JPMorgan Chase & Co. is a financial services firm and banking institution headquartered in New York City. Under the Chase brand, the company offers credit card services, retail banking, and commercial banking. Under the J. P. Morgan brand, the company offers treasury services, private banking, private wealth management, asset management, and investment banking. Over 12,000 companies have been absorbed over the years into what is now JPMorgan Chase & Co., the oldest being The Bank of The Manhattan Company, which was founded by Aaron Burr, among others, in 1799. The merger that resulted in the company’s current form took place in 2000, when J. P. Morgan & Co. Incorporated combined with Chase Manhattan Corporation. The company has been led by CEO Jamie Dimon since 2005, and, as of December 31, 2016, holds $2.5 trillion in assets.
…show more content…
because I had heard bits and pieces about their involvement in the Financial Crisis of 2007 and was interested in learning more. In 2013, the company settled a lawsuit with the Department of Justice concerning their misrepresentation of residential mortgage-backed securities, specifically that employees knowingly securitized loans that did not comply with underwriting guidelines, and those securities were then sold to unknowing investors. The settlement amounted to $13 billion, the largest settlement with a single entity in US history. This year JPMorgan Chase and Co. settled another lawsuit with the Department of Justice over allegations that the company charged higher mortgage rates based on race and national origin. This settlement amounted to $53 million. In the aftermath of these lawsuits, JPMorgan Chase & Co. should expect their business practices to undergo more scrutiny, though just how much obviously depends on the predilections of those responsible for investigating their practices, namely the Department of
because I had heard bits and pieces about their involvement in the Financial Crisis of 2007 and was interested in learning more. In 2013, the company settled a lawsuit with the Department of Justice concerning their misrepresentation of residential mortgage-backed securities, specifically that employees knowingly securitized loans that did not comply with underwriting guidelines, and those securities were then sold to unknowing investors. The settlement amounted to $13 billion, the largest settlement with a single entity in US history. This year JPMorgan Chase and Co. settled another lawsuit with the Department of Justice over allegations that the company charged higher mortgage rates based on race and national origin. This settlement amounted to $53 million. In the aftermath of these lawsuits, JPMorgan Chase & Co. should expect their business practices to undergo more scrutiny, though just how much obviously depends on the predilections of those responsible for investigating their practices, namely the Department of