JPMorgan Chase & Co.

THE SCOOP

Covering the globe


JPMorgan Chase boasts assets of more than $1.6 trillion, and has operations in 60 countries. Its world headquarters are in New York City, overseeing six business lines: investment banking, retail financial services, card services, treasury and securities services, asset management and commercial banking. The investment banking, private banking, asset management, treasury services, securities, private banking and private clientas well as the firm's One Equity Partners unitoperate under the J.P. Morgan brand. The firm's subsidiaries, and its community development group, use the JPMorgan Chase brand. In the U.S., JPMorgan Chase's consumer and commercial banking businesses use the Chase brand, and are headquartered in Chicago.


Chasing history


A look at JPMorgan Chase's predecessor institutions reads like a who's who of American banking history: today's financial services giant grew from roots in J.P. Morgan & Company, Chase Manhattan, Manufacturers Hanover, Chemical Bank, Bank One, the National Bank of Detroit, First Chicago and, most recently, Bear Stearns. Its earliest predecessorthe Chemical Bank of New Yorkwas formed in 1824, but the JPMorgan Chase of today began its evolution in 1991 with the merger of Chemical Banking Corporation and Manufacturers Hanover. The tie-up created Chemical Bank, then the second-largest bank in the U.S. Another big merger took place in 1995, when National Bank of Detroit and First Chicago combined, giving birth to a mega-regional bank called First Chicago NBD.


Both Chemical and First Chicago underwent even bigger transformations a few years later: Chemical merged with Chase Manhattan to create the country's largest bank holding company in 1996, and in 1998, First Chicago joined Banc One Corporation to form the Bank One Corporation. The Morgan and Chase names became linked in 2000, when J.P. Morgan & Company formed JPMorgan Chase in a merger with Chase Manhattan. The next piece of the puzzle was completed in 2004, when Bank One and JPMorgan Chase finalized their merger. When the deal wrapped, J.P. Morgan CEO William B. Harrison passed the torch to current CEO Dimon, who had been the CEO of Bank One. Dimon was named president in 2004, taking on the roles of chairman and CEO at the beginning of 2006.


Investing worldwide


JPMorgan Chase's investment management unit provides more than 210 investment strategies for equity, multi-asset, fixed income, currency, real estate, hedge funds and private equity assets. It's the largest hedge fund manager in the U.S., one of the largest private equity fund and real estate managers in the country, and one of the largest money market fund managers in North America and Asia. Additionally, through its joint venture, China International Fund Management, JPMorgan Chase has become one of the largest Sino-foreign equity asset managers in China (a Sino-foreign a joint venture is one between a Chinese and a foreign company within the territory of China). In 2007, JPMorgan Chase added investment management offices in India and South Korea. And in 2008, it added something much larger: the 85-year-old investment bank Bear Stearns.

 

 

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JPMorgan Chase & Co.


270 Park Avenue
New York, NY 10017
Phone: (212) 270-6000
Fax: (212) 270-2613
jpmorganchase.com

STATS


  • Employer Type: Public
  • Stock Symbol: JPM
  • Stock Exchange: NYSE
  • CEO: Jamie Dimon
  • 2007 Employees: 195,594

Key Financials

  • 2007 Income: $15,300 million
  • 2007 Revenue: $71,300 million

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