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JP Morgan Chase turns out to be among the oldest financial institutions or banks that are based in the United States. The firm’s history hails back more than 200 years. Today, the company boasts assets that exceed $2.4 trillion, and it is a leading global banking and financial services outfit. JP Morgan Chase has a presence in over 100 countries and maintains more than 235,000 employees around the globe in over 450 corporate offices.
JP Morgan Chase counts millions of individuals and small businesses as customers of the banking group. They serve some of the most important governments, institutions, and corporations in the world. JP Morgan proves to be one of the global leaders in financial services for individuals and small businesses, investment banking, commercial banking, asset management, and financial transactions and processing. One of their proudest achievements as a testament to their importance in the United States is the fact that their company stock is one of the only 30 company components of the famed Dow Jones Industrial Average.
JP Morgan Chase & Company proves to be not only one of the oldest and biggest financial institutions in the world, but also among the best known such organizations on earth. The earliest predecessor of the banking group received its charter in New York City in 1799. The company has an aggressive history of mergers and acquisitions that have seen over 1,200 predecessor banking and financial institutions merged into the present day form of the banking behemoth.
Among its most important legacy firms are J.P. Morgan, Chase Manhattan Bank, Chemical Bank, and Manufacturers Hanover of New York City as well as Bank One, National Bank of Detroit, and First Chicago in the Midwest. These institutions each held important ties for their day and age to progress in finance and the expansion of both the American and world economies.
The mega mergers of the banking group began in 2000 when J.P. Morgan & Co. Inc. merged together with the Chase Manhattan Corporation. In this merger, J.P. Morgan, Chase, Manufacturers Hanover, and Chemical became one enormous financial conglomerate. This at last combined four of the biggest, most important, and oldest banking center groups of New York City together under the single entity name and ownership of J.P. Morgan Chase & Co.
The activity continued in 2004. J.P. Morgan Chase & Company merged with Chicago’s Bank One Corporation. At the time, the New York Times newspaper claimed that the combination would remake the competitive landscape of banking as it tied together the commercial and investment banking prowess of J.P. Morgan Chase with the significant consumer banking abilities of the Midwestern-based Bank One.
In 2008, JP Morgan Chase acquired the world’s largest savings and loan Washington Mutual Bank as a result of the biggest bank failure in history. Gaining control of Washington Mutual’s substantial banking operations meant that the banking group expanded its consumer branches into Florida, California, and Washington State for the first time. This formed the second biggest network of bank locations in the United States whose branches reached an astonishing 42% of all people living in the U.S.
That same year in the depths of the financial crisis, JP Morgan Chase took over the collapsing Wall Street firm The Bear Stearns Companies. This improved the group’s swelling abilities in a wide variety of businesses such as global energy trading, cash clearing, and prime brokerage. The group rounded out its presence in the United Kingdom in 2010 by gaining full ownership of its original British joint venture J.P. Morgan Cazenove. This joint venture was among the most premier investment banks in Britain.