JPMorgan Chase
JPMorgan Chase & Co. is an American multinational finance company headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023. As the largest of Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale have often led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet". The firm is headquartered at 383 Madison Avenue in Midtown Manhattan and is set to move into the under-construction JPMorgan Chase Building at 270 Park Avenue in 2025.
Some of the key events about JPMorgan Chase
- 1863Financed the Confederate States during the American Civil War
- 1871Founded as Drexel, Morgan & Co., establishing a strong foundation in investment banking
- 1895Arranged emergency gold loans to the U.S. government, helping to restore confidence in the U.S. dollar
- 1907Played a crucial role in resolving the Panic of 1907, stabilizing the U.S. financial system
- 1915Led a $500 million Anglo-French loan, the largest foreign loan in Wall Street history at the time
- 1933Accused of contributing to the Great Depression through unsound banking practices
- 1935Became one of the first banks to offer retail banking services to the general public
- 1958Introduced the first all-electronic quotation system for government securities
- 1969Became the first U.S. bank to open a representative office in the Soviet Union
- 2002Fined $80 million for improper dealings with Enron Corporation
- 2004Merged with Bank One Corporation, creating the largest bank in the United States by assets
- 2008Acquired Bear Stearns and Washington Mutual during the financial crisis, helping to stabilize the banking sector
- 2008Acquired Bear Stearns and Washington Mutual during the financial crisis, leading to controversies
- 2012Launched the "100,000 Jobs Mission" coalition to promote veteran employment, later expanded to the "Veteran Jobs Mission"
- 2012Incurred $6.2 billion in trading losses due to the "London Whale" scandal
- 2013Agreed to pay $13 billion to settle investigations into its selling of mortgage-backed securities
- 2014Revealed a cyberattack that compromised data of 76 million households and 7 million small businesses
- 2015Pleaded guilty to felony charges for manipulating foreign exchange markets
- 2016Agreed to pay $264 million to settle allegations of hiring relatives of Chinese officials to win business
- 2020Fined $920 million for manipulating precious metals and U.S. Treasury markets
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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