JP Morgan Chase is the largest bank in the United States, with total US assets of $ 2.515 trillion and the world’s largest bank by market capitalization. JP Morgan was founded by the famous American banker John Morgan, and its history can be traced back to the establishment of Drexel, Morgan & Co.
It is a major provider of financial services, according to Forbes magazine’s ranking as the third largest publicly traded company in the world. Founded in 1799, located in New York on Wall Street, was initially called JP Morgan, in 2000 merged with Chase Manhattan Bank, called JP Morgan Chase. There are about 230,000 employees in 2008 working in the bank around the world Market value of the bank It exceeded of US$3.954 trillion .
The JP Morgan corporate headquarters at 23 Wall Street in New York City, built in 1914, is known as the “Morgan House”, and it has been the most important address in the American financial world for a long time . JPMorgan’s main business consists of four segments: Consumer and Community Banking, Corporate and Investment Banking, Commercial Banking and Asset Management
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History of JP Morgan Chase
JPMorgan Chase, in its current structure, is the result of a consortium of several large US banking firms since 1996, including Chase Manhattan Bank, JPMorgan & Co., Bank One, Bear Stearns and Washington Mutual. The New York Chemical Manufacturing Company was founded in 1823 as a company dedicated to the chemical industry. In 1824 it modified its statutes to carry out banking activities, adopting the name of Chemical Bank of New York. After 1851, the banking sector of the company became independent and began to grow through a succession of mergers, among which the one carried out in 1954 with the Corn Exchange Bank , in 1986 with the Texas Commerce Bank (a large bank in Texas ) and in 1991 the Manufacturer’s Hanover Trust Company, the largest bank merger up to that time. Throughout history, the Chemical Bank was the largest bank in the United States on several occasions, both in terms of investments and deposits.
In 1996 the company acquired the Chase Manhattan Corporation but kept its name. In 2000, it bought JP Morgan & Co. and changed its name to “JP Morgan Chase & Co