It is an American investment bank having headquarters in New York. The organization is the 5th largest bank in the world. It offers various services such as commercial banking, community banking, asset management, private equity and others. The organization claims to be a talent-driven company and one of the world’s most admired businesses. It has 200 years of commitment to provide quality service.
Vision:
Aspire to be the best; execute superbly, build a great team and winning culture
Mission:
To be the best financial services company in the world
Values:
A commitment to integrity, responsibility and fairness
Early History Of JPMorgan Chase:
- In 1799, the Manhattan company was founded in New York
- In 1817, the bank of Manhattan Company funded Erie Canal
- JP Morgan got into banking in 1857
- In 1871, it became partner with Drexel’s firm
- In 1882, the company started investing in electricity
- In 1895, J.P Morgan & Co. offered the bond that saved United States from depression
- In the same year, Morgan helped United States to fill up nation’s gold supply
- In 1901, the organization merged its steel companies forming U.S Steel
- In 1902, Morgan formed International Harvester Company
- In 1904, the company financed Panama Canal
- In 1911, it financed the Houston Ship Channel
- In 1914, a new Morgan home rises on the Wall Street
- In 1958, Chase Manhattan introduced the first credit card in New York
- In 1961, electronic data processing was introduced in banking
Rise To Success:
- In 1973, Chase Manhattan opened its representative office in Moscow
- In 1989, the U.S Federal Reserve grants the organization the right to underwrite
- In 1990, it became the first US bank holding company for providing complete security services
- In 1996, Chase Manhattan merged with Chemical Banking Corporation
- In 2000, J.P Morgan merged with Manhattan
- In 2004, it merged with Bank One
- In 2008, the company acquired Bear Stearns and Washington Mutual
- In 2010, it introduced mobile banking
- In the same year, it acquired ownership of the UK firm, Cazenove
- In 2013, the company launched its women on the move initiative
- In the same year, company launched $250 million initiative for people to upgrade skills
- In 2014, the company announced to support Detroit economy with $100 million
- In 2015, it announced ChasePay, an app for online purchase
- In 2018, the company announced an initiative to invest $500 million to improve cities
- In 2018, the company opened up a new headquarter at 270 Park Avenue
- In 2019, another initiative Advancing Black Pathways was introduced to help black people
Where JPMorgan Chase Stands Today?
- The organization has two top competitors- Citi and Goldman Sachs
- Citi generates around 65% of revenue, what JPMorgan generates
- Goldman Sachs generates around 33% of revenue, what JPMorgan generates
- Analysts stated J.P Morgan’s earnings would grow to 19% in 2021
- The company would deploy $1.75 billion in the philanthropic capital by the year 2023.
J.P Morgan’s Famous Quote:
“No price is too great for a work of unquestioned beauty and known authenticity.”
