Top 10 Banks in the World 2017

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3. J P Morgan

JP Morgan and Co. was founded by John Pierpont Morgan and has a rich history of over 200 years in the fields of commercial banking, asset management and investment banking.


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Presently, the company is a collection of many firms that were merged over a period of time to form what is now JP Morgan and Chase Co. The earliest predecessor of the firm, the Manhattan Company was constituted way back in 1799, and 1824 and 1884 saw two more famous predecessors, the Chemical Bank and the Waterbury Bank respectively, being established.

1871 witnessed JP Morgan in collaboration with Anthony Drexel forming a private merchant banking partnership, Drexel Morgan and Company. Upon Drexel’s death in 1895, Morgan became the senior partner and renamed the company as JP Morgan and Company. The following decade saw the company accomplishing some major feats.

In 1896, the firm financed the purchase of the New York Times, while in 1901 the firm enabled the merger of the Federal Steel Company and the Carnegie Steel Company. As a testament to the success of the company, a new term, “Morganization”, was also coined to describe the process of buying smaller struggling companies, merging them and cutting costs so as to improve their market standing. 1906 saw the company playing a major role in the creation of AT&T, GE and also in averting a major financial disaster. In 1915, the company arranged the biggest foreign loan of the time, an Anglo-French loan amounting to $500 million.

In 1955, Chase Bank merged with the Manhattan Company and within the next decade opened a branch in Moscow. In 1989, the company featured in Fortune’s list of 50 best companies for minorities, and was a leading employer of women. In 2000, the company merged with the Chase Manhattan Corp. to become the JP Morgan and Chase Co. 2004 and 2008 respectively saw the firm merge with Bank One, and acquire the Bear Sterns Co. Inc. The company entered into a joint venture with Cazenove in the year 2010. The company is headquarterd in New York and currently employs more than 26,000 employees.

Revenue (in Billion of USD): 95.67

Net Profit (in Billion of USD): 24.73

Assets (in Billion of USD): 2490.97




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