Headquarters: 270 Park Avenue
New York, NY 10017
CEO: Jaime Dimon
Stock Symbol: JPM
JPMorgan Chase is one of the nation's largest banking companies with over $2.5 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 2017, JPMorgan Chase reported total net revenue of $99.6 billion, up 4% from the previous year. Net income for the year was $24.4 billion.
The company announced a $20 billion investment in employees in January 2018. Wages will increase 10 percent on average -- ranging from between $15 and $18/hour -- for 22,000 employees. The company expects to add 400 new branches and hire 4,000 new workers in new markets and for home lending and small businesses.
The company reported average total deposits of $652 billion at the end of 2017, up 7% from the prior year.
Total employment at JPMorgan Chase is up 4% from the previous year.
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.
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.