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JPMorgan Chase

Headquarters: 270 Park Avenue
New York, NY 10017
Employees: 241,359
CEO: Jaime Dimon
Stock Symbol: JPM

Website: http://www.jpmorganchase.com

Career Page

JPMorgan Chase is one of the nation's largest banking companies with over $2.6 trillion in assets and operations in over 60 countries.

The company provides banking services, loans and credit cards to customers under the Chase brand.

JPMorgan Chase is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under its JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.

In 2014, JPMorgan Chase reported total net revenue of $94.2 billion, down 2% from the previous year. Net income for the year was $21.8 billion.

CEO Jamie Dimon said: "Our businesses continue to demonstrate strong momentum and expense discipline. Consumer & Community Banking delivered impressive growth in deposits and investment assets in the fourth quarter and throughout 2014, while outperforming its expense reduction target for the year. Mortgage originations improved sequentially in the fourth quarter, despite a seasonally slow quarter. Our Card business delivered double-digit sales volume growth, outpacing the industry for the 27th consecutive quarter. Auto had a good quarter and the pipeline remains strong."

The company reported average total deposits of $497.7 billion, up 8% from the prior year.

Chase cardholders accounted for over $600 billion, or approximately 16% of total U.S. credit and debit purchase volume.

Total employment at the company decreased 4% from the previous year. The company said it has hired over 8,200 military veterans since 2011.

History

The company's history is made up of major legacy institiutions including J.P. Morgan, Chase Manhattan, Chemical, Manufacturers Hanover, Bank One, First Chicago, and National Bank of Detroit.

The company's beginnings go back to 1799 with the Bank of Manhattan.

John Pierrepont Morgan, born in 1837 and the son of successful financier, became a partner in his father's firm Drexel, Morgan and Co. in 1856. The firm was renamed J.P. Morgan and Co. in 1895 and became one of the most powerful banks in the world.

In 1955, the Chase Bank would merge with the Bank of Manhattan to form Chase Manhattan Bank. Chemical Bank was acquired by Chase Manhattan in 1996.

In 2000, Chase Manhattan Bank merged with J.P. Morgan to form JP Morgan Chase.

JPMorgan Chase merged with Bank One on July 1, 2004.

In May 2008, JPMorgan Chase acquired rival investment bank Bear Stearns for $10 a share with financial assistance from the Federal Reserve. The deal was made to rescue Bear Stearns from potential bankruptcy.

In September 2008, JPMorganChase acquired the assets and liabilities of Washington Mutual bank for $1.9 billion after it was seized by the FDIC.

Benefits

All employees have their pay linked to a combination of firm, business unit, team, and individual performance.

The company provides a choice among health, dental and vision plans. Also provided are life insurance, business travel insurance, long-term care insurance and group legal services.

Retirement Plan

- Eligibility begins after one year of total service
- Monthly pay credits from 3% to 9% of "benefits pay" (up to legal limits - currently $210,000) depending on years of cumulative service
- Pay credits for "benefits pay" in excess of the legal limit will be made to the nonqualified Excess Retirement Plan, up to the plan limit of $1 million, if eligible
- Grandfathered benefits continue for certain heritage employees
- Monthly interest credits
- 100% vested after five years of total service
- JPMorgan Chase paid

401(k) Savings

- Immediate eligibility for full-time employees to make before-tax contributions up to 20% of "benefits pay" (up to legal limits - currently $210,000)(90-day wait period for part-time employees)
- Employee contributions on a before-tax basis
- Dollar-for-dollar matching contributions on the first 5% of "benefits pay" contributed each pay period for participants with annual total cash compensation of less than $250,000
- Begin after one year of total service
- Immediate vesting
- Employee directed investment
- 26 investment funds
- JPMorgan Chase and employee contributions

Employee Stock Purchase

- After one year of service, purchase JPMorgan Chase common stock quarterly at a 5% discount with dividend reinvestments
- Election to participate only during an annual benefits enrollment period
- No brokerage or commission fees
- Employee contributions on an after-tax basis from $240 to $25,000 per year up to 20% of "benefits pay"

Get Quotes. Compare Plans. Apply Online.

Updated January 17, 2015

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