JPMorgan Chase
American multinational investment bank and financial services holding company
JPMorgan Chase & Co.
| Type | Public |
|---|---|
| Traded as | NYSE: JPM |
| Key people | Jamie Dimon (Chairman & CEO) |
| Industry | Financial services |
| Products | Asset management, Investment banking, Private banking, Retail banking, Wealth management |
| Revenue | 
$119.54 billion (2020) |
| Operating income |
$48.34 billion (2020) |
| Net income |
$29.13 billion (2020) |
| Assets |
$3.386 trillion (2020) |
| Equity |
$279.35 billion (2020) |
| Employees | 255,351 (2020) |
| Website | [https://www.jpmorganchase.com Official website] |
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City. It is the largest bank in the United States and the largest bank in the world by market capitalization. As a major provider of various financial services, it is considered a universal bank and a custodian bank. The firm is a leading player in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.
History
JPMorgan Chase was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.. The company's history dates back to 1799 with the founding of The Manhattan Company by Aaron Burr. Over the years, the firm has grown through numerous mergers and acquisitions, including the acquisition of Bank One Corporation in 2004 and Bear Stearns in 2008.
Operations
JPMorgan Chase operates in four major business segments:
- Consumer & Community Banking
- Corporate & Investment Bank
- Commercial Banking
- Asset & Wealth Management
Consumer & Community Banking
This segment provides services such as retail banking, credit cards, mortgages, and auto loans. It operates under the Chase brand.
Corporate & Investment Bank
This segment offers services including investment banking, market making, prime brokerage, and treasury and securities services.
Commercial Banking
This segment provides financial services to businesses, including lending, treasury services, investment banking, and asset management.
Asset & Wealth Management
This segment offers investment management across all major asset classes, including equities, fixed income, alternatives, and money market funds.
Leadership
The current Chairman and CEO of JPMorgan Chase is Jamie Dimon, who has held the position since 2005. Under his leadership, the company has navigated through the financial crisis of 2007–2008 and has continued to grow its market presence.
Corporate Social Responsibility
JPMorgan Chase is involved in various corporate social responsibility initiatives, including community development, philanthropy, and sustainability efforts. The firm has committed significant resources to support economic growth and community development in underserved areas.
Controversies
JPMorgan Chase has faced several controversies over the years, including legal issues related to mortgage-backed securities during the financial crisis, trading losses in the London Whale incident, and various regulatory fines.
See also
- List of largest banks in the United States
- List of largest banks in the world
- Financial services in the United States
- Investment banking in the United States
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