JPMorgan Chase & Co., Is An American Financial Institution Group Headquartered In New York City. Its Commercial Banking Division Has 5,100 Branches. In October 2011, JPMorgan Surpassed Bank Of America To Become The Largest Financial Services Institution In The United States.
JPMorgan Chase's Business Covers More Than 50 Countries, Including Investment Banking, Securities Trading And Services, Investment Management, Commercial Financial Services, And Private Banking Services. Today's JPMorgan Was Formed In 2000 By The Merger Of Chase Manhattan Bank And J.P. Morgan, And In 2004 And 2008 Respectively, It Acquired Chicago First Bank, Washington Mutual Bank, And The Famous American Investment Bank Bear Stearns.
Main Business Segments
Logo Used By Investment Banking
Logo Used By Commercial Banking
The Main Business Of JPMorgan Consists Of Four Parts: Consumer And Community Banking, Corporate And Investment Banking, Commercial Banking, And Asset Management.
Consumer And Community Banking Department
Consumer And Community Banking Provides Services To Individuals, Families, And Businesses To Help Them With Banking, Savings, Investments, Shopping With Credit Cards, And Financing Homes And Cars.
Corporate And Investment Banking Division
The Corporate And Investment Banking Division Is Divided Into Two Segments: 1) Banking And 2) Markets And Securities Services. It Provides A Wide Range Of Financial Services, Including Investment Banking, Prime Brokerage, Market Making, And Treasury And Securities Products And Services.
Commercial Banking Division
Commercial Banking Division, Which Includes Lending, Wholesale Payments, And Investment Banking, Serves Three Main Customer Segments: SME Banking, Medium-sized Commercial Lending, And Real Estate Banking.
Asset Management Division
The Asset Management Division Serves Individuals, Advisors, And Institutions By Providing Private Banking, Global Investment Management, And Retirement Solutions.
History
The Current JPMorgan Chase Has Grown Through A Series Of Mergers And Acquisitions. Over The Past Decade Or So, The Company Has Successively Merged And Acquired A Number Of Well-known American Financial Enterprises, Including J. PMorgan Corporation, Chase Manhattan Bank, Bear Stearns And Washington Mutual Bank. JPMorgan's Predecessors Also Include Chemical Bank, Hanwha Industrial Bank, Chicago First Bank, Detroit National Bank And Texas Commercial Bank.
In November 2009, JPMorgan Acquired The Remaining 50% Stake In Cazenove For About 1 Billion Pounds ($1.67 Billion), Thereby Gaining Ownership And Control Of The Company And Realizing Further Expansion Of Business In Europe. In February 2010, JPMorgan Acquired RBS Sempra, An Energy Trader Owned By Royal Bank Of Scotland (RBS), For $1.70 Billion.
October 4, 2014 JPMorgan Completed The Sale Of Its Spot Commodities Business To Mercuria Energy Group, Ltd. As Part Of The Acquisition, Mercuria Also Acquired Henry Bath, A Long-established Metals Warehousing, Storage And Handling Business Unit.
August 26, 2020 JPMorgan Purchased The Remaining 49% Stake In China Investment Morgan Fund Management From Its Chinese Partner, Shanghai International Trust.
In September 2020, JPMorgan Admitted To Manipulating The Precious Metals Futures And Government Bond Markets Over An Eight-year Period. It Reached A Settlement With The Department Of Justice, The Securities Exchange Commission And The Commodity Futures Trading Commission For $920 Million. JPMorgan Will Not Face Criminal Charges, But It Will Initiate A Three-year Deferred Prosecution Agreement.
December 30, 2020 JPMorgan Purchased CxLoyalty, A Service Provider Of Credit Card Membership Rewards Programs, But Did Not Disclose The Terms Of The Transaction. CxLoyalty Website Information Shows That The Group Has 3,000 Customers And Provides Services To 70 Million Consumers.
In August 2021, JPMorgan Received Permission From The Chinese Government To Fully Control Its Investment Banking And Trading Operations In China.
"JPMorgan Bank Will Outlive The Chinese Communist Party," Jamie Dimon, JPMorgan's Chief Executive, Said During A Panel Discussion At Boston College's Executive Directors Club In November 2021. He Added: "I Can't Say That In China. They're Probably Listening Anyway." After Making The Remarks, Dimon Said: "I Regret My Recent Remarks, Because It's Not Right To Make Fun Of Or Denigrate Any Group, Whether It's A Country, Its Leadership, Or Any Part Of Society And Culture," Dimon Said Arguing That Speaking In This Way Robs Society Of Constructive And Thoughtful Dialogue, Which Is Needed Now More Than Ever. A Spokesperson For The Bank Said Dimon, Who Was In Hong Kong Last Week, "acknowledged That He Should Not Speak Rashly Or Disrespectfully About Another Country Or Its Leadership".
In March 2022, JPMorgan Announced It Was Withdrawing Its Operations In Russia To Comply With Government Directives Around The World.
