgan s predecessors opened a branch in China in 1921 and Chase National Bank was established there in 1923 35 The bank has operated in Saudi Arabia 36 and India 37 since the 1930s Chase Manhattan Bank opened an office in South Korea in 1967 38 The firm s presence in Greece dates to 1968 39 An office of JPMorgan was opened in Taiwan in 1970 40 in Russia Soviet Union in 1973 41 and Nordic operations began during the same year 42 Operations in Poland began in 1995 39 Bank One Corporation Edit Main article Bank One Corporation Logo of Bank One In 2004 JPMorgan Chase merged with Chicago based Bank One Corp bringing on board current chairman and CEO Jamie Dimon as president and COO 43 He succeeded former CEO William B Harrison Jr 44 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 Dimon became CEO in December 2005 and chairman in December 2006 45 Bank One Corporation was formed with the 1998 merger of Banc One of Columbus Ohio and First Chicago NBD 46 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 47 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 48 With the beginning of interstate banking they spread into other states always renaming acquired banks Bank One After the 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 acquisition of Bank One in the third quarter of 2004 48 Bear Stearns Edit Main article Bear Stearns The Bear Stearns logo At the end of 2007 Bear Stearns was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year 49 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 50 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 50 In the interim JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows 51 On March 18 2008 JPMorgan Chase formally announced the acquisition of Bear Stearns for 236 million 49 The stock swap agreement was signed that night 52 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 49 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 53 Washington Mutual Edit Main article Washington Mutual The Washington Mutual logo prior to its 2008 acquisition by JPMorgan Chase On September 25 2008 JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation That night the Office of Thrift Supervision in what was by far the largest bank failure in American history had seized Washington Mutual Bank and placed it into receivership The FDIC sold the bank s assets secured debt obligations and deposits to JPMorgan Chase amp Co for 1 836 billion which re opened the bank the following day As a result of the takeover Washington Mutual shareholders lost all their equity 54 JPMorgan Chase raised 10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual 55 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 citation needed 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 56 importance Lawsuits and legal settlements Edit This section may lend undue weight to certain ideas incidents or controversies Please help to create a more balanced presentation Discuss and resolve this issue before removing this message January 2023 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 a financial scandal in 2001 57 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 58 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 59 JPMorgan Chase which helped underwrite 15 4 billion of WorldCom s bonds agreed in March 2005 to pay 2 billion that was 46 percent or 630 million more than it would have paid had it accepted an investor offer in May 2004 of 1 37 billion J P Morgan was the last big lender to settle Its payment is the second largest in the case exceeded only by the 2 6 billion accord reached in 2004 by Citigroup 60 In March 2005 16 of WorldCom s 17 former underwriters reached settlements with the investors 61 62 In 2005 JPMorgan Chase acknowledged that its two predecessor banks had received ownership of thousands of slaves as collateral prior to the 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 63 64 65 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 66 In November 2009 a week after Birmingham Alabama Mayor Larry Langford was convicted for financial crimes related to bond swaps for Jefferson County Alabama importance JPMorgan Chase amp Co agreed to a 722 million settlement with the U S Securities and Exchange Commission to end a probe into the sales of 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 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 67 In June 2010 J P Morgan Securities was fined a record 33 32 million 49 12 million by the UK Financial Services Authority FSA for failing to protect an average of 5 5 billion of clients money from 2002 to 2009 68 69 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 70 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 69 In January 2011 JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages including active duty personnel in the War in Afghanistan undue weight discuss 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 71 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 72 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 73 74 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 undue weight discuss 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 importance JPMorgan Chase Bank N A New York NY JPMC has agreed to remit 88 300 000 to settle a potential civil liability for apparent violations of the Cuban Assets Control Regulations CACR 31 C F R part 515 the Weapons of Mass Destruction Proliferators Sanctions Regulations WMDPSR 31 C F R part 544 Executive Order 13382 Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters the Global Terrorism Sanctions Regulations GTSR 31 C F R part 594 the Iranian Transactions Regulations ITR 31 C F R part 560 the Sudanese Sanctions Regulations SSR 31 C F R part 538 the Former Liberian Regime of Charles Taylor Sanctions Regulations FLRCTSR 31 C F R part 593 and the Reporting Procedures and Penalties Regulations RPPR 31 C F R part 501 that occurred between December 15 2005 and March 1 2011 U S Department of the Treasury Resource Center OFAC Recent Actions Retrieved June 18 2013 75 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 76 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 77 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 amp Co was charged for misrepresenting and failing to disclose that the CIO had engaged in speculative trades that exposed JPMorgan to significant losses 78 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 amp Co agreed to pay 410 million in penalties and disgorgement to ratepayers for allegations of market manipulation stemming from the company s bidding activities in electricity markets in California and the Midwest from September 2010 through November 2012 undue weight discuss 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 79 The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVEC s bidding practices FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power plants that were usually out of the money in the marketplace In each of them the company made bids designed to create artificial conditions that forced California and Midcontinent Independent System Operators ISOs to pay JPMVEC outside the market at premium rates 79 FERC investigators further determined that JPMVEC knew that the California ISO and Midcontinent ISO received no benefit from making inflated payments to the company thereby defrauding the ISOs by obtaining payments for benefits that the company did not deliver beyond the routine provision of energy FERC investigators also determined that JPMVEC s bids displaced other generation and altered day ahead and real time prices from the prices that would have resulted had the company not submitted the bids 79 Under the Energy Policy Act of 2005 Congress directed FERC to detect prevent and appropriately sanction the gaming of energy markets According to FERC the Commission approved the settlement as in the public interest 79 FERC s investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase 80 Various newspapers reported in September 2013 that the Federal Bureau of Investigation FBI and US Attorney s Office in Manhattan were investigating whether employees withheld information or made false statements during the FERC investigation 80 The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and Edward Markey in which they asked FERC why no action was taken against people who impeded the FERC investigation 80 At the time of the FBI investigation the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase employees impeded the FERC investigation 80 Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time 80 In August 2013 JPMorgan Chase announced that it was being investigated by the United States Department of Justice over its offerings of mortgage backed securities leading up to the financial crisis of 2007 08 The company said that the Department of Justice had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt A residential mortgage securities during the period 2005 to 2007 81 On November 19 2013 the Justice Department announced that JPMorgan Chase agreed to pay 13 billion to settle investigations into its business practices pertaining to mortgage backed securities 82 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 83 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 Chinese government officials resulting in more than 100 million in revenue for the bank 84 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 85 86 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 87 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 neutrality is disputed According to the lawsuits banks knew that Epstein s accounts were used to finance sex trafficking crimes 88 Bernie Madoff opened a business account at Chemical Bank in 1986 and maintained it until 2008 long after Chemical acquired Chase undue weight discuss 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 89 The receiver s suit against JPMorgan Chase was dismissed by the Court for failing to set forth any legally cognizable claim for damages 90 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 citation needed 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 undue weight discuss 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 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 91 neutrality is disputed 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 92 93 94 95 Recent history Edit This section may lend undue weight to certain ideas incidents or controversies Please help to create a more balanced presentation Discuss and resolve this issue before removing this message January 2023 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 96 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 New Jersey and Connecticut 97 In 2008 J P Morgan acquired the UK based carbon offsetting company ClimateCare 98 JPMorgan Chase was the biggest bank at the end of 2008 as an individual bank exclusive of its subsidiaries during the 2008 financial crisis 99 dead link 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 Group 100 Earlier in 2011 the company announced that by the use of supercomputers the time taken to assess risk had been greatly reduced from arriving at a conclusion within hours to what is now minutes The banking corporation uses for this calculation Field Programmable Gate Array technology 101 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 102 103 In 2013 after teaming up with the Bill and Melinda Gates Foundation GlaxoSmithKline and Children s Investment Fund JPMorgan Chase under Jamie Dimon launched a 94 Million fund with a focus on late stage healthcare technology trials The 94 million Global Health Investment Fund will give money to a 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 and infant mortality according to the Gates and JPMorgan Chase led group 104 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 105 106 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 107 In March 2016 J P Morgan decided not to finance coal mines and coal power plants in wealthy countries 108 In December 2016 14 former executives of the Wendel investment company faced trial for 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 109 In March 2017 Lawrence Obracanik a former JPMorgan Chase amp Co employee pleaded guilty to criminal charges that he stole more than 5 million from his employer to pay personal debts 110 In June 2017 Matt Zames the now former COO of the bank decided to leave the firm 111 In December 2017 J P Morgan was sued by the Nigerian government for 875 million which Nigeria alleges was transferred by J P Morgan to a corrupt former minister 112 Nigeria accused J P Morgan of being grossly negligent 113 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 114 It would be the first cryptocurrency issued by a United States bank 115 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 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 in order to lessen the impact of abuses such as modern slavery at the companies they invest in However J P Morgan replying 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 scrutinised and may result in either enhanced engagement or removal from a portfolio 116 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 117 On April 19 2021 JP Morgan pledged 5 billion towards the European Super League 118 119 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 120 After a strong backlash the owners management of the teams that proposed creating the league pulled out of it 121 After the attempt to end the European football hierarchy failed J P Morgan apologized for its role in the scheme 120 JPMorgan Chase CEO Jamie Dimon said the company kind of missed that football supporters would respond negatively to the Super League 122 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 123 However JPMorgan has 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 124 In September 2021 JPMorgan Chase entered the UK retail banking market by launched an app based current account under the Chase brand This is the company s first retail banking operation outside the of United States 125 126 127 In 2021 the company made more than over 30 acquisitions including OpenInvest and Nutmeg 128 129 In March 2022 JPMorgan Chase announced that would acquire Global Shares a cloud based provider of share plan software management 130 131 As of 2022 update JPMorgan Chase is ranked 24 on the Fortune 500 rankings of the largest U S corporations by total revenue 132 In March 2022 JPMorgan Chase announced to wind down its business in Russia in compliance with regulatory and licensing requirements 133 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 134 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 and Ayden 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 135 136 137 Financial data EditYear 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Revenue 25 87 31 15 33 19 29 34 29 61 33 19 42 74 54 25 62 00 71 37 67 25 100 4 102 7 97 23 97 03 96 61 94 21 93 54 95 67 99 62 109 03 115 40 119 54Net income 4 745 7 501 5 727 1 694 1 663 6 719 4 466 8 483 14 44 15 37 5 605 11 73 17 37 18 98 21 28 17 92 21 76 24 44 24 73 24 44 32 47 36 43 29 13Assets 626 9 667 0 715 3 693 6 758 8 770 9 1 157 1 199 1 352 1 562 2 175 2 032 2 118 2 266 2 359 2 416 2 573 2 352 2 491 2 534 2 623 2 687 3 386Equity 35 10 35 06 42 34 41 10 42 31 46 15 105 7 107 2 115 8 123 2 166 9 165 4 176 1 183 6 204 1 210 9 231 7 247 6 254 2 255 7 256 5 261 3 279 4Capitalization 75 03 138 7 138 4 167 2 147 0 117 7 164 3 165 9 125 4 167 3 219 7 232 5 241 9 307 3 366 3 319 8 429 9 387 5Headcount 96 37 161 0 168 8 174 4 180 7 225 0 222 3 239 8 260 2 259 0 251 2 241 4 234 6 243 4 252 5 256 1 257 0 255 4Note Financial data in billions of US dollars and employee data in thousands For years 1998 1999 and 2000 figures are combined for Chase Manhattan and J P Morgan amp 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 138 139 140 141 142 143 144 145 CEO to worker pay ratio Edit For the first time in 2018 a U S Securities and Exchange Commission rule mandated under the Dodd Frank Wall Street Reform and Consumer Protection Act requires publicly traded companies to disclose how their CEOs are compensated in comparison with their employees In public filings companies have to disclose their pay ratios or the CEO s compensation divided by the median employee s 146 According to SEC filings JPMorgan Chase amp Co paid its CEO 28 320 175 in 2017 while the average worker employed by JPMorgan Chase amp Co was paid 77 799 in 2017 marking a CEO to worker pay ratio of 364 to 1 147 As of April 2018 steelmaker Nucor represented the median CEO to worker pay ratio from SEC filings with values of 133 to 1 148 importance On May 2 2013 Bloomberg BusinessWeek found the ratio of CEO pay to the typical worker rose from about 20 to 1 in the 1950s to 120 to 1 in 2000 149 importance Total 2018 compensation for CEO Jamie Dimon was 30 040 153 and total compensation of the median employee was determined to be 78 923 the resulting pay ratio was estimated to be 381 to 1 150 Structure EditThe corporate structure of JPMorgan Chase amp 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 151 JPMorgan Chase Bank N A JPMorgan Securities LLC The modern JPMorgan Chase is broken up into the following four business segments 152 Asset and Wealth Management J P Morgan Consumer and Community Banking Chase Corporate and Investment banking J P Morgan Commercial Banking Chase JPMorgan Europe Ltd Edit Main article J P Morgan in the United Kingdom The company known previously as Chase Manhattan International Limited was founded on September 18 1968 153 154 In August 2008 the bank announced plans to construct a new European headquarters at Canary Wharf London 155 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 156 25 Bank Street had originally been designated as the European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International importance The regional office is in London with offices in Bournemouth Glasgow and Edinburgh for asset management private banking and investment banking 157 Acquisition history Edit 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 amp Co JPMorgan Chase merged 2000 Chase Manhattan Bank merged 1996 163 Chemical Bank merged 1991 Chemical Bank reorganized 1988 The Chemical Bankof New York est 1823 Citizens National Bank est 1851 acq 1920 Corn Exchange Bank est 1852 acq 1954 New York Trust Company acq 1959 Texas Commerce Bank est 1866 acq 1986 158 Manufacturers Hanover merged 1961 ManufacturersTrust Company est 1905 159 Hanover Bank est 1873 Chase Manhattan Bank merged 1955 The Bank of the Manhattan Company est 1799 Chase National Bankof the City of New York est 1877 160 J P Morgan amp Co formerly Morgan Guaranty Trust merged 1959 Guaranty Trust Companyof New York est 1866 J P Morgan amp Co The House of Morgan 161 est 1895 162 Bank One acq 2004 Banc One Corp 164 merged 1968 City National Bank amp Trust CompanyFarmers Saving amp Trust CompanyFirst Chicago NBD merged 1995 First Chicago Corp est 1863 NBD Bancorp formerlyNational Bank of Detroit est 1933 Louisiana s FirstCommerce Corp Bear Stearns est 1923 acq 2008 165 Washington Mutual acq 2008 166 Washington Mutual founded 1889 Great Western Bank acq 1997 H F Ahmanson amp Co acq 1998 Bank United of Texas acq 2001 Dime Bancorp Inc acq 2002 Providian Financial acq 2005 Political contributions EditJPMorgan Chase s PAC and its employees contributed 2 6 million to federal campaigns in 2014 and financed its lobbying team with 4 7 million in the first three quarters of 2014 JPMorgan s giving has been focused on Republicans with 62 percent of its donations going to GOP recipients in 2014 78 House Democrats received campaign cash from JPMorgan s PAC in the 2014 cycle at an average of 5 200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgan s PAC in 2014 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 167 Philanthropy EditIn May 2022 JPMorgan Chase announced that they had committed a five year 20 million commitment in support of summer youth employment programs SYEPs across 24 cities in the United States This commitment came as part of the organisations wider 30 billion commitment to drive inclusive economic recovery and increase opportunities for underserved communities The latest commitment will place funds to local governments employers and community partners to aid in giving young people access to SYEPs and gain experience to help in building careers 168 Climate change EditJPMorgan has come under criticism for investing in new fossil fuels projects since the 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 fracking and Arctic oil and gas exploration 169 According to Rainforest Action Network its total fossil fuel financing was 64 billion in 2018 69 billion in 2017 and 62 billion in 2016 170 As of 2021 it is the largest lender to the fossil fuel industry in the world 171 neutrality is disputed An internal study Risky business the climate and macroeconomy by bank economists David Mackie and Jessica Murray was leaked in early 2020 importance The report dated 14 January 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 172 Offices EditAlthough the old 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 amp Co are located at 383 Madison Avenue In 2018 JPMorgan announced they would demolish the current headquarters building at 270 Park Avenue which was Union Carbide s former headquarters to make way for a newer building at 270 Park Avenue that will be 681 feet 208 m taller than the previous building Demolition was completed in the spring of 2021 and the new building will be completed in 2025 The replacement 1 388 feet 423 m and 70 story headquarters will contain 2 500 000 square feet 230 000 m2 and will be able to fit 15 000 employees whereas the current building fits 6 000 employees in a space that has a capacity of 3 500 The new headquarters is part of the East Midtown rezoning plan 173 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 Approximately 11 050 employees are located in Columbus at the McCoy Center the former Bank One Corporation offices The building is the largest JPMorgan Chase amp Co facility in the world and the second largest single tenant office building in the United States behind The Pentagon 174 The bank moved some of its operations to the JPMorgan Chase Tower in Houston when it purchased Texas Commerce Bank citation needed The Global Corporate Bank s main headquarters are in London with regional headquarters in Hong Kong New York and Sao Paulo 175 The Card Services division has its headquarters in Wilmington Delaware with Card Services offices in Elgin Illinois Springfield Missouri San Antonio Texas Mumbai India and Cebu Philippines Additional large operation centers are located in Phoenix Arizona Los Angeles California Newark Delaware Orlando Florida Tampa Florida 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 Philippines Mumbai India Bangalore India Hyderabad India New Delhi India Buenos Aires Argentina Sao Paulo Mexico City Mexico and Jerusalem Israel In late 2017 JPMorgan Chase opened a new global operations center in Warsaw Poland 176 The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House citation needed 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 Edit JPMorgan Chase World Headquarters383 Madison AvenueNew York City New York JPMorgan Chase World Headquarters under construction 270 Park AvenueNew York City New York 277 Park AvenueNew York City New York 28 Liberty StreetNew York City New York Chase TowerChicago Illinois JPMorgan Chase BuildingSan Francisco California Chase TowerDallas Texas Chase TowerPhoenix Arizona JPMorgan Chase TowerHouston Texas 25 Bank StreetLondon United Kingdom JPMorgan Chase amp Co Tower Hyderabad Telangana IndiaCredit derivatives EditThe 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 177 178 As of 2013 JPMorgan had the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank 179 180 2012 CDS trading loss Edit Main article 2012 JPMorgan Chase trading loss In April 2012 hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities of Bruno Iksil a trader for JPMorgan Chase amp 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 181 182 Early reports were denied and minimized by the firm in an attempt to minimize exposure 183 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 184 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 185 186 In the end the trading produced actual losses of only 6 billion The item traded possibly related to CDX IG 9 an index based on the default risk of major U S corporations 187 188 has been described as a derivative of a derivative 189 190 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 191 The episode was investigated by the Federal Reserve the SEC and the FBI 192 Fines levied regarding the 2012 JPMorgan Chase trading loss 193 Regulator Nation FineOffice of the Comptroller of the Currency US 300mSecurities and Exchange Commission 200mFederal Reserve 200mFinancial Conduct Authority UK 138m 221m US 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 194 The fines amounted to the third biggest banking fine levied by US regulators and the second largest by UK authorities 193 As of September 19 2013 update two traders face criminal proceedings 193 It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws 195 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 193 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 193 Art collection EditFurther information J P Morgan Collector of art books and gemstones The collection was begun in 1959 by David Rockefeller 196 and comprises over 30 000 objects of which over 6 000 are photographic based 197 as of 2012 containing more than one hundred works by Middle Eastern and North African artists 198 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 199 L K Erf has been the director of acquisitions of works since 2004 for the bank 200 whose art program staff is completed by an additional three full time members and one registrar 201 The advisory committee at the time of the Rockefeller initiation included A H Barr and D Miller and also J J Sweeney R Hale P Rathbone and G Bunshaft 202 Major sponsorships EditChase Field formerly Bank One Ballpark Phoenix Arizona Arizona Diamondbacks MLB Chase Center San Fransisco California Golden State Warriors NBA Major League Soccer Chase Auditorium formerly Bank One Auditorium inside of 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 J P Morgan Asset Management is the Principal Sponsor of the English Premiership Rugby 7s Series Sponsor of the Jessamine Stakes a two year old fillies horse race at Keeneland 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 Leadership EditJamie 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 203 Dimon has been recognized for his leadership during the 2008 financial crisis 204 Under his leadership JPMorgan Chase rescued two ailing banks during the crisis 205 Although Dimon has publicly criticized the American government s strict immigration policies as of July 2018 his company has 1 6 million worth of stocks in Sterling Construction the company contracted to build a massive wall on the U S Mexico border 206 207 neutrality is disputed Board of directors Edit As of April 1 2021 208 Jamie Dimon chairman and CEO of JPMorgan Chase Linda Bammann former JPMorgan and Bank One executive Steve Burke chairman of NBCUniversal Todd Combs CEO of GEICO James Crown president of Henry Crown and Company Timothy Flynn former chairman and CEO of KPMG 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 IBMSenior leadership Edit Chairman Jamie Dimon since January 2007 209 Chief Executive Jamie Dimon since January 2006 209 List of former chairmen Edit William B Harrison Jr 2000 2006 210 List of former chief executives Edit William B Harrison Jr 2000 2005 210 Notable former employees EditBusiness Edit Winthrop Aldrich son of the late Senator Nelson Aldrich 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 amp Co on 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 211 Henry S Morgan co founder of Morgan Stanley son of J P Morgan Jr and grandson of financier J P Morgan Lewis Reford Canadian political candidate David Rockefeller patriarch of the Rockefeller family Charlie Scharf current CEO of Wells Fargo Harold Stanley former JPMorgan partner co founder of Morgan Stanley Jes Staley former CEO of Barclays Barry F Sullivan former CEO of First Chicago Bank and deputy mayor of New York City 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 Politics and public service Edit Frederick Ma Hong Kong Secretary for Commerce and Economic Development 2007 08 Tony Blair Prime Minister of the United Kingdom 1997 2007 212 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 Former Vice President of JPMorgan Chase Indian Member of Parliament Lok SabhaOther Edit R Gordon Wasson ethnomycologist and former JPMorgan vice president 213 214 See also Edit Banks portal New York City portal Companies portalHistory of the credit default swap History of banking in the United States J P Morgan Reserve Card Palladium Card Big Four banksIndex products Edit JPMorgan EMBI JPMorgan GBI EM IndexReferences Edit 3Q22 Earnings Supplement PDF JPMorgan Chase September 30 2022 Retrieved November 25 2022 3Q22 Earnings Supplement PDF JPMorgan Chase September 30 2022 Retrieved November 25 2022 J P Morgan Chase amp Co 2021 Form 10 K Annual Report U S Securities and Exchange Commission Archived from the original on July 3 2022 Retrieved May 26 2022 JP Morgan Chase Annual Report 2021 PDF jpmorganchase com Archived PDF from the original on April 4 2022 Retrieved February 1 2022 Goldberg Matthew These Are The 15 Largest Banks In The U S Bankrate Retrieved January 8 2023 Lee Nathaniel How Bank of America achieved a massive comeback from the brink of collapse CNBC Retrieved January 8 2023 JPMorgan is still comfortably ahead as the largest bank in the U S based on total assets Hartman Ashley March 1 2016 JPMorgan Chase after the Financial Crisis What Is the Optimal Scope of the Largest Bank in the U S Case Faculty amp Research Harvard Business School www hbs edu Retrieved January 8 2023 Eavis Peter May 25 2012 The Dark Nooks in JPMorgan s Fortress Balance Sheet DealBook Retrieved January 8 2023 3Q22 Earnings Supplement PDF JPMorgan Chase September 30 2022 Retrieved November 25 2022 Gelsi Steve September 20 2022 JPMorgan Goldman top fee tables again as Wall Street faces squeeze Financial News London Retrieved January 9 2023 Leading banks by investment banking revenue 2022 Statista Retrieved January 9 2023 de la Merced Michael J June 16 2008 JPMorgan s Stately Old Logo Returns for Institutional Business The New York Times Archived from the original on October 17 2015 Retrieved December 14 2009 History of Our Firm JPMorgan Chase Retrieved May 23 2022 The History of J P Morgan Chase amp Company PDF 2008 Archived from the original PDF on September 27 2011 Retrieved March 6 2018 Schulz Bill July 29 2016 Hamilton Burr and the Great Waterworks Ruse The New York Times ISSN 0362 4331 Archived from the original on November 11 2020 Retrieved October 30 2019 a b Hansell Saul August 29 1995 Banking s New Giant The Deal Chase and Chemical Agree to Merge in 10 Billion Deal Creating Largest U s Bank The New York Times ISSN 0362 4331 Archived from the original on November 23 2020 Retrieved October 30 2019 a b Hansell Saul September 3 1996 After Chemical Merger Chase Promotes Itself as a Nimble Bank Giant The New York Times ISSN 0362 4331 Archived from the original on September 7 2020 Retrieved October 30 2019 Kahn Joseph McGeehan Patrick September 29 1999 Chase Agrees to Acquire Hambrecht amp Quist The New York Times ISSN 0362 4331 Archived from the original on September 11 2020 Retrieved October 30 2019 Journal Michael R SesitStaff Reporter of The Wall Street April 12 2000 Chase to Acquire Robert Fleming In 7 73 Billion Stock Cash Deal The Wall Street Journal ISSN 0099 9660 Archived from the original on August 2 2020 Retrieved October 30 2019 Jimmy Lee s Global Chase Archived June 28 2011 at the Wayback Machine The New York Times April 14 1997 Kingpin of the Big Time Loan Archived September 4 2020 at the Wayback Machine The New York Times August 11 1995 a b JPMorgan Chase amp Co American bank Encyclopedia Britannica Archived from the original on January 26 2021 Retrieved February 10 2020 McCreary Matthew August 14 2018 How Andrew Carnegie Went From 1 20 a Week to 309 Billion Then Gave It All Away Entrepreneur Archived from the original on December 1 2020 Retrieved February 10 2020 Wile Rob The True Story Of The Time JP Morgan Saved America From Default By Using An Obscure Coin Loophole Business Insider Archived from the original on November 7 2020 Retrieved February 10 2020 Grant Peter J P Morgan and the Panic of 1907 How one financier proved mightier than Wall Street nydailynews com Archived from the original on February 8 2021 Retrieved February 10 2020 The Real Estate Field J P Morgan amp Co Reported to Have Bought Drexel Building Corner Sixth Avenue Activity Reade Street Loft Sold West Side Deals Good Bronx and Suburban Markets The New York Times February 20 1912 ISSN 0362 4331 Archived from the original on February 9 2021 Retrieved September 16 2020 The Wall Street Bombing Low Tech Terrorism in Prohibition Era New York Slate September 16 2014 ISSN 1091 2339 Archived from the original on November 8 2020 Retrieved February 10 2020 Wall Street bombing of 1920 Facts Theories amp Suspects Encyclopedia Britannica Archived from the original on November 1 2020 Retrieved February 10 2020 a b Wall Street Banks and American Foreign Policy Ludwig von Mises Institute ISBN 978 1 61016 308 8 Archived from the original on February 8 2021 Retrieved October 19 2020 Steiner Zara 2005 The lights that failed European international history 1919 1933 Oxford Oxford University Press ISBN 978 0 19 151881 2 OCLC 86068902 Archived from the original on October 6 2021 Retrieved October 9 2021 Journal Michael Siconolfi and Anita RaghavanStaff Reporters of The Wall Street February 6 1997 Securities Firms Names Seem Anything but Firm The Wall Street Journal ISSN 0099 9660 Archived from the original on August 2 2020 Retrieved February 10 2020 JPMorgan Japan Archived June 22 2012 at the Wayback Machine Retrieved June 8 2012 Australia amp New Zealand Archived January 10 2016 at the Wayback Machine JPMorgan Chase Retrieved June 8 2012 Indonesia Archived April 17 2015 at the Wayback Machine JPMorgan Chase Retrieved June 8 2012 History in China Archived October 17 2015 at the Wayback Machine JPMorgan Chase Retrieved June 8 2012 J P Morgan in Saudi Arabia Archived January 5 2016 at the Wayback Machine Retrieved June 8 2012 JPMorgan Chase Bank Archived June 25 2012 at the Wayback Machine info2india Retrieved June 8 2012 History in Korea Archived January 5 2016 at the Wayback Machine JPMorgan Chase Retrieved June 8 2012 a b Central amp Eastern Europe Archived October 17 2015 at the Wayback Machine JPMorgan Chase Retrieved June 8 2012 Taiwan Archived May 5 2012 at the Wayback Machine JPMorgan Chase Retrieved June 8 2012 J P Morgan in Russia Archived October 17 2015 at the Wayback Machine JPMorgan Chase Retrieved June 8 2012 Nordic Region Archived September 7 2015 at the Wayback Machine JPMorgan Chase Retrieved July 7 2012 J P Morgan to buy Bank One for 58 billion Jan 15 2004 money cnn com Archived from the original on January 19 2016 Retrieved February 10 2020 Sorkin Andrew Ross Thomas Landon Jr January 14 2004 J P Morgan Chase to Acquire Bank One in 58 Billion Deal The New York Times ISSN 0362 4331 Archived from the original on November 18 2020 Retrieved October 30 2019 JPMorgan Chase s Jamie Dimon Says He Has Curable Cancer NBC News Archived from the original on November 6 2020 Retrieved October 30 2019 Bank One American company Encyclopedia Britannica Archived from the original on October 29 2020 Retrieved February 10 2020 Coming up big How Dimon turned JPMorgan Chase into a banking colossus Crain s New York Business May 20 2019 Archived from the original on September 17 2020 Retrieved February 10 2020 a b Hammer Alexander R February 28 1974 First Banc Group Set to Acquire First National Bank of Toledo The New York Times ISSN 0362 4331 Archived from the original on August 20 2020 Retrieved February 10 2020 a b c Tracy Justin Baer and Ryan March 13 2018 Ten Years After the Bear Stearns Bailout Nobody Thinks It Would Happen Again The Wall Street Journal ISSN 0099 9660 Archived from the original on January 20 2021 Retrieved February 10 2020 a b CNBC com March 14 2008 Bear Stearns Gets Bailout From the Federal Reserve www cnbc com Archived from the original on January 26 2021 Retrieved February 10 2020 Guerrera Francesco March 16 2008 Bear races to forge deal with JPMorgan Financial Times Archived from the original on March 21 2008 Retrieved March 16 2008 Quinn James March 19 2008 JPMorgan Chase bags bargain Bear Stearns The Daily Telegraph London Archived from the original on January 11 2022 Retrieved June 24 2014 JPMorgan Chase Completes Bear Stearns Acquisition NYSE JPM Investor shareholder com Archived from the original on November 13 2017 Retrieved November 12 2017 Ellis David JPMorgan buys WaMu Archived November 9 2020 at the Wayback Machine CNNMoney September 25 2008 Hester Elizabeth September 26 2008 JPMorgan Raises 10 billion in Stock Sale After WaMu Update3 Bloomberg Archived from the original on January 22 2009 Retrieved April 13 2013 WaMu Gives New CEO Mega Payout as Bank Fails Fox News September 26 2008 Archived from the original on December 5 2008 Retrieved September 17 2014 SEC Charges J P Morgan Chase In Connection With Enron s Accounting Fraud Archived from the original on October 2 2003 Johnson Carrie June 15 2005 Settlement In Enron Lawsuit For Chase The Washington Post Archived from the original on November 14 2018 Retrieved September 1 2017 Wall Street firms to pay 1 4 billion in probe MarketWatch Archived from the original on September 22 2020 Retrieved April 13 2013 Morgenson Gretchen March 17 2005 Bank to Pay 2 billion to Settle WorldCom Claims Archived April 9 2015 at the Wayback Machine The New York Times Retrieved July 28 2010 Rovella David E amp Baer Justin March 16 2005 JPMorgan to Pay 2 Bln to Settle WorldCom Fraud Suit Archived September 30 2007 at the Wayback Machine Bloomberg L P Retrieved July 28 2010 KCCLCC net PDF Archived from the original PDF on August 6 2009 JPMorgan Apologizes for Links to Slavery NPR org NPR Retrieved May 21 2022 Bank admits it owned slaves The Guardian January 22 2005 Retrieved May 21 2022 From J P Morgan Chase an Apology And 5 Million in Slavery Reparations The New York Sun Retrieved May 21 2022 Longstreth Andrew Stempel Jonathan July 24 2012 JPMorgan Chase settles with credit card customers for 100 million NBC News Archived from the original on November 22 2012 Braun Martin Z amp Selway William November 4 2009 JPMorgan Ends SEC Alabama Swap Probe for 722 million Archived January 31 2010 at the Wayback Machine Bloomberg L P Retrieved July 28 2010 White Anna January 5 2012 PwC fined record 1 4m over JPMorgan audit The Daily Telegraph London Archived from the original on January 11 2022 a b UK fines JPMorgan record 49 mln warns other banks Archived September 19 2018 at the Wayback Machine FinanzNachrichten de Reuters June 3 2010 JPMorgan in record FSA fine for risking clients money BBC News June 3 2010 Archived from the original on August 21 2020 Retrieved July 21 2018 No 2 bank overcharged troops on mortgages Archived September 23 2020 at the Wayback Machine NBC News January 17 2011 Mui Ylan Q April 23 2011 J P Morgan Chase to pay 27 million to settle lawsuit over military mortgages Archived August 21 2020 at the Wayback Machine The Washington Post p 9 Retrieved April 24 2011 JPMorgan Chase Mortgage Chief Leaving After Military Scandal Real Estate Journal Online June 15 2011 Retrieved June 16 2011 Archived June 19 2011 at the Wayback Machine JPMorgan dismisses mortgage head David Lowman The Economic Times Delhi Reuters June 14 2011 Retrieved June 16 2011 dead link JPMorgan Chase amp Co Press release Department of the Treasury Archived from the original on August 12 2020 Retrieved November 12 2017 Joint State Federal Mortgage Servicing Settlement FAQ Nationalmortgagesettlement com Archived from the original on May 5 2018 Retrieved June 15 2015 Mortgage Plan Gives Billions to Homeowners but With Exceptions The New York Times February 10 2012 Archived from the original on November 25 2020 Retrieved February 16 2017 McLaughlin David Kopecki Dawn November 21 2012 JPMorgan Chase amp Co Bloomberg News Archived from the original on September 10 2013 Retrieved March 6 2018 a b c d FERC JPMorgan Unit Agree to 410 Million in Penalties Disgorgement to Ratepayers Federal Energy Regulatory Commission July 30 2013 Archived from the original on June 24 2019 Retrieved August 5 2013 a b c d e Flitter Emily September 4 2013 Exclusive JPMorgan subject of obstruction probe in energy case Reuters Archived from the original on November 5 2013 Retrieved September 4 2013 JPMorgan faces criminal and civil probes over mortgages Reuters August 7 2013 JPMorgan agrees to 13 billion mortgage settlement Archived November 12 2020 at the Wayback Machine CNN November 19 2013 JPMorgan to pay 13 billion in deal with US Archived October 29 2013 at the Wayback Machine MSN Money October 22 2013 Merle Renae JPMorgan Chase to pay 264 million in fines for bribing foreign officials by hiring their friends and family The Washington Post Archived from the original on August 9 2020 Retrieved July 3 2017 U S sues JPMorgan for alleged mortgage discrimination Reuters January 18 2017 Archived from the original on January 25 2021 Retrieved January 18 2017 U S accuses JPMorgan of mortgage discrimination in lawsuit USA TODAY Archived from the original on January 22 2021 Retrieved January 18 2017 SEC gov JPMorgan to Pay More Than 135 Million for Improper Handling of ADRs www sec gov Archived from the original on January 27 2021 Retrieved January 24 2019 Jeffrey Epstein victims sue several major banks BBC News Retrieved November 25 2022 Madoff trustee suit against JPMorgan Chase PDF Archived PDF from the original on November 27 2020 Retrieved November 27 2013 Bob Van Voris JPMorgan Wins Dismissal of 19 Billion in Madoff Trustee Claims Bloomberg Archived from the original on November 29 2014 Retrieved March 7 2017 Stempel Jonathan Madoff said JPMorgan executives knew of his fraud lawsuit Reuters Archived from the original on October 24 2020 Retrieved July 1 2017 J P Morgan Chase pays 1 7 billion and settles Madoff related criminal case Forbes January 7 2014 Archived from the original on December 14 2020 Retrieved September 1 2017 JPMorgan to pay 1 7bn to victims of the Madoff fraud Archived November 12 2020 at the Wayback Machine BBC January 7 2014 Text of deferred prosecution agreement in Madoff case Archived January 8 2014 at the Wayback Machine Protess Ben Silver Greenberg Jessica JPMorgan Faces Possible Penalty in Madoff Case Archived November 25 2020 at the Wayback Machine The New York Times October 23 2013 Chase to Acquire Collegiate Funding Services Archived December 14 2007 at the Wayback Machine Business Wire December 15 2005 JPMorgan Chase completes acquisition of The Bank of New York s consumer small business and middle market banking businesses Investor shareholder com Archived from the original on November 22 2016 Retrieved November 22 2016 Vidal John March 26 2008 JPMorgan buys British carbon offset company The Guardian London Archived from the original on November 12 2020 Retrieved November 5 2013 Money Economics Top 10 Banks Project Moneyeconomics com Archived from the original on November 27 2020 Retrieved April 13 2013 JPMorgan Buys Rest of Cazenove for 1 billion Pounds Bloomberg November 19 2009 Archived from the original on June 13 2010 A Nguyen reporting December 15 2011 in Computer World UK Archived April 7 2015 at the Wayback Machine Retrieved June 7 2012 Perez Sarah December 20 2012 Chase Acquires Local Offers Startup Bloomspot Tech Crunch Archived from the original on October 23 2016 Retrieved February 7 2016 Frojo Renee August 7 2013 Deals Site Bloomspot Bites The Dust San Francisco Business Times Archived from the original on December 3 2020 Retrieved March 6 2018 Delevingne Lawrence September 24 2013 Why Jamie Dimon and Bill Gates have teamed up CNBC Archived from the original on December 23 2020 Retrieved July 31 2020 Chan Cathy October 2 2014 Hackers Attack on JPMorgan Chase Affects Millions The New York Times Archived from the original on February 12 2021 Retrieved October 2 2014 Goldstein Matthew Perlroth Nicole Sanger David E October 3 2014 Hackers Attack Cracked 10 Financial Firms in Major Assault The New York Times Archived from the original on December 16 2020 Retrieved October 4 2014 JP Morgan sells commodity arm to Mercuria for 800 million Press release Reuters October 3 2014 Archived from the original on October 17 2015 Retrieved July 1 2017 TimLoh Tim Loh March 7 2016 JPMorgan Won t Back New Coal Mines to Combat Climate Change Bloomberg News Archived from the original on November 8 2020 Retrieved March 7 2017 14 execs JP Morgan Chase over tax fraud AFP December 3 2016 Archived from the original on November 25 2020 Retrieved April 10 2017 via Financial Express Ex JPMorgan employee pleads guilty to 5 million fraud Reuters March 3 2017 Archived from the original on November 24 2020 Retrieved April 10 2017 Jamie Dimon just said the exec many saw as his successor is leaving JPMorgan CNBC June 8 2017 Archived from the original on November 11 2020 Retrieved September 9 2017 Nigeria sues JP Morgan for 875 million over Malabu oilfield deal Archived December 4 2020 at the Wayback Machine Reuters January 18 2018 JP Morgan says it knew ex minister linked to firm in Nigeria oilfield deal Archived August 14 2020 at the Wayback Machine Reuters April 6 2018 JP Morgan is rolling out the first US bank backed cryptocurrency to transform payments business CNBC February 14 2019 Archived from the original on January 31 2021 Retrieved February 20 2019 J P Morgan Chase Becomes First U S Bank With a Cryptocurrency Fortune February 14 2019 Archived from the original on February 9 2021 Retrieved February 20 2019 Mooney Attracta May 14 2020 Fidelity Vanguard and JPMorgan accused of ignoring human rights Financial Times Archived from the original on August 24 2020 Retrieved May 14 2020 Shubber Kadhim Stafford Philip September 29 2020 JPMorgan to pay 920m in largest ever spoofing settlement Financial Times Archived from the original on February 1 2021 Retrieved September 29 2020 European Super League the key questions What is it Who is involved How likely Sky Sports April 18 2021 Archived from the original on April 18 2021 Retrieved April 19 2021 Football club shares leap as JP Morgan to inject 4 3bn into new European Super League The Independent April 19 2021 Archived from the original on April 19 2021 Retrieved April 19 2021 a b JPMorgan apologises for backing breakaway football Super League Financial Times 2021 Archived from the original on April 23 2021 Retrieved April 23 2021 JP Morgan given lower sustainability rating after funding failed European Super League The Guardian April 21 2021 Archived from the original on April 21 2021 Retrieved April 21 2021 Correspondent Callum Jones US Business Super League We kinda missed the point JP Morgan boss Jamie Dimon admits The Times ISSN 0140 0460 Archived from the original on May 6 2021 Retrieved May 6 2021 a href Template Cite news html title Template Cite news cite news a first has generic name help European Super League Ministers say they will work to block breakaway group BBC News April 20 2021 Archived from the original on April 20 2021 Retrieved April 20 2021 JPMorgan Backs Super Soccer League With 4 8 Billion Bloomberg April 19 2021 Archived from the original on April 20 2021 Retrieved April 20 2021 JP Morgan launches digital only Chase current account in UK TheGuardian com September 25 2021 Archived from the original on October 12 2021 Retrieved October 12 2021 https www chase co uk Retrieved October 12 2021 a href Template Cite web html title Template Cite web cite web a Missing or empty title help JP Morgan Chase launches UK bank account September 21 2021 Son Ryan Browne Hugh June 17 2021 JPMorgan is buying UK robo advisor Nutmeg to boost overseas retail banking expansion CNBC Retrieved June 11 2022 JPMorgan Chase buying spree set to be Jamie Dimon s biggest in years Financial Times July 6 2021 Archived from the original on December 10 2022 Retrieved June 11 2022 Levitt Hannah March 15 2022 JPMorgan Agrees to Buy Share Plan Software Company Global Shares Bloomberg News Goodbody Will August 11 2022 J P Morgan completes takeover of Cork s Global Shares RTE JPMorgan Chase 2020 Fortune 500 Fortune Archived from the original on January 15 2021 Retrieved January 12 2021 Son Hugh March 10 2022 JPMorgan is winding down its Russia operations amid widening business exodus over Ukraine war News Bloomberg May 26 2022 JPMorgan Finds New Use for Blockchain in Trading and Lending BNN Bloomberg BNN Retrieved May 27 2022 a href Template Cite web html title Template Cite web cite web a last has generic name help Barbaglia Pamela September 12 2022 JPMorgan to boost payments business with Renovite purchase Reuters Retrieved September 12 2022 Jamie Dimon s Greek Foray Offers JPMorgan a Gateway to Europe Bloomberg com April 6 2022 Retrieved September 12 2022 Browne Ryan JPMorgan is buying a majority stake in Volkswagen s payments unit CNBC Retrieved September 12 2022 Annual Report 2004 SEC Filing Form 10 K JPMorgan Chase amp Co March 2 2005 Archived from the original on August 2 2020 Retrieved October 18 2018 Annual Report 2007 SEC Filing Form 10 K JPMorgan Chase amp Co February 29 2008 Archived from the original on October 19 2018 Retrieved October 18 2018 Annual Report 2012 SEC Filing Form 10 K JPMorgan Chase amp Co February 28 2013 Archived from the original on October 27 2020 Retrieved October 18 2018 Annual Report 2015 SEC Filing Form 10 K JPMorgan Chase amp Co February 23 2016 Archived from the original on February 1 2017 Retrieved June 8 2016 Annual Report 2017 SEC Filing Form 10 K JPMorgan Chase amp Co February 27 2018 Archived from the original on May 23 2020 Retrieved October 17 2018 Annual Report 2018 SEC Filing Form 10 K JPMorgan Chase amp Co February 26 2019 Archived from the original on September 4 2019 Retrieved September 4 2019 Annual Report 2020 JPMorgan Chase amp Co Annual Report PDF JPMorgan Chase amp Co April 7 2021 Archived PDF from the original on May 16 2021 Retrieved May 18 2021 Annual Report 2002 SEC Filing Form 10 K JPMorgan Chase amp Co March 19 2003 Archived from the original on August 2 2020 Retrieved October 18 2018 Stewart Emily April 8 2018 How does a company s CEO pay compare to its workers Now you can find out Vox Archived from the original on February 8 2021 Retrieved August 25 2018 Melin ers How Your Pay Stacks Up With the CEO s Bloomberg com Bloomber Archived from the original on November 20 2020 Retrieved August 25 2018 How to Track CEO Worker Pay Ratios Inequality org Archived from the original on February 2 2021 Retrieved August 25 2018 Rountree Brian Nelson Karen Crawford Steve February 23 2015 The CEO Employee Pay Ratio Archived from the original on December 6 2020 Retrieved August 25 2018 JPMorgan 2019 Proxy Statement Securities and Exchange Commission Archived from the original on April 28 2019 Retrieved April 28 2019 JPMorgan Chase amp Co Federal Deposit Insurance Corp Archived from the original database on November 13 2011 Retrieved November 12 2011 JPMorgan Chase amp Co SEC Archived from the original on November 11 2020 Retrieved October 15 2014 Company Overview of J P Morgan Europe Limited Archived August 1 2013 at the Wayback Machine Bloomberg Businessweek Retrieved June 7 2012 J P Morgan Europe Limited Archived September 29 2020 at the Wayback Machine Companies in the U K Retrieved June 7 2012 Bloomberg JPMorgan to Move European Head Office to Canary Wharf August 1 2008 Archived from the original on March 21 2010 Wearden Graeme December 10 2010 JPMorgan sticks with London by buying Lehman HQ The Guardian London Archived from the original on November 9 2020 Retrieved December 11 2016 J P Morgan Europe Ltd Archived from the original on March 25 2013 Retrieved June 7 2012 The History of JPMorgan Chase amp Co 200 Years of Leadership in Banking Archived September 27 2011 at the Wayback Machine company published booklet 2008 p 6 Union National Bank and National Bank of Commerce in Houston were predecessor banks to TCB Retrieved July 15 2010 The History of JPMorgan Chase amp Co 200 Years of Leadership in Banking Archived September 27 2011 at the Wayback Machine company published booklet 2008 p 3 New York Manufacturing Co began in 1812 as a manufacturer of cotton processing equipment and switched to banking five years later Retrieved July 15 2010 The History of JPMorgan Chase amp Co 200 Years of Leadership in Banking Archived September 27 2011 at the Wayback Machine company published booklet 2008 Founder John Thompson named the bank in honor of his late friend Salmon P Chase Retrieved July 15 2010 Other Successors to the break up of The House of Morgan Morgan Stanley and Morgan Grenfell amp Co The History of JPMorgan Chase amp Co 200 Years of Leadership in Banking company published booklet 2008 p 5 Predecessor to J P Morgan amp Co was Drexel Morgan amp Co est 1871 Retrieved July 15 2010 Other predecessors include Dabney Morgan amp Co and J S Morgan amp Co PDF Archived PDF from the original on September 27 2011 Retrieved July 15 2010 The History of JPMorgan Chase amp Co 200 Years of Leadership in Banking Archived September 27 2011 at the Wayback Machine company published booklet 2008 p 19 Retrieved July 15 2010 The History of JPMorgan Chase amp Co 200 Years of Leadership in Banking Archived September 27 2011 at the Wayback Machine company published booklet 2008 p 3 The Marine Corp merged in 1988 with BancOne George Smith founded the Wisconsin Marine and Fire Insurance Co in 1839 the predecessor company Retrieved July 15 2010 On March 18 2008 JPMorgan Chase announced the acquisition of Bear Stearns for 236 million 2 00 per share On March 24 2008 a revised offer was announced at approximately 10 per share On September 25 2008 JPMorgan Chase announced the acquisition of Washington Mutual for 1 8 billion Choma Russ December 12 2014 Wall Street s Omnibus Triumph and Others The Center for Responsible Politics Archived from the original on November 11 2020 Retrieved December 19 2014 JPMorgan Chase commits 20 million to support summer youth employment Philanthropy News Digest May 20 2022 Retrieved May 20 2022 a href Template Cite journal html title Template Cite journal cite journal a CS1 maint url status link Greenfield Patrick October 13 2019 Top investment banks provide billions to expand fossil fuel industry The Guardian ISSN 0261 3077 Archived from the original on February 23 2021 Retrieved October 30 2019 Banking on Climate Change 2019 Rainforest Action Network Archived from the original on January 29 2021 Retrieved March 25 2020 Nauman Billy October 6 2020 JPMorgan Chase promises to shift portfolio away from fossil fuels Financial Times Archived from the original on October 1 2021 Retrieved September 12 2021 Greenfield Patrick Watts Jonathan February 21 2020 JP Morgan economists warn climate crisis is threat to human race The Guardian London United Kingdom ISSN 0261 3077 Archived from the original on February 22 2021 Retrieved February 23 2020 Bagli Charles V February 21 2018 Out With the Old Building in With the New for JPMorgan Chase The New York Times ISSN 0362 4331 Archived from the original on November 9 2020 Retrieved June 18 2018 Chase thriving in region The Columbus Dispatch Archived from the original on April 20 2021 Retrieved April 20 2021 Global Corporate Bank Global Capabilities J P Morgan Archived from the original on October 17 2015 Retrieved April 13 2013 JPMorgan to hire more than 3 000 people in new operations center in Poland Muslim Global Archived from the original on June 18 2018 Retrieved September 26 2017 Fool s Gold by Gillian Tett Free Press 2009 Structured Finance and Collateralized Debt Obligations 2nd ed Janet Tavakoli 2008 Wiley Chase Locations and Reviews Knowyourbank Archived from the original on May 25 2013 Retrieved April 13 2013 OCC s Quarterly Report on Bank Trading and Derivatives Activities Fourth Quarter 2011 PDF Archived PDF from the original on January 26 2021 Retrieved August 23 2012 Zuckerman Gregory Burne Katy April 6 2012 London Whale Rattles Debt Market The Wall Street Journal Archived from the original on November 25 2020 Retrieved August 12 2017 Ahmed Azam May 15 2012 As One JPMorgan Trader Sold Risky Contracts Another One Bought Them The New York Times Archived from the original on January 26 2021 Retrieved May 16 2012 Eisinger Jesse May 16 2012 In Scrutiny of JPMorgan Loss Bigger Questions Left Unanswered The New York Times ProPublica Archived from the original on November 3 2020 Retrieved May 17 2012 Silver Greenberg Jessica July 13 2012 JPMorgan Reports Second Quarter Profit and Will Restate First Quarter Figures Dealbook blog The New York Times Archived from the original on February 9 2021 Retrieved July 13 2012 Silver Greenberg Jessica Craig Susanne June 28 2012 JPMorgan Trading Loss May Reach 9 Billion The New York Times Archived from the original on November 11 2020 Retrieved June 28 2012 Schwartz Nelson D Silver Greenberg Jessica May 16 2012 JPMorgan s Trading Loss Is Said to Rise at Least 50 The New York Times Archived from the original on February 21 2021 Retrieved May 17 2012 Burne Katy April 10 2012 Making Waves Against Whale The Wall Street Journal Archived from the original on August 5 2020 Retrieved May 16 2012 Khalique Farah May 11 2012 Chart of the Day London Whale trading Financial News Archived from the original on September 24 2015 Retrieved May 16 2012 Crony Capitalism After Lobbying Against New Financial Regulations JPMorgan Loses 2B in Risky Bet Democracy Now May 15 2012 Archived from the original on November 12 2020 Retrieved May 16 2012 Silver Greenberg Jessica Eavis Peter May 10 2012 JPMorgan Discloses 2 Billion in Trading Losses The New York Times Archived from the original on November 12 2020 Retrieved May 16 2012 Two Billion Dollar Hedge Financial Times registration required Archived September 11 2012 at the Wayback Machine More Bad News as FBI gets involved Archived January 16 2021 at the Wayback Machine Forbes a b c d e JPMorgan makes 920m London Whale payout to regulators BBC September 19 2013 Archived from the original on November 11 2020 Retrieved September 20 2013 JPMorgan Pays 920 Million to Settle London Whale Probes Archived January 10 2015 at the Wayback Machine Bloomberg Retrieved December 6 2013 Gandel Stephen Did the SEC let JPMorgan off the hook Archived September 22 2013 at the Wayback Machine Fortune September 20 2013 jpmorganchase July 31 2007 release id 257378 Archived May 11 2012 at the Wayback Machine about art Archived March 7 2012 at the Wayback Machine amp About JPMC Archived January 15 2012 at the Wayback Machine Retrieved February 3 2012 La Lettre de la photographie entries 4727 Archived July 21 2017 at the Wayback Machine Retrieved February 4 2012 J P Morgan Home J P Morgan Jpmorgan com Archived from the original on September 19 2015 Retrieved November 12 2017 Bridges Steven May 25 2010 Spotlight JPMorgan Chase Art Collection Chicago Art Magazine Archived from the original on December 14 2010 Retrieved February 3 2012 August 15 2011 christies Archived October 16 2013 at the Wayback Machine Retrieved February 3 2012 L Nicholson January 1 2008 High Beam Research Cengage Learning firstly sourced at Apollo Magazine 22 Old Queen Street London SW1H 9HP Retrieved February 4 2012 JP MORGAN Collected Visions Pera Museum Archived from the original on March 4 2012 Retrieved February 3 2012 Flitter Emily 2018 Wall Street s Longest Serving C E O Says He Isn t Going Anywhere The New York Times ISSN 0362 4331 Archived from the original on November 9 2020 Retrieved January 30 2018 Why J P Morgan Chase CEO Jamie Dimon Is Among the World s Greatest Leaders Fortune Archived from the original on November 12 2020 Retrieved January 30 2018 Motley Fool Staff The Secret to Jamie Dimon s Success as CEO of JPMorgan Chase The Motley Fool Archived from the original on August 2 2020 Retrieved January 30 2018 NASDAQ STRL Sterling Construction Stock Price Forecast amp Analysis www marketbeat com Archived from the original on November 25 2020 Retrieved October 30 2019 Jamie Dimon s Fix for Immigration Deadlock Teach American History and Principles Observer April 5 2018 Archived from the original on August 2 2020 Retrieved October 30 2019 Archived copy PDF Archived PDF from the original on May 16 2021 Retrieved May 18 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link a b Jamie Dimon Business Roundtable Archived from the original on February 6 2021 Retrieved December 22 2020 a b William B Harrison Jr To Retire At Year End As Chairman Of Jpmorgan Chase Board Expected To Elect Jamie Dimon To Additional Position Of Chairman JP Morgan Chase Press Release October 26 2006 Archived from the original on February 25 2021 Retrieved December 22 2020 Dobrzynski Judith H November 24 2008 Players Marjorie Magner Forbes Archived from the original on January 18 2022 Retrieved July 5 2012 Tony Blair starts 1M bank job Archived January 11 2008 at the Wayback Machine CNN January 10 2008 Tarinas Joaquim ROBERT GORDON WASSON Seeking the Magic Mushroom Imaginaria org Archived from the original on January 14 2012 Retrieved April 13 2013 Medicine Mushroom Madness Time June 16 1958 Archived from the original on July 15 2009 Retrieved May 7 2010 Further reading EditHorn Martin 2022 J P Morgan amp Co and the Crisis of Capitalism From the Wall Street Crash to World War II Cambridge University Press External links Edit Wikimedia Commons has media related to JPMorgan Chase Official website Business data for JPMorgan Chase amp Co BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title JPMorgan Chase amp oldid 1134351252, wikipedia, wiki, book, books, library,

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