JP Morgan Chase & Co. is a U.S.-based multinational holding company offering investment banking, asset management, and other financial services.
According to S&P Global, JP Morgan Chase is the biggest of America’s Big Four banks, alongside Citigroup, Wells Fargo, and Bank of America. It is also the seventh-largest bank worldwide, with company assets amounting to US$2.69 trillion.
The current JP Morgan Chase & Co. structure resulted from a series of historic mergers among America’s most prominent banking companies, including Bank One, Chase Manhattan Bank, Chemical Bank, and Washington Manual. Its oldest forerunner is the Bank of the Manhattan Company, the world’s 31st oldest bank established by Aaron Burr in 1799.
3 Major Brands
There are two major brands under the current parent company, as incorporated in Delaware: JPMorgan & Co., and Chase. Five divisions use the former: treasury services, asset management, private banking, investment banking, and private wealth management. Meanwhile, retail banking, commercial banking, and credit card services in the U.S. and Canada operate under the Chase brand.
The asset management division of JPMorgan & Chase holds US$2.98 trillion in assets under management as of 2019. Simultaneously, the corporate bank and investment arm has reached $US25.5 trillion in assets under custody. Their hedge fund unit is considered the third-largest globally, with about US$445 billion under management.
JPMorgan & Chase Co. used to have a commodities trader unit, later sold to Mercuria for $800 million in 2014. In 2016, the company decided to stop financing coal mines and coal power plants in first-world countries. That same year, the Global Brands Magazine recognized JPMorgan & Chase with the coveted Best Banking Performer award.
More recently, the group forayed into cryptocurrency by introducing JPM Coin, a digital token used for transactions between clients of their wholesale payments business. JPM Coin is the first American bank-issued cryptocurrency.