JPMorgan Chase Bank

By: EconomyWatch Content   Date: 5 November 2009

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EconomyWatch Content

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EconomyWatch, Content Team

 

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The private banking division of JPMorgan Chase & Co is called JPMorgan Chase Bank. It has more than 3,000 branches in the United States. With more than 160 years of experience in the finance industry, the bank employs around 7,470 people across the world.

JPMorgan Chase Bank: The Group

The parent company is a financial services giant, offering services such as investment banking, commercial banking and asset management in over 60 countries. Holding assets worth $2 trillion, the company is listed on the New York Stock Exchange (NYSE). The three brands of the company in the financial market are:

·        JP Morgan Chase: the corporate brand

·        JP Morgan: the umbrella brand for investment banking, securities services, private banking, asset management, private client services and private equity

·        Chase: This brand covers consumer operations and commercial banking

JPMorgan Chase Bank: History

The Bank of the Manhattan Company, the predecessor of JPMorgan Chase Bank, was founded in 1799, with investment in a clean water project in New York as the purpose.

In 1931, the acquisition of Chase National Bank led to the formation of Chase Manhattan Bank. This entity merged with Chemical Bank in 1996, becoming the largest American bank. Chase Manhattan, in 2000, merged with JP Morgan & Co. Thus, mergers and acquisitions over two centuries have helped the firm to expand its geographical presence as well as its areas of services. Among the other chief legacy institutions of the JPMorgan Chase Bank are:

  • Manufacturers Hanover
  • Bank One
  • First Chicago
  • National Bank of Detroit

 

JPMorgan Chase Bank: Consumer Banking

Consumer businesses in which JPMorgan Chase Bank is involved are:

 

  • Regular banking (through branches, ATMs, phone banking and internet banking)
  • Finance for home, auto and education
  • Insurance
  • Credit cards
  • Small business

 

Among the top three asset-based commercial lending arrangers in the US, JPMorgan Chase Bank provides various types of commercial banking businesses:

 

  • Middle Market Banking
  • Commercial Term Lending
  • Mid-Corporate Banking
  • Real Estate Banking
  • Business Credit
  • Equipment Finance
  • Community Development Banking

In December 2008, Business Week rated JPMorgan Chase Bank among the world’s top ten influential companies.

 


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