JPMorgan Chase

JPMorgan Chase & Co.

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Type	Public
Traded as	NYSE: JPM
Key people	Jamie Dimon (Chairman & CEO)
Industry	Financial services
Products	Asset management, investment banking, private banking, private wealth management, treasury and securities services
Revenue	$119.54 billion (2022)
Net income	$48.33 billion (2022)
Assets	$3.67 trillion (2022)
Equity	$294.12 billion (2022)
Employees	293,723 (2022)
Website	[www.jpmorganchase.com Official website]

JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City. It is the largest bank in the United States and the largest bank in the world by market capitalization. As of 2022, JPMorgan Chase is ranked by S&P Global as the largest bank in the United States and the seventh largest bank in the world by total assets.

History

JPMorgan Chase was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.. The company's history, however, dates back to 1799, with the founding of the Bank of the Manhattan Company. Over the years, JPMorgan Chase has grown through a series of mergers and acquisitions, including the acquisition of Bear Stearns in 2008 and Washington Mutual in 2008.

Early History

The origins of JPMorgan Chase can be traced back to the Bank of the Manhattan Company, which was founded in 1799 by Aaron Burr. The bank was initially established to provide clean water to the city of New York, but it quickly evolved into a financial institution.

20th Century

In the 20th century, the company expanded through a series of mergers, including the merger of Chase National Bank and The Manhattan Company in 1955 to form Chase Manhattan Bank. In 2000, Chase Manhattan merged with J.P. Morgan & Co., a leading investment bank, to form JPMorgan Chase & Co.

Business Segments

JPMorgan Chase operates through four major business segments:

Consumer & Community Banking

This segment provides services to consumers and businesses through bank branches, ATMs, online, mobile, and telephone banking. It offers deposit and investment products, cash management, payment solutions, and lending services.

Corporate & Investment Bank

The Corporate & Investment Bank segment provides investment banking, market-making, prime brokerage, and treasury and securities products and services to corporations, investors, financial institutions, and governments.

Commercial Banking

This segment provides comprehensive financial solutions, including lending, treasury services, investment banking, and asset management to middle-market and small businesses.

Asset & Wealth Management

The Asset & Wealth Management segment offers investment management across all major asset classes, including equities, fixed income, alternatives, and money market funds.

Corporate Governance

JPMorgan Chase is governed by a board of directors, which is responsible for overseeing the company's management and business affairs. The board is led by Jamie Dimon, who serves as both Chairman and CEO.

Controversies

JPMorgan Chase has been involved in several controversies, including legal issues related to mortgage-backed securities, trading losses, and regulatory fines. The company has paid billions in fines and settlements over the years.

Also see

• Bank of America
• Citigroup
• Goldman Sachs
• Morgan Stanley
• Wells Fargo

External links

• Official website