JPMorgan Chase & Co. is one of the oldest
financial services firms in the
world. It has operations in 60 countries.
It is a leader in
financial services with assets of $2 trillion, and the largest market capitalization and third
largest deposit base U.S.
banking
institution behind Wells Fargo and Bank of America. The
hedge fund unit of JPMorgan Chase is the
second largest hedge fund in the United States with $32,893
million in assets as of 2007.
Formed in 2000, when
Chase
Manhattan Corporation merged with
J.P. Morgan & Co., the firm serves
millions of consumers in the United States and many of the world's
most prominent corporate, institutional and governmental
clients.
The JPMorgan brand is used by the Investment Bank as well as the
Asset Management, Private Banking, Private Wealth Management, and
Treasury & Securities Services Divisions. Fiduciary activity
within Private Banking and Private Wealth Management is done under
the aegis of JPMorgan Chase Bank, N.A.—the actual trustee.
The Chase
brand is used for credit card services
in the United States and Canada
, the bank's
retail banking activities in the
United States, and commercial banking.
JP Morgan Chase is one of the
Big
Four Banks of the United States with
Bank of America,
Citigroup and
Wells
Fargo.
Business
JPMorgan Chase’s activities are organized, for management reporting
purposes, into six business segments:
- Retail Financial Services
- Regional banking: Consumer and business banking; home lending;
education lending
- Mortgage banking
- Auto finance
- Card Services
- Credit cards
- Merchant acquiring
- Commercial Banking
- Middle market banking
- Mid-corporate banking
- Real estate banking
- Chase business credit
- Chase equipment leasing
- Chase Capital Corporation
- Treasury & Securities Services
- Treasury Services (Global Trade, Core Cash Management,
Liquidity, Import/Export Advisory)
- Investor Services
- Clearance and Agency
- Asset Management
- Investment Management
- Private Bank
- Private Wealth Management
- Corporate - Includes the company's private equity; One Equity Partners, Treasury and
Corporate functions.
Key financial data
Financial data in $ millions
| Year |
2004 |
2005 |
2006 |
2007 |
2008 |
| Revenue |
43,097 |
54,533 |
61,437 |
71,372 |
67,252 |
| EBITDA |
7,140 |
13,740 |
22,218 |
|
|
| Net Income |
4,466 |
8,483 |
14,444 |
15,365 |
5,605 |
| Employees |
160,968 |
168,847 |
174,360 |
180,667 |
224,961 |
Image:Chase_al.jpg|Asset &
LiabilityImage:Chase_al_ratio.jpg|Asset/Liability
RatioImage:Chase_income.jpg|Net Income
JPMorgan Chase was the biggest bank at the end of 2008 as an
individual bank. (not including subsidiaries)
History
JPMorgan Chase logo, prior to the 2008
rebranding
Chase, as it exists since 2008, is the result of the combination of
several large U.S. banking companies over the last decade including
Chase Manhattan Bank,
J.P. Morgan & Co.,
Bank One,
Bear Stearns
and
Washington Mutual. Going back
further, its predecessors include major banking firms among which
are
Chemical Bank,
Manufacturers Hanover,
First Chicago Bank,
National Bank of Detroit,
Texas Commerce Bank,
Providian Financial and
Great Western Bank.
Chemical Banking Corporation
Chemical Bank Logo used prior to its
merger with Chase Manhattan Bank
The New York Chemical Manufacturing Company was founded in 1823 as
a maker of various chemicals. In 1824, the company amended its
charter to perform banking activities and created the
Chemical Bank of New York.
After
1851, the bank was separated from its parent and grew organically
and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in
Texas
) in 1986,
and Manufacturer's
Hanover Trust Company in 1991 (the first major bank merger
"among equals"). In the 1980s and early 1990s,
Chemical emerged as one of the leaders in the financing of
leveraged buyout transactions. In 1984,
Chemical launched
Chemical
Venture Partners to invest in
private
equity transactions alongside various
financial sponsors. By the late 1980s,
Chemical developed its reputation for financing buyouts, building a
syndicated leveraged finance
business and related advisory businesses under the auspices of
pioneering investment banker,
Jimmy
Lee. At many points throughout this history, Chemical Bank was
the largest bank in the United States (either in terms of
assets or
deposit
market share).
In 1996, Chemical Bank acquired the
Chase Manhattan Corporation
taking the more prominent Chase name. In 2000, the combined company
acquired
J.P. Morgan & Co. and combined the two
names to form what is today JPMorgan Chase & Co.
JPMorgan Chase retains
Chemical Bank's headquarters at
270 Park Avenue
and stock
price history.
Chase Manhattan Bank
The
Chase Manhattan Bank was
formed upon the 1931 purchase of Chase National Bank (established
in 1877) by the
Bank of
the Manhattan Company (established in 1799), the company's
oldest predecessor institution. The Bank of the Manhattan Company
was the creation of
Aaron Burr, who
transformed The Manhattan Company from a water carrier into a
bank.
Led by
David Rockefeller during
the 1970s and the 1980s, Chase Manhattan emerged as one of the
largest and most prestigious banking concerns, with leadership
positions in syndicated lending, treasury and securities services,
credit cards, mortgages, and retail financial services. Weakened by
the real estate collapse in the early 1990s, it was acquired by
Chemical Bank in 1996 retaining the
prominent Chase name. Prior to its notable merger with J.P. Morgan
& Co., the New Chase expanded the investment and asset
management groups through two acquisitions. In 1999, it acquired
San Francisco-based
Hambrecht
& Quist for $1.35 billion. In April 2000, UK-based
Robert Fleming & Co. was sold
to the new Chase Manhattan Bank for $7.7 billion.
According to page 114 of
An Empire of Wealth by John
Steele Gordon, the origin of this strand of JPMorgan Chase's
history runs as follows:
“At the turn of the nineteenth century, obtaining a bank charter
required an act of the state legislature. This of course injected a
powerful element of politics into the process and invited what
today would be called corruption but then was regarded as business
as usual. Hamilton's political enemy—and eventual murderer—
Aaron Burr was able to create a bank by sneaking
a clause into a charter for a company, called the Manhattan
Company, to provide clean water to New York City. The
innocuous-looking clause allowed the company to invest surplus
capital in any lawful enterprise. Within six months of the
company's creation, and long before it had laid a single section of
water pipe, the company opened a bank, the Bank of the Manhattan
Company. Still in existence, it is today J.P.Morgan Chase, the
second largest bank in the United States.”
J.P. Morgan & Company
J.P.
Morgan & Co. logo before its merger with Chase Manhattan
Bank in 2000
The
heritage of the House of Morgan
traces its
roots back to the partnership of Drexel, Morgan & Co. which in
1895, was renamed J.P.
Morgan & Co. (see also:
J. Pierpont Morgan). Arguably the most
influential financial institutions of its era,
J.P. Morgan & Co. financed the
formation of the
United
States Steel Corporation, which took over the business of
Andrew Carnegie and others and was
the world's first billion-dollar corporation. In 1895,
J.P. Morgan
& Co. supplied the United States government with $62
million in gold to float a bond issue and
restore the treasury
surplus of
$100 million. In 1892, the company began to finance the
New York, New
Haven and Hartford Railroad and led it through a series of
acquisitions that made it the dominant railroad transporter in
New England
.Although his
name was big, Morgan actually only owned 19% of Morgan
assets. The rest owned by the Rothschild family after 10's
of bailouts and rescues due to Morgan's stubborn will and seemingly
"non-existent" investment savy.
Built in 1914, 23 Wall Street was known as the "House of Morgan,"
and for decades the bank's headquarters was the most important
address in American finance. At noon, on September 16, 1920, a
terrorist bomb exploded in front of
the bank, injuring 400 and killing 38. Shortly before the bomb
went off, a warning note was placed in a mailbox at the corner of
Cedar Street and Broadway. The warning read: "Remember we will not
tolerate any longer. Free the political prisoners or it will be
sure death for all of you. American Anarchists Fighters."
While
theories abound about who was behind the Wall Street bombing and why they did it,
after twenty years of investigation the FBI
rendered the
file inactive in 1940 without ever finding the
perpetrators.
In August 1914,
Henry P.
Davison, a Morgan partner, traveled to the
UK and made a deal with the Bank of
England
to
make J.P. Morgan & Co. the monopoly underwriter of
war bonds for UK and France
. The
Bank of England became a "
fiscal agent"
of J.P. Morgan & Co. and vice versa. The company also invested
in the suppliers of
war equipment to
Britain and France. Thus, the company profited from the financing
and purchasing activities of the two European governments.
In the 1930s, all J.P. Morgan & Co. along with all integrated
banking businesses in the United States, was required by the
provisions of the
Glass-Steagall
Act to separate its
investment
banking from its
commercial
banking operations. J.P. Morgan & Co. chose to operate as a
commercial bank, because at the time
commercial lending was perceived to be more profitable and
prestigious business in the post depression era. Additionally, many
within J.P. Morgan believed that a change in the climate would
allow the company to resume its securities businesses but it would
be nearly impossible to reconstitute the bank if it were
disassembled.
In 1935, after being barred from securities business for over a
year, the heads of J.P. Morgan made the decision to spinoff its
investment banking operations. Led by J.P. Morgan partners,
Henry S. Morgan (son of Jack Morgan and grandson of
J. Pierpont Morgan) and
Harold Stanley,
Morgan Stanley was founded on September 16,
1935 with $6.6 million of nonvoting preferred stock from J.P.
Morgan partners. In order to bolster its position, in 1959, J.P.
Morgan merged with the Guaranty Trust Company of New York to form
the Morgan Guaranty Trust Company. The bank would continue to
operate as Morgan Guaranty through the 1980s before beginning to
migrate back toward the use of the J.P. Morgan brand. In 1984, the
group finally purchased the Purdue National Corporation of
Lafayette Indiana, uniting a history between the two figures of
Salmon Portland Chase and
John Purdue. In 1988, the company once
again began operating exclusively as J.P. Morgan & Co.
Bank One Corporation
Bank One logo used prior to its merger
with JPMorgan Chase
In 2004, JPMorgan Chase merged with
Bank One Corp., bringing on board
current chairman and
CEO Jamie Dimon as president and COO and designating
him as CEO
William B.
Harrison, Jr.'s successor.
Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his
influence felt by embarking on a cost-cutting strategy and replaced
former JPMorgan Chase executives in key positions with Bank One
executives—many of whom were with Dimon at
Citigroup. Dimon became CEO in January 2006 and
Chairman in December 2006.
Bank One Corporation was formed upon
the 1998 merger between Bank One of Columbus,
Ohio
and
First Chicago NBD. These two large banking companies had
themselves been created through the merger of many banks. This
merger was largely considered a failure until Jamie Dimon—recently
ousted as President of Citigroup—took over and reformed the new
firm's practices—especially its disastrous technology mishmash
inherited from the many mergers prior to this one. Mr. Dimon
effected more than sufficient changes to make Bank One Corporation
a viable merger partner for JPMorgan Chase.
Bank One Corporation traced its roots to First Bancgroup of Ohio,
founded as a holding company for City National Bank of Columbus,
Ohio and several other banks in that state, all of which were
renamed "Bank One" when the holding company was renamed
Bank One Corporation. With the
beginning of interstate banking they spread into other states,
always renaming acquired banks "Bank One", though for a long time
they resisted combining them into one bank. After the NBD merger,
adverse financial results led to the departure of CIO
John B. McCoy,
whose father and grandfather had headed Banc One and predecessors.
Jamie Dimon, a former key executive of
Citigroup, was brought in to head the
company. JPMorgan Chase completed the acquisition of
Bank One in 2004.
Bear Stearns
Bear Stearns logo
At the end of 2007,
Bear
Stearns & Co. Inc. was the fifth largest
investment bank in the United States but its market capitalization
had deteriorated through the second half of 2007. On Friday, March
14, 2008 Bear Stearns lost 47% of its equity market value to close
at $30.00 per share as rumors emerged that clients were withdrawing
capital from the bank. Over the following weekend it emerged that
Bear Stearns might prove
insolvent and on
or around March 15, 2008 the Federal Reserve engineered a deal to
prevent a wider systemic crisis from the collapse of Bear
Stearns.
On March 16, 2008, after a weekend of intense negotiations between
JPMorgan, Bear, and the federal government, JPMorgan Chase
announced that it had plans to acquire Bear Stearns in a
stock swap worth $2.00 per share or $240 million
pending shareholder approval scheduled within 90 days. In the
interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades
and business process flows. Two days later, on March 18, 2008,
JPMorgan Chase formally announced the acquisition of Bear Stearns
for $236 million. The stock swap agreement was signed in the
late-night hours of March 18, 2008, with JPMorgan agreeing to
exchange 0.05473 of each of its shares upon closure of the merger
for one Bear share, valuing the Bear shares at $2 each.
On March 24, 2008, after considerable public discontent by Bear
Stearns shareholders over the low acquisition price threatened the
deal's closure, a revised offer was announced at approximately $10
per share. Under the revised terms, JPMorgan also immediately
acquired a 39.5% stake in Bear Stearns (using newly issued shares)
at the new offer price and gained a commitment from the board
(representing another 10% of the share capital) that its members
would vote in favour of the new deal. With sufficient commitments
thus in hand to ensure a successful shareholder vote, the merger
was completed on June 2, 2008.
Washington Mutual
Washington Mutual logo
On September 25, 2008; JPMorgan Chase bought most of the banking
operations of
Washington Mutual
from the
receivership of the
FDIC. That night, the
Office of Thrift Supervision
had seized Washington Mutual Bank and placed it into receivership
in by far the largest bank failure in American history. The FDIC
sold the bank's assets, secured debt obligations and deposits to
JPMorgan Chase & Co for $1.836 billion, which re-opened the
bank the following day. As a result of the takeover, Washington
Mutual shareholders lost all their
equity.
JPMorgan Chase raised $10 billion in a stock sale to cover
writedowns and losses after taking on deposits and branches of
Washington Mutual. Through the acquisition, JPMorgan Chase now owns
the former accounts of
Providian
Financial, a credit card issuer WaMu acquired in 2005. The
company announced plans to complete the rebranding of Washington
Mutual branches to Chase by late 2009.
Currently, some shareholders are fighting what they consider the
illegal seizure of Washington Mutual claiming that the OTS acted in
an arbitrary and capricious manner and seized the bank for
political reasons or for the benefit of JPMorgan Chase, which
acquired a large network of branches at what they claim to be an
unfairly low price. They claim that as of the date of the takeover,
the bank had enough liquidity to meet all its obligations and was
in compliance with the business plan negotiated with the OTS 2
weeks earlier and that the holding company's board and management
was kept completely in the dark about the government's negotiations
with Chase, hampering the bank's ability to sell itself on its
own.
Chief executive Alan H. Fishman was flying from New York to Seattle
on the day the bank was closed, and eventually received a $7.5
million sign-on bonus and cash severance of $11.6 million after
being CEO for 17 days.
Collegiate Funding Services
In 2006, JPMorgan Chase purchased
Collegiate Funding Services, a
portfolio company of private equity firm
Lightyear Capital, for $663 million. CFS
was used as the foundation for the Chase Student Loans, previously
known as Chase Education Finance.
Other recent acquisitions
In April, 2006, JPMorgan Chase announced it would swap its
corporate trust unit for
The Bank of New York Co.'s retail
and small business banking network. The swap valued The Bank of New
York business at $3.1 billion and JPMorgan's trust unit at $2.8
billion and gave Chase access to 338 additional branches and
700,000 new customers in New York, New Jersey, and Indiana.
In March, 2008, JPMorgan acquired the UK-based carbon offsetting
company
ClimateCare.
In November, 2009, JPMorgan announced it would acquire the balance
of JPMorgan Cazenove, an advisory and underwriting joint venture
established in 2004 with the
Cazenove Group, for GBP1
billion.
Acquisition history
The following is an illustration of the company's major mergers and
acquisitions and historical predecessors (this is not a
comprehensive list):
Banking subsidiaries
JPMorgan Chase & Co. owns five bank subsidiaries in the United
States:
- Chase Bank USA, National
Association
- JPMorgan Chase Bank, National Association
- JPMorgan Chase Bank, Dearborn
- J.P. Morgan Trust Company, National Association
- Custodial Trust Company
Offices
Although
the old Chase Manhattan Bank's headquarters were once located at
the One Chase Manhattan Plaza
building in downtown Manhattan, the current world
headquarters for JPMorgan Chase & Co. are located at 270 Park Avenue.
The bulk
of North American operations take place in four buildings located
adjacent to each other on Park Avenue in New York City: the former
Union Carbide Building at 270 Park Avenue, the hub of
sales and trading operations, and the original Chemical Bank
building at 277 Park Avenue
, where most
investment banking activity took place. Asset and wealth
management groups are located at 245 Park
Avenue
and
345 Park Avenue
.
Other
groups are located in the former Bear Stearns building at 383 Madison Avenue
. Approximately 10,000 employees are located
at the McCoy Center, the former Bank One offices at 1111 Polaris
Parkway, Columbus, Ohio.
The bank
moved some of its operations to the JPMorgan Chase Tower
(formerly Texas Commerce Bank Tower) in Houston
, when it
purchased Texas Commerce
Bank. Since merging with Bank
One in 2004, retail services (branded as "Chase") are
headquartered at The Chase
Tower
in Chicago.
File:WTM
by official-ly cool 100.JPG|JPMorgan Chase Tower at 270 Park Avenue, New YorkFile:383 Madison Ave Bear Stearns C R Flickr
1.jpg|Former Bear Stearns headquarters at 383 Madison Avenue, New YorkFile:277park.jpg|277 Park Avenue,
New YorkFile:One_Chase_Manhattan_Plaza_1.jpg|One Chase
Manhattan Plaza, New YorkFile:Chase Tower 060514.jpg|The Chase Tower, ChicagoFile:Chase_Tower,_a_block_away.jpg|The JPMorgan Chase Tower,
Houston
File:Chaseside2.jpg
Chaseside,
Bournemouth
Arizona |
Phoenix |
Chase
Tower |
 |
483 |
147 |
40 |
1972 |
Office
The Card
Services division has its headquarters in Wilmington, DE , with Card Services offices in Elgin, IL , Mumbai, India , San Antonio, TX , Springfield, MO , and
Frederick, MD . There are also large operations centers in
Brooklyn, NY , Rochester,
NY , Columbus, OH, Dallas, TX , Fort Worth, TX , Indianapolis,
IN , Tampa, FL , Orlando, FL ,
Louisville, KY , Newark, DE ,
Phoenix, AZ,
Milwaukee, WI , Toronto, Ontario ,
and Burlington, Ontario . Operations centers in the United Kingdom are located
in Bournemouth , Glasgow , London , Liverpool and
Swindon of which
London hosts the
European headquarters.There are also backoffice and technology
operations offices based in Manila and
Cebu , Philippines , and
Mumbai and
Bangalore , India and
Mexico City .
The JPMorgan Investment Bank also
maintained a number of high-profile offices around the globe, with
the largest concentrations outside the US in London, Tokyo, Hong
Kong and Singapore. In August 2008, the bank announced plans to
construct a new European headquarters, based at Canary Wharf , London.
Controversy
Legal proceedings
Washington Mutual
On July 07, 2009 Chase was served with the first subpoenas request
documents over the behavior of Chase before the destruction of
Wamu, particularly concerning share manipulation by shorting and
wrong information of the media.
An excerpt from the court documents:"Specifically, the Texas
Complaint alleges that JPM, which had long coveted WMB’s depositor
base and branch network, drove down WMB’s value so it could
purchase WMB’s assets at a fire-sale price well below their fair
market value. Key aspects of the alleged scheme include entering
into false negotiations with WMI and WMB under the guise of a
good-faith bidder during the summer of 2008, gaining access to
confidential and proprietary information, and disseminating that
confidentialinformation, as well as false information, to the media
and investors in an effort to drive down WMI’s credit rating and
stock price."
http://www.kccllc.net/documents/0812229/0812229090624000000000002.pdfhttp://www.kccllc.net/documents/0812229/0812229090624000000000003.pdf
WorldCom
J. P. Morgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in the middle of March
2005 to pay $2 billion; that was 46 percent, or $630 million, more
than it would have paid had it accepted an investor offer in May of
$1.37 billion. J. P. Morgan was the last big lender to settle. Its
payment is the second largest in the case, exceeded only by the
$2.6 billion accord reached in Q4 2004 by Citigroup ([32166]).
In March 2005, 16 of WorldCom's 17 former
underwriters reached settlements with the investors ([32167]).
Enron
According to a University of
California press release, allegations were filed in national
court in an attempt to hold stock advisors responsible for poor
investment decisions. The suits seek to recover the losses suffered
by individual and company clients. Groups claiming JP Morgan Chase
stock fraud resulted in loss of investments are the University of
California and former Enron employees, among
others.
Bernard Madoff
On April 23, 2009, Chase was served with a complaint from MLSMK
Investment Company, a Palm Beach, Florida , partnership that directly deposited $12.8 million into Bernard Madoff's account between October and early December, 2008. The lawsuit alleges the bank of aiding Madoff's crime by maintaining his checking accounts and trading with his brokerage firm long after the bank realized that he was running a vast fraud. In September, 2008, Morgan Chase began withdrawing $250 million of its own money from the Sentry funds operated by the Fairfield Greenwich Group, a Madoff feeder fund. If the bank had terminated Madoff's accounts then, the plaintiffs would not have lost their money.
Jefferson County, Alabama
In November 2009, JP Morgan Chase & Co. agreed to a $722
million settlement with the U.S. Securities and Exchange
Commission to end a probe into sales of derivatives that helped
push Alabama’s most populous county to the brink of bankruptcy.
The
settlement came a week after Birmingham, Alabama Mayor Larry Langford was convicted on 60 counts of
bribery, money laundering, and tax evasion related to bond swaps
for Jefferson County, Alabama . The SEC alleged that JP Morgan, who the
county commissioners voted to underwrite the floating-rate sewer
bond deals and provide interest-rate swaps, had made undisclosed
payments to close friends of the commissioners in exchange for the
deal. JP Morgan then allegedly made up for the costs by charging
higher interest rates on the swaps.
Government subsidies and incentives
BBC News reported that JPMorgan Chase struck a deal
to receive large incentives and subsidies from the City of New York
and the State of New York to ensure that the company does not follow through
on threats to leave downtown New York for Connecticut .
While there are other companies that have received similar
incentives to stay in New York's Downtown after 9/11, BBC News reports that this is the largest deal of
its kind to date. A quote from the BBC article:
New York City officials have already paid Goldman
Sachs $650m (£330m) to build new offices in Battery Park
City.
But the paper says that JP Morgan Chase will
receive an even better deal, with tax breaks, discounted electric
power and rent subsidies worth $100m from city and state
authorities.
And it says that rent subsidies will amount to $50m
per year for 15 years, or $750m.
JP Morgan Chase is a huge, and very profitable
company.
However, following the acquisition of Bear
Stearns, JPMorgan Chase abandoned its relocation plans.
TARP and home foreclosures
The
US Treasury Department transferred $25 billion of US funds to JPMorgan
Chase on Oct 28 via the Troubled Asset Relief Program
(TARP). This was the fifth largest amount
transferred under the United
States 2008 bailout
bill (TARP) primarily related to USA mortgages. A main
stipulation in TARP was to help troubled assets related to
residential mortgages and all obligations as such.
In October 2008 a New York
Times reporter was able to access a telephone
employees-only conference call with JP Morgan Chase:
TARP states "Troubled assets" are defined as "(A) residential or
commercial mortgages and any securities, obligations, or other
instruments that are based on or related to such mortgages, that in
each case was originated or issued on or before March 14, 2008, the
purchase of which the Secretary determines promotes financial
market stability" , But a news release issued by JP Morgan Chase
noted on December 23, 2008 showed a diversion from TARP.
Jamie Dimon, JPMorgan chief executive, was quoted the week of
February 1, in the face of the US government's lack of
enforcement:
In February 2009, JPMorgan Chase moved forward in using their
monetary strength to acquire new businesses by advertising the
strength of their capital base . Yet to be determined as to whether
these funds were provided by TARP and possibly in direct violation
of TARP’s main intent; to help troubled assets related to
residential mortgages and all obligations as spelled out in TARP, the US Government as of Feb 2009 had yet to move
forward in enforcing TARPs’ intent in funding JP Morgan Chase $25
billion.
In January 2009, JPMorgan Chase announced its intent to change the
terms of upwards of a trillion dollars' worth of mortgages in an
effort to keep them from foreclosure. Jamie Dimon, JPMorgan chief
executive, criticized a proposed law that would allow bankruptcy judges to cut the mortgage rates in
existing mortgages for borrowers who would otherwise be forced into
default. Despite its announcement in January 2009, JPMorgan Chase
had continued to process foreclosures
on hundreds of thousands of properties.
In June 2009, JPMorgan Chase repaid $10 billion of TARP money that
it received under $700 billion Federal economic stimulus
plan.
In July 2009, New York Attorney General Andrew Cuomo told the Wall Street Journal that,
after having received its TARP bailout in late 2008, JPMorgan Chase
paid hundreds of millions of dollars in bonuses to more than 1826
of its employees. This included the bank giving $1 million bonuses
to each of more than 1626 employees, and $3 million bonuses to each
of more than 200 employees.
Major sponsorships
- Chase
Field
 , Phoenix, Arizona, -
Arizona Diamondbacks, MLB.
- Major League Soccer
- Chase Auditorium (formerly Bank One Auditorium) in Chicago is
the home of the nationally syndicated NPR
program, "Wait Wait...
Don't Tell Me!"
- The JPMorgan
Chase Corporate Challenge, owned and operated by JPMorgan
Chase, is the largest corporate road racing series in the world
with over 200,000 participants in 12 cities in six countries on
five continents. It has been held annually since 1977 and the races
range in size from 4,000 entrants to more than 60,000.
- JPMorgan Chase is said to be finalizing a
deal to be the principal sponsor for a New York Yacht Club
 backed America's Cup
challenge.
- JPMorgan Chase is the official sponsor of the US Open.
Notable former employees
Business
Politics and public service
Notable awards
| Publication |
| Award |
| 2008 Awards |
| Business Week |
- "Top 10 Best Places to Launch a Career”
|
| Risk magazine |
|
|
| 2007 Awards |
| Risk magazine |
- "Derivatives Research House of the Year"
|
| Profit & Loss |
- "Best Research Portal and Navigation in Digital FX Awards”
|
| Waters magazine (Fifth Annual Waters
Rankings, June 2007) |
|
|
| ISIPS (Eighth Annual FSmetrics Award Dinner, May
2007) |
- "Best Custodian Corporate Action Services"
- "Best Broker Confirmation Timelines”
|
| Asian Investor (Asian Investor 2007
Achievement Awards, May 2007) |
|
|
| ICFA (European Custody & Fund Administration
Awards, 2007) |
- "European Custodian of the Year"
- "Cash Management Provider of the Year"
- "Technology Vendor of the Year"
- "Custodian of the Year, Germany”
|
| The Asset (Annual Triple A Awards, 2007) |
- "Best Custody Specialist in Asia"
- "Best Liquidity Solution Provider”
|
| Complinet (Third Annual Compliance Awards,
February 2007) |
- "Most Cost Effective Compliance Technology Provider"
|
| 2006 Awards |
| Business Week |
- "Top 10 Best Places to Launch a Career”
|
| The Banker (November 2006) |
- "Securities Services Provider of the Year”
|
| Financial-i (Leaders In Innovation Awards,
November 2006) |
- "Most Innovative Securities Outsourcing Solution”
|
| Funds Europe (November 2006) |
|
|
| Waters magazine
(Fourth Annual Waters Rankings, July 2006) |
|
|
| ISF Magazine (Repo/Securities Lending Survey,
June 2006) |
- "#1 Overall Cash Provider (In both weighted and unweighted
categories)"
- "#1 for Rates/Price Competitiveness"
- "#1 in Ability to Deal in Size"
- "#1 in Currency Flexibility"
- "#1 in Reporting Capabilities"
- "#1 in Margin Monitoring"
- "#1 in Fails Handling”
|
| Asian Investor
(2006 Achievement Awards) |
|
|
| Profit and Loss magazine (2006 P&L
Digital Awards) |
- "Editor's Choice Award"
- "Best Click & Deal Functionality”
|
| Global Investor (Annual Foreign Exchange
Client Satisfaction Survey, March 2006) |
- "#1 Best FX Service Overall — Global Investor Top 100
Asset Manager Respondents"
- "#1 European Respondents Best FX Service Overall"
- "#1 Asian Respondents Best FX Service Overall"
- "#1 Real Money — Best FX Service Overall"
- "#1 Real Money — Most Improved Service Over Last 12
Months"
- "#1 Best Research in Emerging Markets Currencies"
- "#1 Best for Trading Emerging Markets Currencies"
- "#1 Best Advice on Trading Strategies"
- "#1 Best Daily Research"
- "#1 Best Economic Research”
|
| Global Custodian (Tri-Party Securities
Financing Survey, March 2006) |
- "Top Rated — Europe"
- "Top Rated — North America"
- "Top Rated — Overall”
|
| The Asset (Triple
A Awards 2006) |
- "Best Custody Specialist”
|
See also
Index products
References
- JPMorgan Chase's Market Value Tops Bank of America
(Update2)
- http://en.wikipedia.org/wiki/Big_Four_(banks)
- JPMorgan Chase SEC Form 10-K 2007 Annual
Report. Securities and Exchange Commission
-
http://www.opesc.org/fiche-societe/fiche-societe.php?entreprise=JPMC
OpesC
- JPMorgan Chase & Co. 2007 Annual
Report
- [1]
- Money Economics Top 10 Banks Project
- JIMMY LEE'S GLOBAL CHASE. New York Times, April
14, 1997
- Kingpin of the Big-Time Loan. New York Times,
August 11, 1995
- Ellis, David. "JPMorgan buys WaMu", CNNMoney.com,
2008-09-25.
- JPMorgan Raises $10 Billion in Stock Sale After
WaMu (Update3)
- Chase to Acquire Collegiate Funding Services.
Business Wire, Dec 15, 2005
-
http://documents.nytimes.com/bernard-madoff-complaint-against-jp-morgan-chase#p=1
- Suit Claims JPMorgan Aided Madoff’s Fraud
-
http://www.bloomberg.com/apps/news?pid=20601087&sid=aKdo.y7rr1ys&pos=3
- Kim, Jim (13 October 2008) "TARP details emerge"
FierceFinance
- ERICSON,MATTHEW; HE,ELAINE; SCHOENFELD,AMY (4 February
2009) "Tracking the $700 Billion Bailout" Ny
Times
- Guerrera, Francesco (17 January 2009) "JPMorgan
moves to curb foreclosures" Financial Times
- busweek, Palmeri (3 December 2008) "Home
Foreclosures Continue, Despite Bank's Freeze" Business
Week
-
http://blogs.wsj.com/deals/2009/07/30/wall-street-compensation-no-clear-rhyme-or-reason
“Bank Bonus Tab: $33 Billion,” Wall Street Journal, July 30,
2009
- Tony Blair starts $1M bank job - CNN.com
External links
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