JPMorgan Chase - Wikipedia, The Free Encyclopedia

JPMorgan Chase - Wikipedia, the free encyclopedia
1 of 18
https://en.wikipedia.org/wiki/JPMorgan_Chase
JPMorgan Chase
From Wikipedia, the free encyclopedia
JPMorgan Chase & Co. is an American multinational banking and financial

services holding company headquartered in New York City. It is the largest bank in
the United States, and the world's sixth largest bank by total assets, with total assets
of US$2.6 trillion. Moreover, it is the sixth largest public company in the world
according to the Forbes Global 2000. It is a major provider of financial services,
and according to Forbes magazine is the world's sixth largest public company
based on a composite ranking.[4] The hedge fund unit of JPMorgan Chase is the
second largest hedge fund in the United States.[5] The company was formed in
2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.[6]
The J.P. Morgan brand, historically known as Morgan, is used by the investment
banking, asset management, private banking, private wealth management, and
treasury & securities services divisions. Fiduciary activity within private banking
and private wealth management is done under the aegis of JPMorgan Chase Bank,
N.A.the actual trustee. The Chase brand is used for credit card services in the
United States and Canada, the bank's retail banking activities in the United States,
and commercial banking. The corporate headquarters is located at 270 Park Avenue
in Midtown Manhattan, New York City. The retail and commercial bank is
headquartered in Chase Tower, Chicago Loop, Chicago, Illinois, U.S.[6] JPMorgan
Chase & Co. is considered to be a universal bank.
JPMorgan Chase is one of the Big Four banks of the United States, along with
Bank of America, Citigroup, and Wells Fargo.[7][8][9][10][11][12] According to
Bloomberg, as of October 2011, JPMorgan Chase had surpassed Bank of America
as the largest U.S. bank by assets.[13]
JPMorgan Chase & Co.
Type
Public
Traded as
NYSE: JPM
(https://www.nyse.com/quote
/XNYS:JPM)
Dow Jones Industrial Average
Component
S&P 500 Component
Industry
Banking, financial services
Predecessor
Bank of the Manhattan Company

founded September 1, 1799
Founded
December 1, 2000
Headquarters 270 Park Avenue

New York, NY 10017
U.S.
Area served
Worldwide
Key people
Jamie Dimon
(Chairman, CEO & President)[1][2]
Products
Contents
1 History
1.1 Chemical Banking Corporation
1.2 Chase Manhattan Bank
1.3 J.P. Morgan & Company
1.4 Bank One Corporation
1.5 Bear Stearns
1.6 Washington Mutual
1.7 2013 settlement
1.8 Other recent acquisitions
1.9 Acquisition history
1.10 Recent News
2 Structure
2.1 JPMorgan Europe, Ltd.
3 Financial data
4 Operations
4.1 History
5 Lobbying
6 Controversies
6.1 Conflicts of interest on investment research
6.2 Enron
6.3 WorldCom
6.4 Jefferson County, Alabama
6.5 Failure to comply with client money rules in the UK
6.6 Mortgage overcharge of active military personnel
6.7 Truth in Lending Act litigation
Asset management, brokerage

services, commercial banking,
commodities, commodity trading,
consumer banking, corporate
banking, credit cards, consumer
finance, equities trading, finance
and insurance, foreign currency
exchange, foreign exchange
trading, futures and options trading,
global banking, global wealth
management, insurance, investment
banking, investment management,
money market trading, mortgage
loans, prime brokerage, private
banking, private equity, retail
banking, retail brokerage, risk
management, treasury and security
services, underwriting, wealth
management
Revenue
US$96.60 billion (2015)[3]
Operating
income
US$30.70 billion (2015)[3]
Net income
US$24.44 billion (2015)[3]
Total assets
US$2.35 trillion (2015)[3]
Total equity
US$247.5 billion (2015)[3]
Number of
employees
235,678 (2015)[3]
Divisions
J.P. Morgan Asset Management
Subsidiaries
Chase, J.P. Morgan & Co., J.P.

Morgan Cazenove, One Equity
Partners
2/28/2016 7:33 PM
2 of 18
6.8 Alleged manipulation of energy market

6.9 Criminal investigation into obstruction of justice
6.10 Sanctions violations
6.11 National Mortgage Settlement
6.12 Speculative trading
6.13 Mortgage-backed securities sales
6.14 "Sons and Daughters" hiring program
6.15 Madoff fraud
6.16 Corruption investigation in Asia
6.17 September 2014 cyber-attack
7 Offices
8 Credit derivatives
8.1 Multibillion-dollar trading loss
9 Art collection
10 Major sponsorships
11 Notable former employees
11.1 Business
11.2 Politics and public service
11.3 Other
12 See also
12.1 Index products
13 References
14 External links
Website
www.jpmorganchase.com
(http://www.jpmorganchase.com/)
The JPMorgan Chase &

Co. headquarters at 270
Park Avenue in Midtown
Manhattan, New York City,
U.S.
History
JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking
companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns
and Washington Mutual. Going back further, its predecessors include major banking firms among which
are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas
Commerce Bank, Providian Financial and Great Western Bank. Its original predecessor, the Bank of the
Manhattan Company, was the second oldest banking corporation in the United States, and the 31st
oldest bank in the world, having been established on September 1, 1799 by Aaron Burr.
Chemical Banking Corporation
The JPMorgan Chase logo

prior to the 2008
rebranding
As of June 2008, the

JPMorgan logo used for the
company's Investment
Banking, Asset
Management, and Treasury
& Securities Services
units.[14]
The New York Chemical Manufacturing Company was founded in 1823 as a maker of various
chemicals. In 1824, the company amended its charter to perform banking activities and created the
Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically
and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce
Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first
major bank merger "among equals"). In the 1980s and early 1990s, Chemical emerged as one of the
leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture
Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its
reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices
of pioneering investment banker, Jimmy Lee.[15][16] At many points throughout this history, Chemical Bank was the largest bank in
the United States (either in terms of assets or deposit market share).
In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase
name. To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters at 270
Park Avenue.
Chase Manhattan Bank

The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the
Manhattan Company (established in 1799),[17] the company's oldest predecessor institution. The Bank of the Manhattan Company
was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.
2/28/2016 7:33 PM
3 of 18
According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of
JPMorgan Chase's history runs as follows:
At the turn of the nineteenth century, obtaining a bank charter required an act of the state
legislature. This of course injected a powerful element of politics into the process and invited
what today would be called corruption but then was regarded as business as usual. Hamilton's
political enemyand eventual murdererAaron Burr was able to create a bank by sneaking a
clause into a charter for a company, called the Manhattan Company, to provide clean water to
New York City. The innocuous-looking clause allowed the company to invest surplus capital in
any lawful enterprise. Within six months of the company's creation, and long before it had laid
a single section of water pipe, the company opened a bank, the Bank of the Manhattan
Company. Still in existence, it is today J. P. Morgan Chase, the largest bank in the United
States.
The logo used by Chase

following the merger with
the Manhattan Bank in
1954
Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking
concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial
services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase
name. Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two
acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion. In April 2000, UK-based Robert Fleming
& Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.
J.P. Morgan & Company

The heritage of the House of Morgan traces its roots to the partnership of Drexel, Morgan & Co., which
in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan). Arguably the most influential
financial institution of its era, J.P. Morgan & Co. financed the formation of the United States Steel
Corporation, which took over the business of Andrew Carnegie and others and was the world's first
billion dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States government with
$62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the
company began to finance the New York, New Haven and Hartford Railroad and led it through a series
of acquisitions that made it the dominant railroad transporter in New England.
Built in 1914, 23 Wall Street was known as the "House of Morgan", and for decades the bank's
headquarters was the most important address in American finance. At noon, on September 16, 1920, a
terrorist bomb exploded in front of the bank, injuring 400 and killing 38. Shortly before the bomb went
off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The warning
read: "Remember we will not tolerate any longer. Free the political prisoners or it will be sure death for
all of you. American Anarchists Fighters." While there are many hypotheses regarding who was behind
the bombing and why they did it, after 20 years of investigation the FBI rendered the case inactive
without ever finding the perpetrators.
The J.P. Morgan & Co.

logo before its merger with
Chase Manhattan Bank in
2000
Influence of J.P. Morgan in

Large Corporations, 1914
In August 1914, Henry P. Davison, a Morgan partner, traveled to the UK and made a deal with the Bank
of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France.
The Bank of England became a "fiscal agent" of J.P. Morgan & Co., and vice versa. The company also
invested in the suppliers of war equipment to Britain and France. Thus, the company profited from the
financing and purchasing activities of the two European governments.
In the 1930s, all of J.P. Morgan & Co. along with all integrated banking businesses in the United States,
was required by the provisions of the GlassSteagall Act to separate its investment banking from its
commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank, because at
the time commercial lending was perceived as more profitable and prestigious. Additionally, many
within J.P. Morgan believed that a change in political climate would eventually allow the company to
resume its securities businesses but it would be nearly impossible to reconstitute the bank if it were
disassembled.
The J.P. Morgan

headquarters in New York
City following the
September 16, 1920 bomb
explosion that took the
lives of 38 and injured over
400
In 1935, after being barred from securities business for over a year, the heads of J.P. Morgan spun off its
investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont
Morgan) and Harold Stanley, Morgan Stanley was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock
2/28/2016 7:33 PM
4 of 18
from J.P. Morgan partners. In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New
York to form the Morgan Guaranty Trust Company. The bank would continue to operate as Morgan Guaranty Trust until the 1980s,
before beginning to migrate back toward the use of the J.P. Morgan brand. In 1984, the group finally purchased the Purdue National
Corporation of Lafayette Indiana, uniting a history between the two figures of Salmon Portland Chase and John Purdue. In 1988, the
company once again began operating exclusively as J.P. Morgan & Co.
Bank One Corporation

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current chairman
and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s
successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking
on a cost-cutting strategy, and replaced former JPMorgan Chase executives in key positions with Bank One executivesmany of
whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006.
Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two
large banking companies had themselves been created through the merger of many banks. This merger was largely considered a
failure until Dimonrecently ousted as President of Citigrouptook over and reformed the new firm's practicesespecially its
disastrous technology mishmash inherited from the many mergers prior to this one. Dimon effected changes more than sufficient to
make Bank One Corporation a viable merger partner for JPMorgan Chase.
Bank One Corporation traced its roots to First Bancgroup of Ohio, founded as a holding company for
City National Bank of Columbus, Ohio and several other banks in that state, all of which were renamed
"Bank One" when the holding company was renamed Banc One Corporation. With the beginning of
The First Chicago Bank
interstate banking they spread into other states, always renaming acquired banks "Bank One", though
logo
for a long time they resisted combining them into one bank. After the First Chicago NBD merger,
adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had
headed Banc One and predecessors. Dimon was brought in to head the company. JPMorgan Chase completed the acquisition of Bank
One in the third quarter of 2004. The former Bank One and First Chicago headquarters in Chicago serve as the headquarters of Chase,
JPMorgan Chase's commercial and retail banking subsidiary.
Bear Stearns
At the end of 2007, Bear Stearns & Co. Inc. was the fifth largest investment bank in the United States
but its market capitalization had deteriorated through the second half of 2007. On Friday, March 14,
2008, Bear Stearns lost 47% of its equity market value to close at $30.00 per share as rumors emerged
that clients were withdrawing capital from the bank. Over the following weekend it emerged that Bear
Stearns might prove insolvent, and on or around March 15, 2008, the Federal Reserve engineered a deal
to prevent a wider systemic crisis from the collapse of Bear Stearns.[18]
The Bear Stearns logo
On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase
announced that it had plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder
approval scheduled within 90 days. In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process
flows.[19] Two days later on March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million.
The stock swap agreement was signed in the late-night hours of March 18, 2008, with JPMorgan agreeing to exchange 0.05473 of
each of its shares upon closure of the merger for one Bear share, valuing the Bear shares at $2 each.[20]
On March 24, 2008, after considerable public discontent by Bear Stearns shareholders over the low acquisition price threatened the
deal's closure, a revised offer was announced at approximately $10 per share. Under the revised terms, JPMorgan also immediately
acquired a 39.5% stake in Bear Stearns (using newly issued shares) at the new offer price and gained a commitment from the board
(representing another 10% of the share capital) that its members would vote in favor of the new deal. With sufficient commitments to
ensure a successful shareholder vote, the merger was completed on June 2, 2008.
Washington Mutual
On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the
Federal Deposit Insurance Corporation. That night, the Office of Thrift Supervision, in what was by far the largest bank failure in
American history, had seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt
obligations and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day. As a result of the
takeover, Washington Mutual shareholders lost all their equity.[21]
2/28/2016 7:33 PM
5 of 18
JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on
deposits and branches of Washington Mutual.[22] Through the acquisition, JPMorgan now owns the
former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company
announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009.
Chief executive Alan H. Fishman received a $7.5 million sign-on bonus and cash severance of
$11.6 million after being CEO for 17 days.[23]
The Washington Mutual

logo prior to its 2008
acquisition by JPMorgan
Chase
2013 settlement
On November 19, 2013, the Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into
its business practices pertaining to mortgage-backed securities.[24] Of that, $9 billion was penalties and fines and the remaining $4
billion was consumer relief. This was the largest corporate settlement to date. Much of the alleged wrongdoing stemmed from its
2008 acquisitions of Bear Sterns and Washington Mutual. The agreement did not settle criminal charges.[25]
Other recent acquisitions

In 2006, JPMorgan Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for
$663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[26]
In April 2006, JPMorgan Chase acquired The Bank of New York Co.'s retail and small business banking network. The acquisition
gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, and Connecticut.
In March 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.[27]
In November 2009, JPMorgan announced it would acquire the balance of JPMorgan Cazenove, an advisory and underwriting joint
venture established in 2004 with the Cazenove Group, for GBP1 billion.[28]
In January 2013, JPMorgan acquired Bloomspot, a San Francisco-based startup in the "deals" space for $35 million. Shortly after the
acquisition, the service was shut down and Bloomspot's talent was left unused.[29][30]
Acquisition history
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a
comprehensive list):
JPMorgan Chase & Co. JPMorgan Chase
(merged 2000)

(merged 1996)[31]
Chemical Bank
(merged 1991)
The
Chemical
Bank
of New
York
(est. 1823)
Citizens
National
Bank
(est. 1851,
acq. 1920)
Corn
Exchange
Bank
(est. 1852,
acq. 1954)
Chemical Bank
(reorganized 1988)
New York
Trust
2/28/2016 7:33 PM
6 of 18
Company
(acq. 1959)
Texas
Commerce
Bank
(est. 1866,
acq.
1986)[32]
Manufacturers Hanover
(merged 1961)
Manufacturers
Trust
Company
(est. 1905)[33]
Hanover Bank
(est. 1873)
Bank of the
Manhattan Company
(est. 1799)
(merged 1955)
Chase National Bank

of the City of New York
(est. 1877)[34]
Guaranty Trust Company

of New York
(est. 1866)
J.P. Morgan & Co.
(formerly Morgan Guaranty Trust)
(merged 1959)
J.P. Morgan & Co.

("The House of Morgan")[35]
(est. 1895)[36]
City National Bank

& Trust Company
Banc One Corp.[37]
(merged 1968)
Farmers Saving
& Trust Company
First Chicago Corp.
(est. 1863)
Bank One
(acq. 2004)
First Chicago NBD

(merged 1995)
NBD Bancorp.
(formerly
National Bank of Detroit)
(est. 1933)
Louisianas First
Commerce Corp.
Bear Stearns
(est. 1923;
acq. 2008)[38]
Washington Mutual
(acq. 2008)[39]
Washington Mutual
2/28/2016 7:33 PM
7 of 18
(founded 1889)
Great Western Bank

(acq. 1997)
H. F. Ahmanson & Co.

(acq. 1998)
Bank United of Texas

(acq. 2001)
Dime Bancorp, Inc.

(acq. 2002)
Providian Financial
(acq. 2005)
Recent News
In October 2014, JP Morgan sold its commodities trader unit to Mercuria for $800 million - a quarter of the initial valuation of $3.5
billion, as the transaction excluded some oil and metal stockpiles and other assets.[40]
Structure
JPMorgan Chase & Co. owns five bank subsidiaries in the United States:[41] JPMorgan Chase Bank, National Association; Chase
Bank USA, National Association; Custodial Trust Company; JPMorgan Chase Bank, Dearborn; and J.P. Morgan Bank and Trust
Company, National Association.
For management reporting purposes, JPMorgan Chase's activities are organized into a corporate/private equity segment and four
business segments; consumer and community banking, corporate and investment bank, commercial banking, and asset
management.[42] The investment banking division at J.P. Morgan is divided by teams: industry, M&A and capital markets. Industry
teams include consumer and retail, healthcare, diversified industries and transportation, natural resources, financial institutions,
metals and mining, real estate and technology, media and telecommunications.
JPMorgan Europe, Ltd.

The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968.[43][44]
In August 2008, the bank announced plans to construct a new European headquarters, based at Canary Wharf, London.[45] These
plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at 25
Bank Street for use as the European headquarters of its investment bank.[46] 25 Bank Street had originally been designated as the
European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International (Europe).
The regional office is in London with offices in Bournemouth, Glasgow, and Edinburgh for asset management, private banking, and
investment.[47]
Financial data
2/28/2016 7:33 PM
8 of 18
Year
Revenue
2004
Financial data in $ millions [48]

2006
2007
2008
2009
2010
2005
2011
2012
2013
2014
43,097 53,748 61,437 71,372 67,252 100,434 102,694 97,234 97,031 96 606 94,205
Net Income 4,466
8,483
14,444 15,365 5,605
11,728 17,37
21,284 21,284 17,923 21,762
Assets
1 199
1 352
2 032
2 359
1 157
1 562
2 175
2 118
2 359
2 416
2 573
Employees 160 968 168 847 174 360 180 667 224 961 222 316 239 831 260 157 258 965 251 196 241 359
Asset & Liability Asset/Liability

Ratio
Net Income
JPMorgan Chase[49] was the biggest bank at the end of 2008 as an individual bank. (not including subsidiaries)
Operations
Earlier in 2011 the company announced that by the use of supercomputers, the time taken to assess risk had been greatly reduced,
from arriving at a conclusion within hours to what is now minutes. The banking corporation uses for this calculation FieldProgrammable Gate Array technology.[50]
History
The Bank began operations in Japan in 1924,[51] in Australia during the later part of the nineteenth century,[52] and in Indonesia
during the early 1920s.[53] An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a
branch in China in 1921 and Chase National Bank was established there in 1923.[54] The bank has operated in Saudi Arabia[55] and
India[56] since the 1930s. Chase Manhattan Bank opened an office in Korea in 1967.[57] The firm's presence in Greece dates to
1968.[58] An office of JPMorgan was opened in Taiwan in 1970,[59] in Russia (Soviet Union) in 1973,[60] and Nordic operations
began during the same year.[61] Operations in Poland began in 1995.[58]
Lobbying
JP Morgan Chase's PAC and its employees contributed $2.6 million to federal campaigns in 2014 and financed its lobbying team with
$4.7 million in the first three quarters of 2014. JP Morgans giving has been focused on Republicans, with 62 percent of its donations
going to GOP recipients in 2014. Still, 78 House Democrats received campaign cash from JPMorgans PAC in the 2014 cycle at an
average of $5,200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgans PAC in
2014. JP Morgan Chase's PAC made maximum donations to the Democratic Congressional Campaign Committee and the leadership
PACs of Steny Hoyer and Jim Himes in 2014.[62]
Controversies
Conflicts of interest on investment research
In December 2002, Chase paid fines totaling $80 million, with the amount split between the states and the federal government. The
fines were part of a settlement involving charges that ten banks, including Chase, deceived investors with biased research. The total
settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and
ban any allocation of IPO shares.[63]
Enron
2/28/2016 7:33 PM
9 of 18
Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation with aiding and abetting
Enron Corp.'s securities fraud, which collapsed amid a financial scandal in 2001.[64] In 2003, Chase paid $160 million in fines and
penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorneys office. In 2005, Chase
paid $2.2 billion to settle a lawsuit filed by investors in Enron.[65]
WorldCom
JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in March 2005 to pay $2 billion; that was 46
percent, or $630 million, more than it would have paid had it accepted an investor offer in May 2004 of $1.37 billion. J.P. Morgan
was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in 2004
by Citigroup.[66] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[67][68]
Jefferson County, Alabama

In November 2009, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission
to end a probe into sales of derivatives that helped push Alabamas most populous county to the brink of bankruptcy. The settlement
came a week after Birmingham, Alabama Mayor Larry Langford was convicted on 60 counts of bribery, money laundering, and tax
evasion related to bond swaps for Jefferson County, Alabama. The SEC alleged that J.P. Morgan, which had been chosen by the
county commissioners to underwrite the floating-rate sewer bond deals and provide interest-rate swaps, had made undisclosed
payments to close friends of the commissioners in exchange for the deal. J.P. Morgan then allegedly made up for the costs by
charging higher interest rates on the swaps.[69]
Failure to comply with client money rules in the UK

In June 2010, J.P. Morgan Securities was fined a record 33.32 million ($49.12 million) by the UK Financial Services Authority
(FSA) for failing to protect an average of 5.5 billion of clients' money from 2002 to 2009.[70][71] FSA requires financial firms to
keep clients' funds in separate accounts to protect the clients in case such firm becomes insolvent. The firm had failed to properly
segregate client funds from corporate funds following the merger of Chase and J.P. Morgan, resulting in a violation of FSA
regulations but no losses to clients. The clients' funds would have been at risk had the firm become insolvent during this period.[72]
J.P. Morgan Securities reported the incident to the FSA, corrected the errors, and cooperated in the ensuing investigation, resulting in
the fine being reduced 30% from an original amount of 47.6 million.[71]
Mortgage overcharge of active military personnel

In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages,
including active duty personnel in Afghanistan. The bank also admitted it improperly foreclosed on more than a dozen military
families; both actions were in clear violation of the Servicemembers Civil Relief Act which automatically lowers mortgage rates to 6
percent, and bars foreclosure proceedings of active duty personnel. The overcharges may have never come to light were it not for
legal action taken by Captain Jonathan Rowles. Both Captain Rowles and his spouse Julia accused Chase of violating the law and
harassing the couple for nonpayment. An official stated that the situation was "grim", and Chase initially stated it would be refunding
up to $2,000,000 to those who were overcharged, and that families improperly foreclosed on have gotten or will get their homes
back.[73] Chase has acknowledged that as many as 6,000 active duty military personnel were illegally overcharged, and more than 18
military families homes were wrongly foreclosed. In April, Chase agreed to pay a total of $27 million in compensation to settle the
class-action suit.[74] At the company's 2011 shareholders' meeting, Dimon apologized for the error and said the bank would forgive
the loans of any active-duty personnel whose property had been foreclosed. In June 2011, lending chief Dave Lowman was forced out
over the scandal.[75][76]
Truth in Lending Act litigation

In 2008 and 2009, 14 lawsuits were filed against JPMorgan Chase in various district courts on behalf of Chase credit card holders
claiming the bank violated the Truth in Lending Act, breached its contract with the consumers and committed a breach of implied
covenant of good faith and fair dealing. The consumers contended that Chase, with little or no notice, increased minimum monthly
payments from 2% to 5% on loan balances that were transferred to consumers' credit cards based on the promise of a fixed interest
rate. In May 2011, the United States District Court for the Northern District of California certified the class action lawsuit. On July
23, 2012, Chase agreed to pay $100 million to settle the claim.[77]
Alleged manipulation of energy market
2/28/2016 7:33 PM
10 of 18
In July 2013, The Federal Energy Regulatory Commission (FERC) approved a stipulation and consent agreement under which
JPMorgan Ventures Energy Corporation (JPMVEC), a subsidiary of JPMorgan Chase & Co., agreed to pay $410 million in penalties
and disgorgement to ratepayers for allegations of market manipulation stemming from the companys bidding activities in electricity
markets in California and the Midwest from September 2010 through November 2012. JPMVEC agreed to pay a civil penalty of $285
million to the U.S. Treasury and to disgorge $125 million in unjust profits. JPMVEC admitted the facts set forth in the agreement, but
neither admitted nor denied the violations.[78]
The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVECs bidding practices.
FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power
plants that were usually out of the money in the marketplace. In each of them, the company made bids designed to create artificial
conditions that forced California and Midcontinent Independent System Operators (ISOs) to pay JPMVEC outside the market at
premium rates.[78]
FERC investigators further determined that JPMVEC knew that the California ISO and Midcontinent ISO received no benefit from
making inflated payments to the company, thereby defrauding the ISOs by obtaining payments for benefits that the company did not
deliver beyond the routine provision of energy. FERC investigators also determined that JPMVEC's bids displaced other generation
and altered day ahead and real-time prices from the prices that would have resulted had the company not submitted the bids.[78]
Under the Energy Policy Act of 2005, Congress directed FERC to detect, prevent and appropriately sanction the gaming of energy
markets. According to FERC, the Commission approved the settlement as in the public interest.[78]
Criminal investigation into obstruction of justice

FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by
employees of JPMorgan Chase.[79] Various newspapers reported in September 2013 that the Federal Bureau of Investigation (FBI)
and US Attorney's Office in Manhattan were investigating whether employees withheld information or made false statements during
the FERC investigation.[79] The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and
Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation.[79] At the
time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase
employees impeded the FERC investigation.[79] Reuters reported that JPMorgan Chase was facing over a dozen investigations at the
time.[79]
Sanctions violations
On August 25, 2011, JPMorgan Chase agreed to settle fines with regard to violations of the sanctions under the Office of Foreign
Assets Control (OFAC) regime. The U.S. Department of Treasury released the following civil penalties information under the
heading: "JPMorgan Chase Bank N.A. Settles Apparent Violations of Multiple Sanctions Programs":
JPMorgan Chase Bank, N.A, New York, NY ("JPMC") has agreed to remit $88,300,000 to settle potential civil liability for
apparent violations of: the Cuban Assets Control Regulations ("CACR"), 31 C.F.R. part 515; the Weapons of Mass
Destruction Proliferators Sanctions Regulations ("WMDPSR"), 31 C.F.R. part 544; Executive Order 13382, "Blocking
Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations
("GTSR"), 31 C.F.R. part 594; the Iranian Transactions Regulations ("ITR"), 31 C.F.R. part 560; the Sudanese Sanctions
Regulations ("SSR"), 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations
("FLRCTSR"), 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations ("RPPR"), 31 C.F.R. part 501,
that occurred between December 15, 2005, and March 1, 2011.
U.S. Department of the Treasury Resource Center, OFAC Recent Actions. Retrieved June 18, 2013.[80]
National Mortgage Settlement

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan
Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[81] The settlement, known as the
National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in
direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in
U.S. history, only trailing the Tobacco Master Settlement Agreement.[82] The five banks were also required to comply with 305 new
mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.
2/28/2016 7:33 PM
11 of 18
Speculative trading
In 2012, JPMorgan Chase & Co was charged for misrepresenting and failing to disclose that the CIO had engaged in extremely risky
and speculative trades that exposed JPMorgan to significant losses.[83]
Mortgage-backed securities sales

In August 2013, JPMorgan Chase announced that it is being investigated by the United States Department of Justice over its offerings
of mortgage-backed securities leading up to the financial crisis of 200708. The company said that the Department of Justice had
preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage
securities during the period 2005 to 2007.[84]
"Sons and Daughters" hiring program

In 2013, the SEC began an investigation of the bank's hiring practices in China. The bank allegedly made a practice of hiring the
children of the Chinese ruling elite. Spreadsheets kept a record of how the hires led to business deals. The bank viewed this as a
gateway to doing deals with state-owned companies.[85] The practice is felt to be widespread in the banking industry.[86]
Madoff fraud
Bernie Madoff opened a business account at Chemical Bank in 1986 and maintained it until 2008, long after Chemical acquired
Chase.
In 2010, Irving Picard, the SIPC receiver appointed to liquidate Madoff's company, alleged that JPMorgan failed to prevent Madoff
from defrauding his customers. According to the suit, Chase "knew or should have known" that Madoff's wealth management
business was a fraud. However, Chase did not report its concerns to regulators or law enforcement until October 2008, when it
notified the UK Serious Organised Crime Agency. Picard argued that even after Morgan investment bankers reported its concerns
about Madoff's performance to UK officials, Chase's retail banking division did not put any restrictions on Madoff's banking activities
until his arrest two months later.[87] The receiver's suit against J.P. Morgan was dismissed by the Court for failing to set forth any
legally cognizable claim for damages.[88]
In the fall of 2013, JPMorgan began talks with prosecutors and regulators regarding compliance with anti-money-laundering and
know-your-customer banking regulations in connection with Madoff. On January 7, 2014, JPMorgan agreed to pay a total of $2.05
billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal. The government filed a
two-count criminal information charging JPMorgan with Bank Secrecy Act violations, but the charges will be dismissed within two
years provided that JPMorgan reforms its anti-money laundering procedures and cooperates with the government in its investigation.
The bank agreed to forfeit $1.7 billion.
JPMorgan also agreed to pay a $350 million fine to the Office of the Comptroller of the Currency and settle the suit filed against it by
Picard for $543 million.[89][90][91][92]
Corruption investigation in Asia

On March 26, 2014, the Hong Kong Independent Commission Against Corruption seized computer records and documents after
searching the office of Fang, the companys outgoing chief executive officer for China investment banking.[93]
September 2014 cyber-attack

A cyber-attack, disclosed in September 2014, compromised the JPMorgan Chase accounts of over 83 million customers. The attack
was discovered by the bank's security team in late July 2014, but not completely halted until the middle of August.[94][95]
Offices
Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza in downtown Manhattan, the
current world headquarters for JPMorgan Chase & Co. are located at 270 Park Avenue, Chemical Bank's former headquarters.
The bulk of North American operations take place in four buildings located adjacent to each other on Park Avenue in New York City:
the former Union Carbide Building at 270 Park Avenue, the hub of sales and trading operations, and the original Chemical Bank
2/28/2016 7:33 PM
12 of 18
building at 277 Park Avenue, where most investment banking activity took place. Asset and wealth management groups are located at
245 Park Avenue and 345 Park Avenue. Other groups are located in the former Bear Stearns building at 383 Madison Avenue.
Chase, the U.S. and Canada, retail, commercial, and credit card bank is headquartered in Chicago at the Chase Tower, Chicago,
Illinois.[6]
The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House.
Approximately 11,050 employees are located in Columbus at the McCoy Center, the former Bank One offices.
The bank moved some of its operations to the JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank.
JPMorgan Chase Tower

270 Park Avenue
New York City, New York
277 Park Avenue

383 Madison Avenue

One Chase Manhattan

Plaza
Chase Tower
Rochester, New York
Chase Tower
Phoenix, Arizona
Chase Tower
Chicago, Illinois
Chase Tower
Indianapolis, Indiana
Chase Tower
Dallas, Texas
JPMorgan Chase Tower

Houston, Texas
JPMorgan Chase
Metro Manila, Philippines
25 Bank Street
London, United Kingdom
The Global Corporate Bank leverages the wider firm's operations in 100 countries to provide corporate banking solutions to clients in
the locations in which they operate. The main headquarters are in London, with regional headquarters in Hong Kong, New York and
Sao Paulo.[96]
The Card Services division has its headquarters in Wilmington, Delaware, with Card Services offices in Elgin, Illinois; Springfield,
Missouri; San Antonio, Texas; Mumbai, India; and Cebu, Philippines.
Additional large operation centers are located in Phoenix, Arizona; Los Angeles, California, Newark, Delaware; Orlando, Florida;
Tampa, Florida; Indianapolis, Indiana; Louisville, Kentucky; Brooklyn, New York; Rochester, New York; Columbus, Ohio; Dallas,
Texas; Fort Worth, Texas; and Milwaukee, Wisconsin.
Operation centers in Canada are located in Burlington, Ontario; and Toronto, Ontario.
Operations centers in the United Kingdom are located in Bournemouth, Glasgow, London, Liverpool, and Swindon. The London
location also serves as the European headquarters.
Additional offices and technology operations are located in Manila, Philippines; Cebu, Philippines; Mumbai, India; Bangalore, India;
2/28/2016 7:33 PM
13 of 18
Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; Sao Paulo, Brazil; Mexico City, Mexico, and Jerusalem, Israel.
Credit derivatives
The derivatives team at JPMorgan (including Blythe Masters) was a pioneer in the invention of credit derivatives such as the credit
default swap. The first CDS was created to allow Exxon to borrow money from JPMorgan while JPMorgan transferred the risk to the
European Bank of Reconstruction and Development. JPMorgan's team later created the 'BISTRO', a bundle of credit default swaps
that was the progenitor of the Synthetic CDO.[97][98] JPMorgan currently has the largest credit default swap and credit derivatives
portfolio by total notional amount of any US bank.[99][100]
Multibillion-dollar trading loss

In April 2012, hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities
of Bruno Iksil, a trader for J.P. Morgan Chase & Co., referred to as "the London whale" in reference to the huge positions he was
taking. Heavy opposing bets to his positions are known to have been made by traders, including another branch of J.P. Morgan, who
purchased the derivatives offered by J.P. Morgan in such high volume.[101][102] Early reports were denied and minimized by the firm
in an attempt to minimize exposure.[103] Major losses, $2 billion, were reported by the firm in May 2012, in relation to these trades
and updated to $4.4 billion on July 13, 2012.[104] The disclosure, which resulted in headlines in the media, did not disclose the exact
nature of the trading involved, which remains in progress and as of June 28, 2012, was continuing to produce losses which could total
as much as $9 billion under worst-case scenarios.[105][106] The item traded, possibly related to CDX IG 9, an index based on the
default risk of major U.S. corporations,[107][108] has been described as a "derivative of a derivative".[109][110] On the company's
emergency conference call, JPMorgan Chase CEO Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly
executed, and poorly monitored".[111] The episode is being investigated by the Federal Reserve, the SEC, and the FBI.[112]
Fines levied regarding the 2012 JPMorgan Chase trading loss[113]
Regulator
Nation
Fine
Office of the Comptroller of the Currency
Securities and Exchange Commission
$300m
US
Federal Reserve
Financial Conduct Authority
$200m
$200m
UK
138m ($221m US)
On September 18, 2013, JPMorgan Chase agreed to pay a total of $920 million in fines and penalties to American and UK regulators
for violations related to the trading loss and other incidents. The fine was part of a multiagency and multinational settlement with the
Federal Reserve, Office of the Comptroller of the Currency and the Securities and Exchange Commission in the United States and the
Financial Conduct Authority in the UK. The company also admitted breaking American securities law.[114] The fines amounted to the
third biggest banking fine levied by US regulators, and the second largest by UK authorities.[113] As of September 19, 2013, two
traders face criminal proceedings.[113] It is also the first time in several years that a major American financial institution has publicly
admitted breaking the securities laws.[115]
A report by the SEC was critical of the level of oversight from senior management on traders, and the FCA said the incident
demonstrated "flaws permeating all levels of the firm: from portfolio level right up to senior management."[113]
On the day of the fine, the BBC reported from the New York Stock Exchange that the fines "barely registered" with traders there, the
news having been an expected development and the company having prepared for the financial hit.[113]
Art collection
The collection was begun in 1959 by David Rockefeller,[116] and comprises over 30,000 objects, of which over 6,000 are
photographic-based,[117] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[118] The
One Chase Manhattan Plaza building was the original location at the start of collection by the Chase Manhattan Bank, the current
collection containing both this and also those works that the First National Bank of Chicago had acquired prior to assimilation into
the JPMorgan Chase organization.[119] L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[120] whose art
program staff is completed by an additional three full-time members and one registrar.[121] The advisory committee at the time of the
Rockefeller initiation included A. H. Barr, and D. Miller, and also J. J. Sweeney, R. Hale, P. Rathbone and G. Bunshaft.[122]
2/28/2016 7:33 PM
14 of 18
Major sponsorships
Chase Field, (formerly Bank One Ballpark) Phoenix, Arizona, Arizona Diamondbacks, MLB.
Major League Soccer
Chase Auditorium (formerly Bank One Auditorium) in Chicago.
The JPMorgan Chase Corporate Challenge, owned and operated by JPMorgan Chase, is the largest corporate road racing series in
the world with over 200,000 participants in 12 cities in six countries on five continents. It has been held annually since 1977 and
the races range in size from 4,000 entrants to more than 60,000.
JPMorgan Chase is the official sponsor of the US Open.
J.P. Morgan Asset Management is the Principal Sponsor of the English Premiership Rugby 7s Series.
Notable former employees

Business
Winthrop Aldrich son of the late Senator Nelson Aldrich
Andrew Crockett former general manager of the Bank for International Settlements (19942003)
Pierre Danon chairman of Eircom
Dina Dublon member of the board of directors of Microsoft, Accenture and PepsiCo and former Executive Vice President and
Chief Financial Officer of JPMorgan Chase
Maria Elena Lagomasino member of the board of directors of The Coca-Cola Company and former CEO of JPMorgan Private
Bank
Jacob A. Frenkel Governor of the Bank of Israel
Thomas W. Lamont acting head of J.P. Morgan & Co. on Black Tuesday
Robert I. Lipp former CEO of The Travelers Companies
Marjorie Magner chairman of Gannett Company[123]
Henry S. Morgan co-founder of Morgan Stanley, son of J. P. Morgan, Jr. and grandson of financier J. P. Morgan
Lewis Reford Canadian political candidate
David Rockefeller patriarch of the Rockefeller family
Harold Stanley former JPMorgan partner, co-founder of Morgan Stanley
Jan Stenbeck former owner of Investment AB Kinnevik
Politics and public service

Tony Blair Prime Minister of the United Kingdom (19972007)[124]
William M. Daley U.S. Secretary of Commerce (19972000), U.S. White House Chief of Staff (20112012)
Michael Forsyth, Baron Forsyth of Drumlean Secretary of State for Scotland (199597)
Thomas S. Gates, Jr. U.S. Secretary of Defense (195961)
David Laws UK Chief Secretary to the Treasury (May 2010) Minister of State for Schools
Rick Lazio member of the U.S. House of Representatives (19932001)
Antony Leung Financial Secretary of Hong Kong (200103)
Frederick Ma Hong Kong Secretary for Commerce and Economic Development (200708)
Dwight Morrow U.S. Senator (193031)
Margaret Ng member of the Hong Kong Legislative Council
George P. Shultz U.S. Secretary of Labor (196970), U.S. Secretary of Treasury (197274), U.S. Secretary of State (198289)
Other
R. Gordon Wasson ethnomycologist and former JPMorgan vice president[125][126]
See also
Credit default swap: History
2012 JPMorgan Chase trading loss
Palladium Card
Alayne Fleischmann
2/28/2016 7:33 PM
15 of 18
Index products
JPMorgan EMBI
JPMorgan GBI-EM Index
References
1. "Board of Directors". JPMorgan Chase & Co. Retrieved June 19, 2013.
2. "JPMorgan Chase & Co (JPM) People". Reuters. Retrieved June 19, 2013.
3. "2015 annual results". JPMorgan Chase & Co.
4. "The World's Biggest Companies". Forbes. April 18, 2012. Retrieved July 17, 2011.
5. "World's Largest Hedge Funds". Market Folly.
6. "History of Our Firm". JPMorganChase.
7. Tully, Shawn (February 27, 2009). "Will the banks survive?". Fortune Magazine/CNN Money. Retrieved December 17, 2009.
8. "Citigroup posts 4th straight loss; Merrill loss widens". USA Today. Associated Press. October 16, 2008. Retrieved December 17, 2009.
9. Winkler, Rolfe (August 21, 2009). "Big banks still hold regulators hostage". Reuters, via Forbes.com. Archived from the original on May 28,
2010. Retrieved December 17, 2009.
10. Temple, James; The Associated Press (November 18, 2008). "Bay Area job losses likely in Citigroup layoffs". The San Francisco Chronicle.
Retrieved December 17, 2009.
11. Dash, Eric (August 23, 2007). "4 Major Banks Tap Fed for Financing". The New York Times. Retrieved December 17, 2009.
12. Pender, Kathleen (November 25, 2008). "Citigroup gets a monetary lifeline from feds". The San Francisco Chronicle. Retrieved December 17,
2009.
13. Son, Hugh (October 18, 2011). "BofA Loses No. 1 Ranking by Assets to JPMorgan as Chief Moynihan Retreats". Bloomberg.
14. de la Merced, Michael J. (June 16, 2008). "JPMorgans Stately Old Logo Returns for Institutional Business". The New York Times. Retrieved
December 14, 2009.
15. Jimmy Lee's Global Chase (http://www.businessweek.com/archives/1997/b3522103.arc.htm). The New York Times, April 14, 1997
16. Kingpin of the Big-Time Loan (http://www.nytimes.com/1995/08/11/business/kingpin-of-the-big-time-loan.html). The New York Times, August
11, 1995
17. "67419jp_text_pdf:67419jp_text_pdf" (PDF). Retrieved June 19, 2013.
18. "A Proposal for the Resolution of Systemically Important Assets and Liabilities: The Case of the Repo Market". federalreserve.gov. The
Federal Reserve Board. Retrieved September 30, 2014.
19. Guerrera, Francesco (March 16, 2008). "Bear races to forge deal with JPMorgan". Financial Times. Retrieved March 16, 2008.
20. Quinn, James (March 19, 2008). "JPMorgan Chase bags bargain Bear Stearns". The Daily Telegraph (London). Retrieved June 24, 2014.
21. Ellis, David. "JPMorgan buys WaMu" (http://money.cnn.com/2008/09/25/news/companies/JPM_WaMu/index.htm?postversion=2008092519),
CNNMoney.com, September 25, 2008.
22. Hester, Elizabeth (September 26, 2008). "JPMorgan Raises $10 billion in Stock Sale After WaMu (Update3)". Bloomberg. Retrieved April 13,
2013.
23. "WaMu Gives New CEO Mega Payout as Bank Fails". FOX. September 26, 2008. Archived from the original on December 5, 2008. Retrieved
September 17, 2014.
24. JPMorgan agrees to $13 billion mortgage settlement (http://money.cnn.com/2013/11/19/investing/jpmorgan-mortgage-settlement/index.html).
CNN. November 19, 2013.
25. JPMorgan to pay $13 billion in deal with US (http://money.msn.com/investing/post--jp-morgan-to-pay-dollar13-billion-in-deal-with-us). MSN
Money. October 22, 2013.
26. Chase to Acquire Collegiate Funding Services (http://findarticles.com/p/articles/mi_m0EIN/is_2005_Dec_15/ai_n15949015). Business Wire,
December 15, 2005
27. Vidal, John (March 26, 2008). "JPMorgan buys British carbon offset company". The Guardian (London). Retrieved November 5, 2013.
28. "JPMorgan Buys Rest of Cazenove for 1 billion Pounds". Bloomberg. November 19, 2009.
29. Perez, Sarah (December 20, 2012). "Chase Acquires Local Offers Startup Bloomspot". Tech Crunch. Retrieved February 7, 2016.
30. "Deals Site Bloomspot Bites The Dust". Biz Journals. Retrieved February 7, 2016.
31. The History of JPMorgan Chase & Co.: 200 Years of Leadership in Banking (http://www.jpmorganchase.com/corporate/AboutJPMC/document/shorthistory.pdf), company-published booklet, 2008, p. 19. Retrieved July 15, 2010.
32. The History of JPMorgan Chase & Co.: 200 Years of Leadership in Banking (http://www.jpmorganchase.com/corporate/AboutJPMC/document/shorthistory.pdf), company-published booklet, 2008, p. 6. Union National Bank and National Bank of Commerce in Houston
were predecessor banks to TCB. Retrieved July 15, 2010.
33. The History of JPMorgan Chase & Co.: 200 Years of Leadership in Banking (http://www.jpmorganchase.com/corporate/AboutJPMC/document/shorthistory.pdf), company-published booklet, 2008, p. 3. New York Manufacturing Co. began in 1812 as a manufacturer of
cotton processing equipment and switched to banking five years later. Retrieved July 15, 2010.
34. The History of JPMorgan Chase & Co.: 200 Years of Leadership in Banking (http://www.jpmorganchase.com/corporate/AboutJPMC/document/shorthistory.pdf), company-published booklet, 2008. Founder John Thompson named the bank in honor of his late friend,
Salmon P. Chase. Retrieved July 15, 2010.
35. Other Successors to the break-up of The House of Morgan: Morgan Stanley and Morgan, Grenfell & Co.
36. The History of JPMorgan Chase & Co.: 200 Years of Leadership in Banking (http://www.jpmorganchase.com/corporate/AboutJPMC/document/shorthistory.pdf), company-published booklet, 2008, p. 5. Predecessor to J.P. Morgan & Co. was Drexel, Morgan & Co., est.
2/28/2016 7:33 PM
16 of 18
1871. Retrieved July 15, 2010. Other predecessors include Dabney, Morgan & Co. and J. S. Morgan & Co.
37. The History of JPMorgan Chase & Co.: 200 Years of Leadership in Banking (http://www.jpmorganchase.com/corporate/AboutJPMC/document/shorthistory.pdf), company-published booklet, 2008, p. 3. The Marine Corp. was merged in 1988 with BancOne. George
Smith founded the Wisconsin Marine and Fire Insurance Co. in 1839, the predecessor company. Retrieved July 15, 2010.
38. On March 18, 2008, JPMorgan Chase announced the acquisition of Bear Stearns for $236 million, $2.00 per share. On March 24, 2008, a
revised offer was announced at approximately $10 per share
39. On September 25, 2008, JPMorgan Chase announced the acquisition of Washington Mutual for $1.8 billion.
40. "JP Morgan sells commodity arm to Mercuria for $800 million" (Press release). Reuters. October 3, 2014.
41. "JPMorgan Chase & Co." (database). Federal Deposit Insurance Corp. Retrieved November 12, 2011.
42. "JPMorgan Chase & Co.". sec.gov. SEC. Retrieved October 15, 2014.
43. "Company Overview of J.P. Morgan Europe Limited" (http://investing.businessweek.com/research/stocks/private
/snapshot.asp?privcapId=4664205). Bloomberg Businessweek. Retrieved June 7, 2012.
44. "J.P. Morgan Europe Limited" (http://www.companiesintheuk.co.uk/ltd/jp-morgan-europe). Companies in the U.K. Retrieved June 7, 2012
45. "Bloomberg: JPMorgan to Move European Head Office to Canary Wharf". August 1, 2008.
46. Wearden, Graeme (December 10, 2010). "JPMorgan sticks with London by buying Lehman HQ". The Guardian (London).
47. CYLEX Business Directory U.K (http://www.cylex-uk.co.uk/company/j-p-morgan-europe-ltd--16847575.html). Retrieved June 7, 2012
48. "Annual Report & Proxy". JPMorgan Chase & Co. 2015. Retrieved 2015-11-09.
49. "Money Economics Top 10 Banks Project". Moneyeconomics.com. Retrieved April 13, 2013.
50. A Nguyen reporting December 15, 2011, in Computer World UK (http://www.computerworlduk.com/news/it-business/3325313/jp-morganexpands-deployment-of-fpga-based-supercomputer/). Retrieved June 7, 2012
51. "JPMorgan (Japan)" (http://www.jpmorgan.co.jp/e_index.php). Retrieved June 8, 2012.
52. "Australia & New Zealand" (http://www.jpmorgan.com/pages/jpmorgan/au/home). JPMorgan Chase. Retrieved June 8, 2012.
53. "Indonesia" (http://www.jpmorgan.com/pages/jpmorgan/ap/indonesia). JPMorgan Chase. Retrieved June 8, 2012.
54. "History in China" (http://www.jpmorganchina.com.cn/pages/jpmorgan/china/eng/home). JPMorgan Chase. Retrieved June 8, 2012.
55. "J.P. Morgan in Saudi Arabia" (https://www.jpmorgan.com/pages/jpmorgan/emea/local/mena/saudi). Retrieved June 8, 2012.
56. "JPMorgan Chase Bank" (http://www.info2india.com/finance/banks/foreign-banks/jpmorgan-chase-bank.html). info2india. Retrieved June 8,
2012.
57. "History in Korea" (https://www.jpmorgan.com/pages/jpmorgan/korea/eng/home). JPMorgan Chase. Retrieved June 8, 2012.
58. "Central & Eastern Europe" (http://www.jpmorgan.com/pages/jpmorgan/emea/local/ceemea). JPMorgan Chase. Retrieved June 8, 2012.
59. "Taiwan" (http://www.jpmorgan.com/pages/jpmorgan/ap/taiwan/eng). JPMorgan Chase. Retrieved June 8, 2012.
60. "J.P. Morgan in Russia" (http://www.jpmorgan.ru/pages/jpmorgan/russia/en/home). JPMorgan Chase. Retrieved June 8, 2012.
61. "Nordic Region" (http://www.jpmorgan.com/pages/jpmorgan/emea/local/nordic). JPMorgan Chase. Retrieved July 7, 2012.
62. Russ Choma (December 12, 2014). "Wall Streets Omnibus Triumph, and Others". The Center for Responsible Politics. Retrieved
December 19, 2014.
63. "Wall Street firms to pay $1.4 billion in probe". MarketWatch. Retrieved April 13, 2013.
64. "SEC Charges J.P. Morgan Chase In Connection With Enron's Accounting Fraud". Archived from the original on October 2, 2003.
65. Johnson, Carrie (June 15, 2005). "Settlement In Enron Lawsuit For Chase". The Washington Post.
66. Morgenson, Gretchen (March 17, 2005), "Bank to Pay $2 billion to Settle WorldCom Claims" (http://www.nytimes.com/2005/03/22/business
/22worldcom.html), The New York Times. Retrieved July 28, 2010
67. Rovella, David E. & Baer, Justin (March 16, 2005), "JPMorgan to Pay $2 Bln to Settle WorldCom Fraud Suit" (http://quote.bloomberg.com
/apps/news?pid=10000103&sid=auybDoZIEQTg&refer=news_index), Bloomberg L.P.. Retrieved July 28, 2010
68. KCCLCC.net (http://www.kccllc.net/documents/0812229/0812229090624000000000002.pdf) Archived (https://web.archive.org
/web/20090806190941/http://www.kccllc.net/documents/0812229/0812229090624000000000002.pdf) August 6, 2009, at the Wayback
Machine.
69. Braun, Martin Z. & Selway, William (November 4, 2009), "JPMorgan Ends SEC Alabama Swap Probe for $722 million"
(http://www.bloomberg.com/apps/news?pid=20601087&sid=aKdo.y7rr1ys&pos=3), Bloomberg L.P.. Retrieved July 28, 2010
70. White, Anna (January 5, 2012). "PwC fined record 1.4m over JPMorgan audit". The Daily Telegraph (London).
71. "UK fines JPMorgan record $49 mln, warns other banks" (http://www.finanznachrichten.de/nachrichten-2010-06/17063389-update-2-uk-finesjpmorgan-record-dollar-49-mln-warns-other-banks-020.htm), FinanzNachrichten.de, Reuters, June 3, 2010
72. "JPMorgan in record FSA fine for risking clients' money". BBC. June 3, 2010.
73. "No. 2 bank overcharged troops on mortgages" (http://www.msnbc.msn.com/id/41043127/), MSNBC, January 17, 2011
74. Mui, Ylan Q. (April 23, 2011), "J.P. Morgan Chase to pay $27 million to settle lawsuit over military mortgages"
(http://www.washingtonpost.com/business/economy/chase-pays-27-million-to-settle-suit-over-military-mortgages/2011/04
/22/AFB4NBRE_story.html), The Washington Post, p. 9. Retrieved April 24, 2011
75. "JPMorgan Chase Mortgage Chief Leaving After Military Scandal" (http://rejournalonline.com/jpmorgan-chase-mortgage-chief-leaving-aftermilitary-scandal/854002/), Real Estate Journal Online. June 15, 2011. Retrieved June 16, 2011 Archived (https://web.archive.org
/web/20110619201742/http://rejournalonline.com/jpmorgan-chase-mortgage-chief-leaving-after-military-scandal/854002/) June 19, 2011, at the
Wayback Machine.
76. "JPMorgan dismisses mortgage head David Lowman" (http://articles.economictimes.indiatimes.com/2011-06-14/news/29656949_1_mortgagebusiness-bank-staff-large-banks), The Economic Times Delhi. Reuters. June 14, 2011. Retrieved June 16, 2011 Archived
(https://web.archive.org/web/20120130041245/http://articles.economictimes.indiatimes.com/2011-06-14/news/29656949_1_mortgagebusiness-bank-staff-large-banks) January 30, 2012, at the Wayback Machine.
77. Longstreth, Andrew; Stempel, Jonathan (July 24, 2012). "JPMorgan Chase settles with credit card customers for $100 million". NBC News.
Archived from the original on November 22, 2012.
78. Federal Energy Regulatory Commission (July 30, 2013). "FERC, JPMorgan Unit Agree to $410 Million in Penalties, Disgorgement to
2/28/2016 7:33 PM
17 of 18
Ratepayers". Federal Energy Regulatory Commission. Retrieved August 5, 2013.

79. Flitter, Emily (September 4, 2013). "Exclusive: JPMorgan subject of obstruction probe in energy case". Reuters. Archived from the original on
November 5, 2013. Retrieved September 4, 2013.
80. "JPMorgan Chase & Co.".
81. "Joint State-Federal Mortgage Servicing Settlement FAQ". Retrieved June 15, 2015.
82. New York Times, Mortgage Plan Gives Billions to Homeowners, but With Exceptions, February 9, 2012 (http://www.nytimes.com/2012/02
/10/business/states-negotiate-26-billion-agreement-for-homeowners.html?hp)
83. "JPMorgan Chase & Co.".
84. "JPMorgan faces criminal and civil probes over mortgages". Reuters. August 7, 2013.
85. Hired China's Elite (http://dealbook.nytimes.com/2013/12/29/on-defensive-jpmorgan-hired-chinas-elite/?hp). Retrieved December 29, 2013
86. Sons and Daughters hiring program (http://dealbook.nytimes.com/2013/12/07/bank-tabulated-business-linked-to-china-hiring/?hp), Dealbook,
The New York Times, December 7, 2013
87. "Madoff trustee suit against JPMorgan Chase" (PDF). Retrieved November 27, 2013.
88. Bob Van Voris. "JPMorgan Wins Dismissal of $19 Billion in Madoff Trustee Claims". Bloomberg.
89. "J P Morgan Chase pays $1.7 billion and settles Madoff related criminal case". Forbes. January 7, 2014.
90. JPMorgan to pay $1.7bn to victims of the Madoff fraud (http://www.bbc.co.uk/news/business-25641476) BBC January 7, 2014
91. Text of deferred prosecution agreement (http://s3.documentcloud.org/documents/1003069/jpmorgan-federal-settlement-in-madoff-case.pdf) in
Madoff case Archived (https://web.archive.org/web/20140108002915/http://s3.documentcloud.org/documents/1003069/jpmorgan-federalsettlement-in-madoff-case.pdf) January 8, 2014, at the Wayback Machine.
92. Protess, Ben; Silver-Greenberg, Jessica. JPMorgan Faces Possible Penalty in Madoff Case (http://dealbook.nytimes.com/2013/10/23/madoffaction-seen-as-possible-for-jpmorgan), The New York Times, October 23, 2013.
93. Chan, Cathy (March 30, 2014). "Hong Kong ICAC Said to Search Outgoing JPMorgan CEOs Office". Bloomberg L.P. Retrieved June 24,
2014.
94. Chan, Cathy (October 2, 2014). "Hackers Attack on JPMorgan Chase Affects Millions". The New York Times. Retrieved October 2, 2014.
95. Goldstein, Matthew; Perlroth, Nicole; Sanger, David E. (October 3, 2014). "Hackers Attack Cracked 10 Financial Firms in Major Assault".
The New York Times. Retrieved October 4, 2014.
96. "Global Corporate Bank | Global Capabilities". J.P. Morgan. Retrieved April 13, 2013.
97. Fool's Gold, by Gillian Tett, Free Press, 2009.
98. Structured Finance and Collateralized Debt Obligations 2nd ed, Janet Tavakoli, 2008, Wiley
99. "Chase Locations and Reviews". Knowyourbank. Retrieved April 13, 2013.
100. "OCCs Quarterly Report on Bank Trading and Derivatives Activities Fourth Quarter 2011" (PDF).
101. Zuckerman, Gregory; Burne, Katy (April 6, 2012). " 'London Whale' Rattles Debt Market". The Wall Street Journal.
102. Azam Ahmed (May 15, 2012). "As One JPMorgan Trader Sold Risky Contracts, Another One Bought Them". The New York Times. Retrieved
May 16, 2012.
103. Jesse Eisinger (May 16, 2012). "In Scrutiny of JPMorgan Loss, Bigger Questions Left Unanswered". The New York Times. ProPublica.
Retrieved May 17, 2012.
104. Jessica Silver-Greenberg (July 13, 2012). "JPMorgan Reports Second-Quarter Profit and Will Restate First-Quarter Figures" (Dealbook blog). The
New York Times. Retrieved July 13, 2012.
105. Jessica Silver-Greenberg; Susanne Craig (June 28, 2012). "JPMorgan Trading Loss May Reach $9 Billion". The New York Times. Retrieved
June 28, 2012.
106. Nelson D. Schwartz; Jessica Silver-Greenberg (May 16, 2012). "JPMorgans Trading Loss Is Said to Rise at Least 50%". The New York Times.
107. Katy Burne (April 10, 2012). "Making Waves Against 'Whale' ". The Wall Street Journal. Retrieved May 16, 2012.
108. Farah Khalique (May 11, 2012). "Chart of the Day: London Whale trading". Financial News. Retrieved May 16, 2012.
109. "Crony Capitalism: After Lobbying Against New Financial Regulations, JPMorgan Loses $2B in Risky Bet". Democracy Now!. May 15, 2012.
110. Jessica Silver-Greenberg; Peter Eavis (May 10, 2012). "JPMorgan Discloses $2 Billion in Trading Losses". The New York Times. Retrieved
May 16, 2012.
111. "Two Billion Dollar Hedge" (http://ftalphaville.ft.com/blog/2012/05/14/998601/two-billion-dollar-hedge/) Financial Times. (registration required)
112. "More Bad News as FBI gets involved" (http://www.forbes.com/sites/halahtouryalai/2012/05/15/more-bad-news-for-jpm-as-fbi-gets-involved/)
Forbes.
113. "JPMorgan makes $920m London Whale payout to regulators". BBC. September 19, 2013. Retrieved September 20, 2013.
114. JPMorgan Pays $920 Million to Settle London Whale Probes (http://www.bloomberg.com/news/2013-09-19/jpmorgan-chase-agrees-to-pay920-million-for-london-whale-loss.html). Bloomberg. Retrieved December 6, 2013.
115. Gandel, Stephen. Did the SEC let JPMorgan off the hook? (http://finance.fortune.cnn.com/2013/09/20/sec-jpmorgan-london-whale). Fortune,
September 20, 2013.
116. jpmorganchase - July 31, 2007 release id :257378 (http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=257378) about/art (http://www.jpmorgan.com/pages/jpmorgan/about/art) & About-JPMC (http://www.jpmorganchase.com/corporate/AboutJPMC/jpmorgan-art-collection.htm). Retrieved February 3, 2012
117. La Lettre (de la photographie) entries/4727 (http://lalettredelaphotographie.com/entries/4727/). Retrieved February 4, 2012
118. MENA (http://www.jpmorgan.com/pages/jpmorgan/emea/local/mena/art). Retrieved February 3, 2012
119. Bridges, Steven (May 25, 2010). "Spotlight: JPMorgan Chase Art Collection". Chicago Art Magazine. Archived from the original on December
14, 2010. Retrieved February 3, 2012.
120. August 15, 2011 christies (http://www.christies.com/features/creativity-at-work-lisa-erf-jpmorgan-chase-1669-1.aspx). Retrieved February 3,
2012
2/28/2016 7:33 PM
18 of 18
121. L. Nicholson (http://www.highbeam.com/Search?searchTerm=author%3a%22Nicholson%2c+Louise%22&orderBy=Date+DESC) - January 1,

2008 - High Beam Research (Cengage Learning) (http://www.highbeam.com/doc/1G1-173747578.html) firstly sourced at Apollo Magazine, 22
Old Queen Street, London, SW1H 9HP. (http://www.google.co.uk/imgres?imgurl=http://www.apollo-magazine.com/article_images
/articledir_869/434556/1_fullsize.jpg&imgrefurl=http://www.apollo-magazine.com/features/434556/an-art-gallery-for-the-office.thtml&
h=300&w=400&sz=47&tbnid=BDuWXO8XbbsRyM:&tbnh=96&tbnw=128&
prev=/search%3Fq%3Dlisa%2Bk%2Berf%26tbm%3Disch%26tbo%3Du&zoom=1&q=lisa+k+erf&docid=yxQoczR9n2xJdM&hl=en&
sa=X&ei=hXwuT-bwBuLK0QW5tqWtCA&ved=0CDAQ9QEwAjgK). Retrieved February 4, 2012
122. "JP MORGAN Collected Visions". Pera Museum. Archived from the original on March 4, 2012. Retrieved February 3, 2012.
123. Dobrzynski, Judith H. (November 24, 2008). "Players: Marjorie Magner". Forbes. Retrieved July 5, 2012.
124. "Tony Blair starts $1M bank job" (http://edition.cnn.com/2008/BUSINESS/01/10/us.blair/index.html?iref=mpstoryview). CNN. January 10,
2008.
125. Joaquim Tarinas. "ROBERT GORDON WASSON Seeking the Magic Mushroom". Imaginaria.org. Retrieved April 13, 2013.
126. "Medicine: Mushroom Madness". Time. June 16, 1958. Retrieved May 7, 2010.
External links
Official website (http://www.jpmorganchase.com/)
Business data for JPMorgan Chase & Co.: Hoover's (http://www.hoovers.com/companyinformation/cs/company-profile.JPMorgan_Chase__Co.847754f4ce985207.html) Reuters
(http://www.reuters.com/finance/stocks/overview?symbol=JPM) SEC filings (https://www.sec.gov
/cgi-bin/browse-edgar?action=getcompany&CIK=19617)
Wikimedia
Commons has
media related to
JPMorgan Chase.
Retrieved from "https://en.wikipedia.org/w/index.php?title=JPMorgan_Chase&oldid=707312926"

Categories: 2000 establishments in New York Banks established in 2000 Banks based in New York City
Companies based in Manhattan Companies listed on the New York Stock Exchange
Companies in the Dow Jones Industrial Average Financial services companies based in New York City House of Morgan
Investment banks in the United States JPMorgan Chase Mortgage lenders Multinational companies based in New York City
Mutual fund families Primary dealers Publicly traded companies based in New York City Registered banks of New Zealand
Global systemically important banks
This page was last modified on 28 February 2016, at 03:23.
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site,
you agree to the Terms of Use and Privacy Policy. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a
non-profit organization.
2/28/2016 7:33 PM

JPMorgan Chase - Wikipedia, The Free Encyclopedia

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

JPMorgan Chase - Wikipedia, The Free Encyclopedia

Uploaded by

Copyright:

Available Formats

JPMorgan Chase - Wikipedia, the free encyclopedia

JPMorgan Chase & Co. is an American multinational banking and financial

JPMorgan Chase & Co.

Banking, financial services

Bank of the Manhattan Company

Headquarters 270 Park Avenue

Asset management, brokerage

US$96.60 billion (2015)[3]

US$30.70 billion (2015)[3]

US$24.44 billion (2015)[3]

US$2.35 trillion (2015)[3]

US$247.5 billion (2015)[3]

J.P. Morgan Asset Management

Chase, J.P. Morgan & Co., J.P.