J.P. Morgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City. JPMorgan Chase is incorporated in Delaware. JPMorgan Chase is the largest bank in the United States, and is ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.534 trillion. It is the world’s most valuable bank by market capitalization.
As a “Bulge Bracket” bank, it is a major provider of various investment banking and financial services. It is one of America’s Big Four banks, along with Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase is considered to be a universal bank and a custodian bank. 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. Both the retail and commercial bank and the bank’s corporate headquarters are located at 270 Park Avenue in Midtown Manhattan, New York City. The present company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
As of 2017, the bank is one of the largest asset management companies in the world with US$2.789 trillion in assets under management and US$30 trillion in assets under custody. At US$47.7 billion in assets under management, the hedge fund unit of JPMorgan Chase is the fourth largest hedge fund in the United States.
Jamie Dimon is the Chairman and CEO of JPMorgan Chase. The acquisition deal of Bank One in 2004, was designed in part to recruit Dimon to JPMorgan Chase. He became chief executive at the end of 2005. Dimon has been recognized for his leadership during the 2008 financial crisis. Under his leadership, JPMorgan Chase rescued two ailing banks during the crisis. Although Dimon has publicly criticized the American government’s strict immigration policies, as of July 2018, his company has $1.6 million worth of stocks in Sterling Construction (the company contracted to build a massive wall on the U.S.-Mexico border).
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