About Company
JPMorgan Chase Bank, N.A., carrying out operations as Chase Bank or frequently as Chase, is a US-based full-service bank with its central office in New York City. The organization comprises the commercial and customer banking ancillary of JPMorgan Chase, the U.S. international financial and banking services holding company.
The bank was Chase Manhattan Bank until its amalgamation in 2000 with J.P. Morgan & Co.
Chase Manhattan Bank was the outcome of the fusion of the Manhattan Company and the Chase National Bank in 1955.
In 2004, the bank underwent a merger with Bank One Corporation. In 2008, it took over the lion’s share of properties and deposits of Washington Mutual.
Chase provides over 17,000 ATMs and 5,100 branches across the country. As of 2023, the bank has 25 million debit card customers and 18.5 million checking accounts.
As of 2016, 250,355 workers were associated with JPMorgan Chase & Co., and the company had its footprints in over 100 nations.
In 2022, the asset worth of JPMorgan Chase & Co. was U.S. $3.31 trillion, making it the biggest bank in the U.S. and with the maximum number of branches. It is the only banking institution with footprints in the neighboring United States.
JPMorgan Chase, via the Chase ancillary company, is one of the Top Four banks in the U.S.
What is the Business Name of JPMorgan Chase Bank, N.A.?
The business name of JPMorgan Chase Bank, N.A., is Chase Bank.
What Type of Company is Chase?
Chase is a subsidiary company.
To which Industry Does it Belong?
Chase belongs to the banking sector.
What is the Name of its Forerunner?
The name of its forerunner is The Manhattan Company.
Where is the Central Office of the Bank Located?
The bank’s main office is in New York City, New York, USA.
In How Many Locations is the Bank Present?
The bank enjoys a pan-US presence via its 4,700 branches and 17,000 ATMs. Besides, the bank has set its footprints in 100 nations (2022).
When was it Established?
The company existed on September 1, 1799, 223 years back.
Which Territory Does the Bank Serve?
The bank primarily serves the United States.
What are the Products and Services of the Bank?
The followings are the products and services offered by the bank:
- Retail Financial Services
- Financial services
- Commercial Banking
- Card Services
How Many Employees Work for the Firm?
As of 2022, the firm has 250,355 employees.
What’s the Name of the Parent Organization of the Bank?
JPMorgan Chase is the name of its parent organization.
Chase Bank Timeline
New York-based, The Bank of The Manhattan Company, existed on September 1, 1799, and it continued functioning with that name until 1955 when amalgamation occurred with the Chase National Bank. The Chase National Bank was established in 1877, and the newly amalgamated organization assumed the name of The Chase Manhattan Bank.
The Manhattan Company
Chase draws its chronicles back to the establishment of The Manhattan Company on September 1, 1799, in residence located at 40 Wall Street. Aaron Burr was the originator of the company.
In 2006, contemporary Chase acquired the retail banking arm of the Bank of New York. Subsequently, this banking service provider merged with Mellon Financial, a Pittsburgh-founded firm, just months later to create the contemporary BNY Mellon.
Chase National Bank
John Thompson set up Chase National Bank in 1877. The name was derived from Salmon P. Chase, the erstwhile Chief Justice and Treasury Secretary of the United States. Nonetheless, there was no link between Chase with the bank.
In the 1920s, a series of moderate-sized banks were acquired by Chase National Bank via the Chase Securities Corporation. For example, in 1926, it took over Mechanics and Metals National Bank.
Nevertheless, the most noteworthy takeover was the Equitable Trust Company of New York purchase in 1930. John D. Rockefeller, Jr. was the leading stakeholder of the ETC of N.Y. Consequently, Chase became the top bank in the United States and the world.
Chiefly, Chase served as a wholesale banking institution, handling other well-known financial services providers and critical business clients like General Electric. It rented a large area via its RCA ancillary and became a critical 1st renter of Rockefeller Center.
They salvaged that key venture in 1930. Besides, the bank is intimately related to and has funded the oil business, and it had a very old association with the board of directors of the descendant organizations of Standard Oil, particularly ExxonMobil, which comprise Rockefeller holdings as well.
Unification as Chase Manhattan Bank
The Manhattan Company and Chase National Bank unified in 1955 to form the Chase Manhattan Bank. Since Chase was quite a bigger bank, it was initially proposed that Chase buy the Bank of Manhattan because of its moniker. However, it emerged that the archetypal contract for the Manhattan Company outlined by Burr had not only incorporated the clause permitting it to commence a bank with excess finances but one more necessitating unanimous approval of shareowners for the bank to be acquired.
Hence, the Bank of the Manhattan Company planned the transaction as a takeover of Chase National. John J. McCloy was appointed as the unified organization’s Chairman, which avoided the need for undivided approval from shareowners.
The acquisitions and mergers throughout this phase permitted Chase Manhattan to grow its sway over several non-financial service providers.
Chase Manhattan forayed into the Arizonan market by buying Continental Bank in 1985. It spread its business in Connecticut by taking over two broke banks in 1991.
Amalgamation with J.P. Morgan, Chemical Bank
In August 1995, Chase Manhattan Bank and Chemical Bank of New York declared strategies to unify. The amalgamation concluded in August 1996. Chemical’s earlier purchases comprised Texas Commerce Bank (1987) and Manufacturers Hanover Corporation (1991).
Though Chemical was the titular subsister, the unified organization kept the name of Chase because not only was it more familiar (specifically beyond the U.S.), but also the initial agreement of Chase necessitated that the name is kept in any upcoming commercial undertakings. Therefore, even nowadays, it is called JPMorgan Chase.
In December 2000, the merged Chase Manhattan concluded the takeover of J.P. Morgan & Co., one of the biggest banking amalgamations. The unified organization was named JPMorgan Chase once more.
The bank took over Bank One in 2004, turning Chase into the top credit card provider in the country.
JPMorgan Chase also included Washington Mutual (2009) and Bear Stearns (2008) on its possession list.
Following the shutdown of almost 400 overlying branches of the unified organization, which is below 10% of the overall count, the bank will have around 5,410 branches in twenty-three states after the concluding date of the takeover.
As information furnished by SNL Financial (statistics as of June 30, 2008), this pushes Chase into the 3rd position after Bank of America and Wells Fargo as far as overall retail banking branches in the U.S. are concerned.
Bank One Corporation
JPMorgan Chase unified with Chicago-oriented Bank One Corp. in 2004, getting on board Jamie Dimon, its present CEO, and Chairman as COO and president. He was deputed as the replacement of William B. Harrison, Jr., CEO.
Washington Mutual
On September 25, 2008, JPMorgan Chase acquired the lion’s share of the banking business of Washington Mutual from the legal proceedings of FDIC (the Federal Deposit Insurance Corporation).
Other Current Takeovers and Developments
In the opening quarter of 2006, Chase took over Collegiate Funding Services, which served as a portfolio firm of Lightyear Capital, a private equity company, at a U.S. $663 million valuation. Collegiate Funding Services was the base for Chase Student Loans, earlier named Chase Education Finance. In April 2006, Chase took over the small-scale business and retail banking network of the Bank of New York Company. This helped Chase gain accessibility to 338 extra branches and 700,000 fresh clients in Indiana, Connecticut, New Jersey, and New York.
Growth Beyond the U.S.
In September 2021, JPMorgan Chase forayed into the retail banking marketplace of the United Kingdom by introducing an application-oriented Deposit account and current account under the Chase variety. It is the debut retail banking venture of the firm beyond the U.S.
Legal Proceedings
In October 2010, there were two lawsuits against Chase in which there was an accusation that it stage-managed the silver marketplace. The legal proceedings averred that by manipulating key situations in silver options and futures, the banks unduly regulated the silver rates on the Comex Exchange of NYSE since the beginning of 2008.
Chase Bank Management
Jamie Dimon (CEO and Chairman)
James Dimon was born on March 13, 1956. He is a US-based billionaire investment banker and entrepreneur. Since 2005, he has been serving as the chief executive officer and Chairman of JPMorgan Chase.
Earlier, Jamie was a part of the Federal Reserve Bank of New York’s board of directors. Time magazine incorporated his name in its 2006, 2008, 2009, and 2011 lists of the hundred most influential individuals in the world. His net worth has been projected at U.S. $1.8 billion.
He is also the Chairman of the Business Roundtable.
James Dimon is an alumnus of Tufts University and received his B.A. degree from there and his MBA from the prestigious Harvard University. He is married to Judith Kent and has three kids.
Chase Bank Stock Performance
The common stocks of JPMorgan Chase & Co are traded on the New York Stock Exchange with the ticker symbol JPM. Besides, the stock is a component of the following indices:
- Dow Jones Industrial Average (DJIA)
- S&P 500 index
- S&P 100 index
On February 23, 2023, JPMorgan Chase & Co (JPM) closed trading at $139.67 with the data furnished below at 4:00 pm EST (Eastern Standard Time).
Stock Chart
Financial Performance Highlights
Disputes
The bank has been subject to harsh criticism due to the following incidents:
2nd World War related:
- Buying the Reichsmarks of Nazi Germany
- Denial to issue funds owned by Jews in captive France
- Issuance of funds to Nazi Germany
- Associated lawsuits
- Public admission by Chase Manhattan
Recent dilemma:
- Participated in fabricated trades
- Misinformed depositors
- Unfairly deprived soldiers; collected hidden costs from ex-servicemen for refinancing
- Gathered illegitimate flood insurance payments
- Unlawfully hiked their accumulation of overdraft charges by carrying out huge deals ahead of less significant ones
- Breached the Federal Trade Commission Act by giving phony declarations to customers looking for auto loans
- Infringed antitrust stipulation of the Sherman Act associated with tender manipulating
- Aided Jefferson County in Alabama is going to bankruptcy by converting its fixed interest rate debt into variable
- Adopted discriminatory lending practices in Chicago from 2012-2018
- Exorbitant investment in fossil fuel
- Discriminatory parental leave policy from 2011-2017
- Dakota Access Pipeline dissents (2016-2017)
- Arbitrary closure of accounts
