Headquartered in the New York, JP Morgan Chase & Co is one of the largest company in the United States of America.
The company became huge after 2000 when Chase Manhattan Corporation merged with J P Morgan & Co. The ‘Morgan’ brand is used for activities in investment banking, asset management, private banking, etc while the ‘Chase’ brand is used for the credit card services in USA and Canada.
The company in its present form is the culmination of several other banks including Chase Manhattan Bank, J.P. Morgan & Co, Bank One, Bear Stearns and Washington Mutual. The firm’s earliest predecessors are Bank of Manhattan Company, Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank.
The bank is called a universal bank with its operation widespread in Europe, USA, North America and many parts of Asia. The company has also witnessed a number of controversies in its journey including Enron Scandal, speculative trading etc.
The derivatives team of JP Morgan has been the pioneer in the invention of credit derivatives like credit default swap. The bank seems to be a major player in banking sector in near future.