The United States is home to some of the largest banks in the world, but the largest in America is J.P. Morgan Chase & Co. This massive bank has more than one hundred and ten billion dollars each year in annual revenue and assets that are upwards of two and a half trillion dollars. By assets, it’s the third largest bank in the world. By market capitalization it’s the most valuable bank in the world.
J.P. Morgan Chase is one of the “big four” banks in the United States, along with Wells Fargo, Citigroup, and Bank of America.
New York City
This U.S. based multinational financial services holding company and investment bank has its headquarters in New York City.
This is a bank that’s wrapped up with the history of the United States, not just the history of banking. Its roots are in the Bank of Manhattan Company, which was established in 1799 as one of the first independent banks in the United States following the Revolutionary War. That bank was also the creation of legendary American Aaron Burr. Burr was the third Vice President of the United States under Thomas Jefferson, starting just two years after he transformed the Bank of Manhattan from a water company into a financial institution.
Chase National Bank, another early bank in the United States, was bought by the Manhattan Bank in 1955.
The Name is Everything
Joseph Pierpont Morgan, or J.P. Morgan, was an American finance entrepreneur and banker who was central to the development of the Industrial Revolution in the United States. He was part of the development of pivotal American companies like General Electric, United States Steel, AT&T, and International Harvester as they revolutionized business. J.P. Morgan has been widely characterized as the greatest banker in the history of the United States.
This is critical to the modern J.P. Morgan company. The name is one of the most trusted in the world, as it harkens back to the ideals an integrity of its founder, who died at the age of seventy-five in 1913. More than a century after his death, the branding and advertising of the company that carries his name continues to lean on his legacy.
J.P. Morgan began as a man, but he’s become a potent brand.
After a series of major acquisitions, J.P. Morgan took on the name JPMorgan Chase after its acquisition of Chase Bank in the year 2000. The company also owns the likes of Bear Stearns, Bank One, Washington Mutual, and many more.
The company has a storied history with controversy. These include major issues with conflicts of interest, allegations of manipulation of the energy market, and criminal investigations related to obstruction of justice.
Two major scandals that J.P. Morgan has been involved with are the Madoff fraud scheme and the Enron scandal. The latter caused Chase to pay out over two billion dollars in legal settlements and fines following the collapse of the financial sector in 2001.
Despite huge losses and major controversies, the name J.P. Morgan remains one of the most highly trusted global brands.
J.P. Morgan is both a custodian bank and a universal bank. It deals in asset management, investment banking, private banking, treasury services, security services, and private wealth management. The company also works with private wealth management and private banking through its subsidiaries.
This company has universal appeal as well, staking its name on banking institutions all over the world while it specializes in building big business. With a more than two hundred year history, it definitely shows that big business pays.