Headquarters: 383 Madison Avenue
New York, NY 10179
CEO: Jaime Dimon
Stock Symbol: JPM
JPMorgan Chase is one of the nation's largest banking companies with over $3.4 trillion in assets and operations in over 60 countries.
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.
The company provides banking services, loans and credit cards to customers under the Chase brand.
Total revenues for 2020 were $119.5 billion, a 4% increase from the previous year. Net income was $29.1 billion.
JPMorgan Chase had 255,351 employees in 62 countries as of December 31, 2020, with over 60% of those employees located in the U.S.
The company has raised minimum wages from $16 to $20 an hour to 22,000 employees working in major metro areas depending on cost of living.
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 401(k) plans, employee stock purchase plan, life insurance, business travel insurance, tuition assistance and group legal services.