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Public
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New York, NY ( 1799 )
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New York, New York
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William B Harrison, Jr ,<br />Chairman<br /> Jamie Dimon , President & CEO
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168,461 (as of June 30, 2005)
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Finance And Insurance
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Financial Services
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56,931,000,000 USD (12/04)
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$573 billion USD ( 2004 )
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$103 billion USD ( 2004 )
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In 2004, the company acquired
Bank One of
Chicago , bringing on star Bank One
CEO Jamie Dimon as president and
COO of the merged firm and designating him as
CEO William B. Harrison, Jr. 's future successor. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and placing some former Bank One executives in key ranks at the new company.
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 ,
Texas Commerce Bank (a large bank in
Texas ), and
Manufacturer's Hanover Trust Company . 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 ).
In
1996 , the company acquired the
Chase Manhattan Corporation but kept that name. In
2000 , the company acquired J.P. Morgan & Co. and changed its name to J.P. Morgan Chase & Co. As a result of the acquisitions, JPMorgan Chase retains Chemical Bank's headquarters, stock history, and most of its management.
The
Chase Manhattan Bank was formed upon the
1955 purchase of Chase National Bank (established in
1877 ) by the
Bank Of Manhattan (established in
1799 ), the company's oldest predecessor institution. Led by
David Rockefeller during the
1970s and the
1980s , Chase Manhattan was one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early
1990s , it was acquired by Chemical Bank in
1996 .
In ). It 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. In
1895 it supplied the United States government with $62 million in
Gold to float a bond issue and restore the
Treasury surplus of $100 million.
In
1892 , the company began to finance the
New York, New Haven And Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in
New England . Railroads began their decline in the early
20th Century , losing out to alternative transportation. Its primary competitor
Kuhn, Loeb & Co. was a more successful adviser and financier to production companies and J.P. Morgan lost its first place in
Market Cap and the
League Tables .
Built in 1914, 23 Wall Street was known as the "House of Morgan" and for decades the bank's headquarters was the most important address in American finance. At noon, on and why they did it, after twenty years investigating the matter, the
FBI rendered the file inactive in 1940 without ever finding the perpetrators.
In August
1914 ,
Henry P. Davison , a Morgan partner, traveled to England and made a deal with the
Bank Of England to make J. P. Morgan & Co. the monopoly underwriter of
War Bonds for England and
France . The Bank of England became a "
Fiscal Agent " of J. P. Morgan & Co. and vice versa. The company also invested in the suppliers of
War Equipment to England and France. Thus, the company profited from the financing and buying activities of the two European governments.
In the it merged with the
Guaranty Trust Company Of New York to form the Morgan Guaranty Trust Company, but ten years later it established a
Bank Holding Company called J.P. Morgan & Co. Incorporated as its parent. By the late
1990s , when it was acquired by Chase Manhattan, J.P. Morgan had turned itself into an investment bank too. Besides investment banking, it also offered
Private Banking and
Private Equity services.
JP Morgan formerly were advisors to
Malcolm Glazer & Family in their takeover of
Manchester United . They resigned after the Glazers voted three of the Manchester United directors off the board. This was against the advice of JP Morgan.
In 2006, JP Morgan Chase purchased Collegiate Funding Services, LLC, and created Chase Education Finance.
On
April 7 ,
2006 ,
J.P. Morgan Chase & Co. announced they would be swapping their corporate trust unit for Bank of New York Co.'s retail and small business banking network. The swap values the Bank of New York business at $3.1 billion, and JPMorgan's trust unit at $2.8 billion and gives Chase access to 338 additional branches and 700,000 new customers in the New York, New Jersey, and Connecticut Tri-State area.
Although Chase Manhattan Bank's headquarters were once located at the
One Chase Manhattan Plaza building in Downtown Manhattan, the current world headquarters for JPMorgan Chase & Co. is located at 270 Park Avenue. The bank moved some of its operations to the
JPMorgan Chase Tower (formally Texas Commerce Bank Tower) in
Houston, Texas when it purchased
Texas Commerce Bank . Since merging with
Bank One in 2004, Retail services (branded as "Chase") have its headquarters in Chicago. There is also a large operations center in Columbus, Ohio.
JPMorgan Securities, the investment banking arm of JPMorgan, also maintains a number of high-profile offices around the globe, with the largest concentrations in London, Hong Kong, Singapore, and Tokyo. The bulk of North American operations, however, take place in two buildings located on both sides of Park Avenue in New York City, the
former Union Carbide Building at 270 Park Ave and the
original Chemical Bank building at 277 Park Ave. Sales and Trading Operations are located on the trading floors in 270 Park Ave, while most Investment Banking activity takes place at 277 Park Ave.
