JPMorgan Chase and Company Essay

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JPMorgan Chase and Company

JPMorgan Chase and Company was set up in 1968 as a corporation by Delaware law. It is the leader in financial transaction processing and asset management, financial services for consumers and businesses, and also investment banking. This company is the servant to millions of customers in over 70 countries. The principle bank branches include JPMorgan Chase Bank, National Association and Chase Bank USA, NA. JPMorgan Chase's principal non-bank branch is J.P. Morgan Securities, Inc. The Retail Financial Services division helps consumers and businesses through personal service at bank branches, ATMs, online banking, telephone banking, auto dealerships and school financial aid offices. I never knew that Chase bank
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merged with Chemical Banking Corp., creating what was then the largest bank holding company in the United States. In 1998, Banc One Corp. merged with First Chicago NBD, taking the name Banc One Corp. Merging subsequently with Louisiana's First Commerce Corp., Bank One became the largest financial services firm in the Midwest, the fourth-largest bank in the U. S. and the world's largest Visa credit card issuer. In 2000, J.P. Morgan & Co. merged with Chase Manhattan Corp., in effect combining four of the largest and oldest money center banking institutions in New York City (J.P. Morgan, Chase, Chemical and Manufacturers Hanover) into one firm called J.P. Morgan Chase & Co.

These mergers grew in July 2004 with the joining of J.P. Morgan Chase & Co. and Bank One Corp. that formed JPMorgan Chase & Co. The Fortune magazine stated that "the combined bank will be big and strong in a panoply of businesses," and also saying that "the deal has been widely lauded" by investment analysts. The New York Times said the merger "would realign the competitive landscape for banks" by putting together the investment and commercial banking skills of J.P. Morgan Chase and company with the consumer banking strengths that Bank One has. In 2008, JPMorgan Chase & Co. acquired The Bear Stearns Companies Inc., strengthening its capabilities through a wide range of businesses, including prime brokerage, cash clearing and energy trading globally. They also acquired the deposits, assets and certain

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