Overview

JPMorgan Chase & Co. is an American multinational financial holding company headquartered in New York City and incorporated in Delaware. It is the largest banking institution in the United States and one of the most significant financial groups in the world. The company combines a large consumer and small-business banking franchise, a major commercial and corporate bank, one of the industry's leading investment banks, and extensive asset- and wealth-management operations. The present company was created in 2000 through the merger of J.P. Morgan & Co. and Chase Manhattan Corporation. Its institutional history is considerably older, however. One important predecessor, the Bank of the Manhattan Company, was established in New York in 1799. Another central lineage runs through J.P. Morgan & Co., whose origins developed from the nineteenth-century House of Morgan and whose businesses financed railroads, industrial companies, governments, and large corporate transactions. Other predecessor institutions include Chemical Bank, Manufacturers Hanover, First Chicago, Bank One, Chase National Bank, Texas Commerce Bank, and several regional banking groups. JPMorgan Chase operates through several principal business areas. Consumer & Community Banking provides deposits, checking accounts, mortgages, home-equity products, credit cards, auto finance, small-business services, and digital banking, primarily under the Chase brand. Corporate & Investment Bank serves companies, governments, institutional investors, and financial institutions through advisory work, mergers and acquisitions, securities underwriting, sales and trading, payments, treasury services, and custody services. Commercial Banking supplies credit, payments, investment banking, and other services to middle-market companies, commercial real-estate clients, and larger privately held businesses. Asset & Wealth Management operates investment-management, private-bank, brokerage, and advisory businesses through J.P. Morgan-branded platforms. The group expanded substantially during periods of industry consolidation. The 1996 combination of Chemical Banking and Chase Manhattan preserved the better-known Chase name. Chase subsequently bought Hambrecht & Quist and Robert Fleming, strengthening investment banking and asset management. JPMorgan Chase acquired Bank One in 2004, bringing Jamie Dimon into the company; Dimon later became chief executive and chairman. During the 2008 financial crisis, the company acquired Bear Stearns and purchased most of Washington Mutual's banking operations from the Federal Deposit Insurance Corporation. In 2023, it acquired the deposits and substantially all assets of First Republic Bank after that institution was placed into receivership. The company is regarded as a systemically important financial institution and is subject to extensive prudential supervision. Its scale, capital position, liquidity management, diversified revenue base, and risk controls are often described by management through the concept of a “fortress balance sheet.” At the same time, its size and activities expose it to continuing scrutiny concerning market conduct, consumer protection, sanctions compliance, trading controls, climate and fossil-fuel financing, competition, and the governance of very large financial institutions. JPMorgan Chase remains an active global banking and financial-services enterprise, with the Chase brand especially prominent in U.S. retail banking and the J.P. Morgan brand used extensively in institutional, private-banking, and international activities.

History

JPMorgan Chase's history is an accumulation of banking institutions rather than the story of a single founding enterprise. The oldest major predecessor was the Bank of the Manhattan Company, created in New York in 1799 under a charter associated with Aaron Burr. Although established to provide water, the company quickly used surplus capital to conduct banking. This institution later became part of the Chase Manhattan lineage. The J.P. Morgan lineage developed from nineteenth-century merchant banking partnerships. J. Pierpont Morgan and his predecessors financed railroads, industrial consolidation, government borrowing, and international commerce. J.P. Morgan & Co. helped organize United States Steel and became a leading American commercial, investment, and private bank. The firm was headquartered for many years at 23 Wall Street, which was damaged in the 1920 bombing that killed 38 people; the attack was never conclusively solved. U.S. banking regulation after the Great Depression forced the separation of commercial and securities activities under the Glass-Steagall framework. J.P. Morgan's investment-banking business was spun out in 1935 as Morgan Stanley, while the remaining commercial bank later operated as Morgan Guaranty Trust before returning to the J.P. Morgan name. Chase Manhattan, meanwhile, became an important international and corporate bank under the leadership of David Rockefeller. It expanded in syndicated lending, treasury services, credit cards, mortgages, and retail banking. Chemical Bank followed another important path. Founded in 1823 as a chemical-manufacturing company, it obtained authority to conduct banking in 1824 and eventually became one of the largest U.S. banks. Its acquisitions included Corn Exchange Bank, Texas Commerce Bank, and Manufacturers Hanover. Chemical was particularly influential in leveraged finance and corporate lending. In 1996, Chemical acquired Chase Manhattan; although Chemical was the legal survivor, the combined institution adopted the stronger Chase name. Chase expanded its investment-banking and asset-management activities through the purchases of Hambrecht & Quist in 1999 and Robert Fleming in 2000. In 2000, Chase Manhattan merged with J.P. Morgan & Co. to form JPMorgan Chase & Co., uniting the Chase and Morgan franchises. The company then acquired Bank One in 2004. The transaction brought Jamie Dimon, who became chief executive in 2005 and chairman in 2006, and gave the company a broader consumer-banking network and credit-card business. The financial crisis of 2007–2009 produced two transformative acquisitions. In March 2008, JPMorgan Chase acquired Bear Stearns after the Federal Reserve helped arrange a transaction intended to limit systemic disruption. The original offer was revised before shareholder approval, and the acquisition closed in May. In September 2008, JPMorgan Chase bought most of Washington Mutual's banking operations from the FDIC after the institution entered receivership. These transactions greatly expanded the company's mortgage, deposit, and investment-banking presence. After the crisis, JPMorgan Chase emphasized capital strength, liquidity, controls, and a diversified business model. The company nevertheless faced significant enforcement actions, including matters involving mortgage practices, sanctions and anti-money-laundering controls, the London Whale trading losses, foreign-exchange and precious-metals conduct, and spoofing. In 2023, the company acquired First Republic Bank's deposits and most assets after regulators placed that bank into receivership following a period of banking-sector instability. Today, JPMorgan Chase operates the Chase retail and small-business franchise alongside J.P. Morgan institutional, private-bank, and asset-management businesses. Its scale makes it a central participant in U.S. payments, deposits, credit, capital markets, and corporate finance, while also ensuring continuing regulatory and public scrutiny.

2023
First Republic Bank acquired
[3]FDIC announcement concerning First Republic Bankfdic.gov
JPMorgan Chase acquired substantially all deposits and most assets of First Republic Bank after its receivership.
2008
Bear Stearns acquired
[8]Bear Stearns acquireden.wikipedia.org
JPMorgan Chase acquired Bear Stearns during the financial crisis after a government-supported rescue process.
2008
Washington Mutual banking operations acquired
[9]Washington Mutual banking operations acquireden.wikipedia.org
The company acquired most of Washington Mutual Bank's banking operations from the FDIC.
2004
Bank One merger completed
[7]Bank One merger completeden.wikipedia.org
JPMorgan Chase completed its merger with Bank One, broadening its consumer, commercial, and credit-card operations.
2000
JPMorgan Chase created
[1]JPMorgan Chaseen.wikipedia.org
Chase Manhattan and J.P. Morgan & Co. merged to create JPMorgan Chase & Co.
1996
Chemical acquires Chase Manhattan
[6]Chemical acquires Chase Manhattanen.wikipedia.org
Chemical Banking Corporation acquired Chase Manhattan and retained the Chase name for the combined bank.
1955
Chase Manhattan Bank formed
[5]Chase Manhattan Bank formeden.wikipedia.org
The Bank of the Manhattan Company acquired Chase National Bank, creating the Chase Manhattan organization.
1871
House of Morgan lineage develops
[1]JPMorgan Chaseen.wikipedia.org
The firm associated with J. Pierpont Morgan developed into a major provider of commercial, investment, and private banking services.
1799
Bank of the Manhattan Company established
[1]JPMorgan Chaseen.wikipedia.org
A principal predecessor of JPMorgan Chase was established in New York and soon began conducting banking activities.

Products and positioning

A scale-driven, diversified, and globally integrated financial-services institution, combining a mass-market Chase franchise with high-end J.P. Morgan corporate, institutional, investment-banking, private-banking, and asset-management capabilities.

Retail banking
Chase Consumer Banking
The Chase franchise provides checking and savings accounts, debit cards, mortgages, home-equity products, auto finance, personal lending, digital banking, and services for small businesses. It is the group's principal mass-market banking brand in the United States.
Payment cards
Chase Credit Cards
Chase issues consumer and business credit cards across travel, cash-back, co-branded, and general-purpose categories. Card operations are supported by the firm's deposit franchise, payments infrastructure, rewards programs, and digital account-management tools.
Investment banking
J.P. Morgan Investment Banking
J.P. Morgan advises corporations, financial institutions, governments, and sponsors on mergers and acquisitions, restructuring, equity and debt offerings, and strategic finance. Its investment bank also participates in securities distribution, sales and trading, and capital-markets research.
Asset management
J.P. Morgan Asset Management
The asset-management business provides investment products and portfolio-management services for institutions, intermediaries, advisers, and individual investors. Its capabilities span public and private markets, equities, fixed income, alternatives, multi-asset strategies, and liquidity management.
Wealth management
J.P. Morgan Private Bank
The private-bank franchise serves high-net-worth individuals, families, foundations, and family offices with investment advice, lending, trust and estate planning, banking, philanthropy, and related wealth-structuring services.
Payments and treasury services
J.P. Morgan Payments
J.P. Morgan Payments provides merchant acquiring, card acceptance, treasury management, cash management, foreign exchange, trade finance, and payment-processing services for businesses, institutions, and governments.

Controversies

2020
Spoofing and market-manipulation enforcement
U.S. authorities alleged that traders associated with JPMorgan Chase used spoofing and related deceptive practices in precious-metals and Treasury markets. The company agreed to penalties and acknowledged misconduct.
Source
2020
Ten banks sued over alleged corporate bond market price coordination
A class action lawsuit was filed in Manhattan federal court against ten banks, including JPMorgan Chase and Bank of America. The complaint alleged that the banks conspired over nearly 14 years to manipulate prices in the $9.6 trillion corporate bond market. These are allegations in the complaint, not a court finding.
Source
2020
JPMorgan Chase Bank agrees to $250 million penalty over internal controls
JPMorgan Chase Bank, a unit of JPMorgan Chase & Co., agreed to pay a $250 million penalty over failures to maintain adequate internal controls and internal audit over its fiduciary business. The OCC said the deficiencies constituted unsafe or unsound practices and that the bank had remediated them.
Source
2020
OCC fines JPMorgan Chase $250 million over advisory-business controls
The Office of the Comptroller of the Currency said JPMorgan Chase will pay a $250 million fine over deficient risk management practices and conflicts of interest in its advisory business. The OCC said JPMorgan did not admit guilt; its order said the deficiencies leading to the fine had been fixed.
Source
2020
Report alleges US financial firms funded Amazon-linked abuses
A report by Amazon Watch and the Association of Brazil's Indigenous Peoples alleged that six US financial firms invested more than US$18 billion over three years in companies involved in abuses in the Amazon, including environmental destruction and indigenous rights violations. The report named BlackRock, Citigroup, JPMorgan Chase, Vanguard, Bank of America and Dimensional Fund Advisors; BlackRock said it engages with companies on ESG risks and takes voting action when needed.
Source
2020
JPMorgan Chase agrees to $920 million settlement over market manipulation
JPMorgan Chase agreed to pay $920 million to settle US civil and criminal charges over fake trades designed to manipulate precious metals and Treasury markets. The agreement resolved criminal fraud charges and civil charges brought by US agencies.
Source
2012
London Whale trading losses and control failures
JPMorgan Chase faced investigations and substantial settlements after complex credit-derivatives trading by its Chief Investment Office generated large losses and exposed weaknesses in supervision, valuation, reporting, and risk controls.
Source

Brand decisions

2023
Acquire First Republic BankM&A
Background
First Republic Bank was placed into receivership after a period of deposit instability and broader stress in the U.S. banking sector.
Action taken
JPMorgan Chase acquired substantially all deposits and most assets of First Republic in an FDIC-arranged transaction.
Aftermath
The acquisition expanded the firm's wealth-management and deposit franchises, particularly among affluent customers and on the U.S. West Coast.
Source
2008
Acquire Bear StearnsM&A
Background
Bear Stearns faced a severe liquidity crisis during the global financial crisis, creating concerns about wider market disruption.
Action taken
JPMorgan Chase agreed to acquire Bear Stearns with support from the Federal Reserve and later revised the consideration before completing the transaction.
Aftermath
The acquisition expanded JPMorgan Chase's investment-banking and trading platform while making it a prominent participant in crisis-era consolidation.
Source
2008
Acquire Washington Mutual banking operationsM&A
Background
Washington Mutual Bank was placed into FDIC receivership after becoming the largest U.S. bank failure at that time.
Action taken
JPMorgan Chase purchased most of the bank's banking operations, deposits, and specified assets from the FDIC.
Aftermath
The transaction materially increased Chase's retail deposits, branches, and mortgage-related customer relationships.
Source
2004
Acquire Bank OneM&A
Background
The transaction expanded JPMorgan Chase's U.S. retail, commercial, and credit-card presence.
Action taken
JPMorgan Chase merged with Bank One Corporation and appointed Jamie Dimon to senior leadership.
Aftermath
The combined company gained a broader branch and card network and subsequently placed Dimon at the center of its executive leadership.
Source
2000
Merge Chase Manhattan with J.P. MorganM&A
Background
Both institutions sought greater scale across corporate banking, investment banking, asset management, and international financial services.
Action taken
The companies combined to form JPMorgan Chase & Co.
Aftermath
The merger created a diversified financial group using the Chase and J.P. Morgan brands for different customer segments.
Source

Recent events

2026-10-27
Re:Build raises $2.1 billion[20]Re:Build筹集21亿美元techcrunch.com
Reported: 2026-10-27
Re:Build raised $2.1 billion in funding. The investment was led by General Catalyst and JPMorganChase’s Strategic Investment Group.
2026-10-22
NJCC closes $15 million financing for ResinTech expansion[21]NJCC完成支持ResinTech扩建的1500万美元融资prnewswire.com
Reported: 2026-10-22
New Jersey Community Capital closed a $15 million New Markets Tax Credit financing transaction to support expansion of ResinTech’s manufacturing and warehouse facility in Camden, New Jersey.
2026-10-13
JPMorgan Chase scheduled to report Q3 2026 earnings on October 13[22]摩根大通定于10月13日发布2026年第三季度财报cnbc.com
Reported: 2026-10-11
JPMorgan Chase is scheduled to release its third-quarter 2026 results before the US market open on Tuesday, October 13, 2026, with a conference call set for 8:30 a.m. ET. The article says the bank is expected to report double-digit year-on-year earnings growth.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
2026-10-13
JPMorgan Chase raises 2026 net interest income guidance[23]摩根大通上调2026年净利息收入指引cnbc.com
Reported: 2026-10-13
JPMorgan Chase raised its 2026 net interest income guidance to $106.2 billion, up from prior guidance of $105.5 billion issued in the second quarter, and raised its full-year expense guidance to $108.6 billion from $107.5 billion.
2026-10-13
JPMorgan Chase reports third-quarter 2026 earnings miss[23]摩根大通上调2026年净利息收入指引cnbc.com
Reported: 2026-10-13
JPMorgan Chase reported third-quarter 2026 results that missed analyst estimates, with EPS of $5.57 versus the $5.90 LSEG consensus and revenue of $50.91 billion versus $51.22 billion expected. CNBC's coverage said the miss appeared to reflect lower-than-expected fixed income trading revenue and expenses that grew faster than revenue, and noted $658 million in net securities losses; CEO Jamie Dimon said the bank reduced share repurchases in the quarter.
2022-02-02
Lawsuit alleges racial discrimination by JPMorgan Chase[14]Ten banks sued over alleged corporate bond market price coordinationnbcnews.com
Reported: 2022-02-03
Dr. Malika Mitchell-Stewart filed a federal lawsuit against JPMorgan Chase and two branch employees, alleging that she was denied service because of her race when she tried to open a bank account.
2021-11-15
JPMorgan sues Tesla over warrants[13]Ten banks sued over alleged corporate bond market price coordinationfinanznachrichten.de
Reported: 2021-11-16
JPMorgan filed suit against Tesla over a dispute concerning the repricing of warrants. JPMorgan alleges that Tesla breached the contract; the complaint seeks $162.2 million plus interest, attorneys' fees and expenses.
Unconfirmed
JPMorgan Chase acquires Frank[24]摩根大通收购 Frankblackenterprise.com
Reported: 2021-09-28
JPMorgan Chase purchased Frank, a college financial planning platform. The article does not state when the purchase was completed.
2021-09-25
JPMorgan Chase completes acquisition of Nutmeg[25]摩根大通完成收购 Nutmegbnext.com.tw
Reported: 2021-09-28
JPMorgan Chase completed its acquisition of 100% of UK wealth-management service Nutmeg, which will continue serving customers as part of the JPMorgan Chase group.
2021-09-21
JPMorgan Chase to acquire Frank[26]摩根大通将收购 Frankalleywatch.com
Reported: 2021-09-21
JPMorgan Chase is acquiring Frank, a college financial planning platform. The transaction terms were not disclosed. Frank is expected to continue operating under its own brand within the JPMorgan Chase umbrella.

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