JPMorgan Chase is the largest bank in the United States of America and the sixth largest bank in the world by total assets.
You can find out much more by heading over to www Chase com today.
Here’s the deal:
We definitely recommend Chase Bank over Bank of America any day of the week.
The bank’s total assets combined globally are valued at $2.25 trillion (not billion, trillion)!
We know people that use Chase Bank and have not had any problems at all.
Of course, no bank is without its sins, but compared to the competition many people prefer the ease and reliability of Chase over any other bank!
The company is actually quite young as it was formed in the year 2000 when Chase Manhattan Corporation merged with J.P. Morgan & Co.
The company maintains a strong presence in New York, New York.
Chase also maintains a strong presence in Chicago, Illinois as well.
You probably know Chase for their consumer banking division when, in fact, there’s a lot more happening at Chase than just consumer transactions.
The bank actually participates in a very broad spectrum of investment, asset and wealth management, and other finance-related activities.
It might be worth your time to look into what else Chase offers its clients.
J.P. Morgan was simply known as Morgan.
Through a combination of several large banks including Bank One, Bear Sterns, and Washington Mutual, to name a few, Chase became the bank it is today.
You could even go further back to include major banking firms like Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, and so many more.
Chase’s predecessor, the Bank of the Manhattan Company, was the oldest banking corporation in the U.S. and the 31st oldest bank in the world.
So although J.P. Morgan may have been founded in the year 2000:
The company’s roots dig deep into history.
Here’s some more cool facts about J.P. Morgan Chase.
Chase Bank was known as The Bank of The Manhattan Company from the year 1799 until 1955.
In 1955 The Manhattan Company merged with the Chase National Bank to become The Chase Manhattan Bank.
The creativity in business mergers is exemplary, no?
Chase likes to trace its roots back to the founding of The Manhattan Company by Aaron Burr in September, 1799.
Burr lead the initiative to supply New York with “pure and wholesome” water to replace the inferior water that was thought to be the cause behind frequent epidemics of yellow fever.
You’ll never guess who joined Burr on this initiative:
It was none other than Alexander Hamilton; one of America’s original founding fathers!
Things weren’t all roses and cheery with the two men Aaron Burr and Alexander Hamilton.
The two men challenged each other to a pistol duel in which:
Hamilton shot Burr and missed.
Burr shot Hamilton fatally in the stomach causing him to die the next afternoon!
Chase bank derives it’s name from the former United States Treasury Secretary and Chief Justice Salmon P. Chase.
Interestingly enough Salmon P. Chase had nothing to do with the bank.
I suppose it was a starry gesture for such an honor to be conveyed upon the Chief Justice.
Chase National Bank spent significant resources in the way of acquiring smaller banks in the 1920s, through its Chase Securities Corporation.
Chase National Bank acquired Mechanics and Metals National Bank.
Like I always say:
There’s nothing like some metal to solidify your business!
Perhaps the greatest acquisition of Chase National Bank was that of the Equitable Trust Company of New York in 1930 of which John D. Rockefeller had a controlled interest.
This would serve to boost Chase into becoming the largest bank in America and, indeed, in the world!
On March 31st, 1955:
Chase National Bank and the Bank of the Manhattan Company Corporation merged to form The Chase Manhattan Bank.
Look up ahead:
You’ll need to make a U-turn at the nearest traffic stop.
The stylized octagon logo of Chase Bank actually has an interesting story to it.
It was designed by Chermayeff & Geismar as a representation of the primitive water pipes that the Manhattan company laid down.
The water pipes were made by nailing together wooden planks.
Banking giants Chase Manhattan Corp. and Chemical Banking Corp. announced an $11 billion dollar deal that would see the two companies merge into one.
This would create the nation’s largest banking company leapfrogging over Citicorp.
The deal would dramatically cut costs and save the newly formed entity an estimated $1.5 billion over the next three years.
One merger often isn’t enough:
In 2000, Chase Manhattan went after and acquired J.P. Morgan & Co.
So that both company names could still be recognized in the new merger:
The new company would be known as J.P. Morgan Chase.
The road seemed to lead to brighter days.
Acquisition after acquisition, Chase rose in power.
Chase would go on to acquire Bank One.
If that wasn’t enough:
Bear Sterns & Co. and Washington Mutual were added acquisitions in 2008.
That’s quite a lot of berries!
The story behind Chase acquiring Washington Mutual is an interesting one:
Washington Mutual was hit hard during the financial crises of 2008 resulting in the largest bank failure in U.S. history.
Federal regulators took action by seizing the troubled thrift and later J.P. Morgan would buy out Washington Mutual from the Federal Deposit Insurance Corporation for $1.9 billion.
Acquisitions seem to be a habit for the company.
J.P. Morgan purchased Collegiate Funding Services for $663 million.
What did they do with the newly acquired acquisition?
Why, create an education finance business, of course!
In that same year of 2006:
J.P. Morgan took control of the corporate trust unit for The Bank of New York Co.’s retail and small business banking network.
This move granted Chase control over 338 additional branches and 700,000 new customers in New York, New Jersey, and Indiana.
Not bad for a day’s work.
The environment matters and so on March 26, 2008:
JPMorgan’s Environmental Markets group acquired the UK-based carbon offsetting company.
You can’t have a bank without a planet to use that bank on.
J.P. Morgan declared publicly that it would take over Cazenove, its British investment banking joint venture partner, for the price of $1.7 billion USD.
This would serve to strengthen its franchise in a country whose banks were either struggling to return a profit or looking abroad for growth.
There are times where:
Maybe it would have been best to avoid an acquisition all together.
Chase took control of BloomSpot and shortly afterwards shut the service down completely.
BloomSpot was a San Francisco-based startup in the “deals” space.
J.P. Morgan decided it was best to sell its commodities trader unit to Mercuria for $800 million.
It seemed like quite the bargain for Mercuria as it was sold for a quarter of the initial valuation of $3.5 billion.
The deal did not include some oil and metal stockpiles and other assets.
Here’s a sign of a greener future:
J.P. Morgan ultimately dismissed the motion to finance coal mines and coal power plants in rich countries.
It’s because they realized that renewable forms of energy make more sense and are the way of the future.
JPMorgan Chase’s activities are organized into four distinct business segments that include:
Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management.
The company also engages in a corporate business segment.
Being environmentally responsible isn’t only the right thing to do:
It’s also profitable.
Chase realizes this and has since created an environmental sustainability branch to “help raise the bar on environmental and social performance.”
Supercomputers can really help to speed up business.
Just ask Chase.
The company announced in 2011 that by using supercomputers, the time taken to assess risk had been reduced significantly.
What used to take hours now only took a matter of seconds!
Now, that’s efficiency right there!
What are your thoughts?
Do you currently use Chase Bank for your banking needs or is there another bank you prefer?