chase bank careers florida

Chevy Chase Trust provides individuals, families, foundations, and institutions with an alternative to institutionalized money management. Careers · Investment Professionals' Compensation · Important Notices · SIPC® · FDIC Insurance · FINRA's Broker Check · Bank Client Complaints. 277 Jpmorgan Chase Jobs in Tampa, Florida, United States (12 new) · Executive Administrative Assistant · Strategic Relationship Executive · Process Improvement.

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American bank". Encyclopedia Britannica. Retrieved February 10, 2020.
  • ^McCreary, Matthew (August 14, 2018). "How Andrew Carnegie Went From $1.20 a Week to $309 Billion ... Then Gave It All Away". Entrepreneur. Retrieved February 10, 2020.
  • ^Wile, Rob. "The True Story Of The Time JP Morgan Saved America From Default By Using An Obscure Coin Loophole". Business Insider. Retrieved February 10, 2020.
  • ^
  • Источник: https://en.wikipedia.org/wiki/JPMorgan_Chase

    Chase Careers & Jobs – Application, How to Apply, Requirements & Interview Tips

    Last Updated: January 7th, 2020 by Noah Shaw

    With a Chase Bank career, you’ll be working at one of the four biggest banks of the United States of America. 

    Chase used to be known as Chase Manhattan Bank. This changed in the year 2000 when it merged with JP Morgan & Co. Now, customers across the country know it as just ‘Chase’.

    Chase is a part of the JP Morgan Chase group. Its headquarters are located in New York City. Chase has over 5,000 branches all over the country with over 16,000 ATMs. It focuses exclusively on consumer and commercial banking. 

    This guide will show you everything you need to know to get a job at Chase Bank. Here, you’ll find out about possible jobs, salaries, and even interview questions you might get asked by a recruiter. 

    You’ll also learn how to submit a Chase application successfully.

    At Chase Bank, you could work as a Teller, Personal Banker, Branch Manager and much more!

    Chase Jobs & Careers

    You can apply for jobs at Chase through their careers website. 

    This website also has a lot of useful information to help you, like their page on their work culture. Chase Bank offers a lot of different jobs like:

    Teller

    As a Teller at Chase, you’ll be working right on the frontlines of the business. Your top priority will be to make sure that customers’ banking needs are met efficiently. Keeping them happy will be the focus of your role.

    In this entry-level role, you’ll usually help customers with tasks like deposits and withdrawals. You’ll also be promoting and explaining Chase’s products and services to clients. This way, you’ll help make customer’s lives easier by matching them with the right services.

    Being good with customers is a must in this position. You’ll also be great in this role if you’re good at multitasking. This is because you’ll be interacting with customers while helping them with transactions.

    Personal Banker

    As the name suggests, being a Personal Banker means you’ll work closely with customers on a more personal level. In this entry-level role, you’ll help customers figure out what they need to overcome their financial challenges. Then, you’ll guide them towards Chase products and services that they’ll find useful.

    Being a Personal Banker also means that you’ll work closely with other specialists like loan officers. By doing this, you’ll make sure that your customers are being well taken care of. 

    This position is great for you if you love building relationships. Even though your focus is on keeping customers happy, that’ll only be possible by working closely with your teammates.

    Customer Service Representative

    As a Customer Service Representative, you’ll be the customer’s problem solver. For example, if a customer has a problem with their account, you’ll be the one to help them make it right again.

    To do this job well, you’ll be working closely with your teammates from different departments. You’ll discuss with relevant teammates about the customer’s problem and the best way to sort it out.

    You’ll be great in this position if you’re good at problem-solving. It’s also important that you can always keep your cool because you’ll be dealing with customers who are bringing their problems to you. 

    Being good at building relationships with your teammates will also go a long way.

    Call Center Representative

    As a Call Center Representative, you’ll be interacting with customers on the phone. Your day will be spent taking up to 150 phone calls depending on when you’re working. Customers might call you to ask questions or for help with a problem that they’re facing.

    Part of this job will also involve talking to teammates from other departments. You’ll do this when collecting information or finding a solution for customers.

    To be good at this job, you’ll need to be a quick-thinking problem solver. Your interactions with customers will happen through a phone call which means you’ll have to think quickly and work efficiently. 

    It’s also important to keep your cool at all times, especially with unhappy customers.

    Loan Officer

    As a Loan Officer, you’ll see whether or not a customer qualifies for a loan according to Chase’s requirements. To do this, you might have to interview customers and assess them.

    You’ll check their applications and make sure that everything is accurate. 

    As part of your job, you’ll make sure that all the paperwork is in order. This includes signatures and other supporting documentation that customers will submit with their application.

    You’ll be great at this job if you have an eye for detail, especially when working with documentation. You’ll also go a long way if you appreciate rules and regulations, as loans are financial products that are highly regulated.

    Manager Jobs

    Chase also has Manager jobs that you might be interested in. For example, you could work as a Branch Manager or a Vice President.

    As a Branch Manager, you’ll be leading an entire Chase Bank branch of your own. This means you’ll be responsible for making sure all the different teams work together to run the branch smoothly and generate profits for the bank.

    As a Vice President, you’ll be focusing more on ‘big-picture’, strategic kind of planning. You’ll focus on a specialized part of the bank’s business. Under your leadership, this part will pursue its targets following the overall Chase Bank strategy.

    How Much Does Chase Pay (Hourly & Salary)?

    At a minimum, you could make at least $12 an hour working as a teller at a Chase Bank branch, 7% below the national average for similar roles. 

    To get a better sense of how much you could make, here are a few other salaries at Chase:

    Through a job at Chase, you’ll get access to a wide range of benefits. These include health benefits like medical, dental, vision and wellness support plans. 

    Staff also have financial benefits like a 401(k) matching plan and even an employee stock purchase plan

    Best of all, there are other benefits to help you achieve a good work-life balance like flexible work arrangements, paid time off and more!

    How Old Do You Have To Be To Work At Chase?

    You have to be at least 18 years of age to work at Chase. This applies to any position you might apply for at Chase. At this age, you can apply for entry-level jobs like:

    • Retail Customer Service Specialist
    • Associate Banker
    • Operations Associate

    Does Chase Drug Test?

    Yes, Chase does perform drug tests. Past applicants have shared that they were asked to do a urine test

    This might be done either at the office where you are interviewed. You might be sent to a third-party facility to do the drug test.

    Whatever the case may be, it’s always safe to assume a drug test will happen.

    Possible Chase Interview Questions & Tips

    Here are a few questions a recruiter might ask you at an interview:

    Why Do You Want To Work With Chase Bank?

    This is a normal question that most recruiters will ask. The reason they ask you this is to understand your reasons for wanting to work at the bank. The recruiter wants to see if your reasons are a good fit for their work culture.

    A good answer is one that matches your personal interests with the job you’re applying for. 

    For example, let’s assume you have a passion for banking and finance. You can tell them that working with a top bank like Chase would be a great learning experience that’ll help you live that passion!

    Where Do You See Yourself in Five Years?

    Recruiters ask you this question to see if you have a long-term goal for yourself. They want to know how the job you’re applying for fits into your future.

    A good answer to this question is one that’s ambitious but realistic. For example, you could say that in the next five years, you can see yourself as the Manager of your department. 

    An answer like this would show that you have ambition and a desire to lead in the future.

    Give an example of doing what’s right in the face of adversity.

    Recruiters ask this question to see how you handle a tough situation. It doesn’t matter if its adversity in your personal or professional life, this question is more about your character.

    A good answer is one that’s honest about a challenge you faced, but also shows that you were able to overcome it. 

    For example, maybe you failed an exam in the past and you were disappointed. Be honest with them about it, and tell them how you learned from that failure and turned it around!

    Chase Hiring Process

    Past applicants have shared that the hiring process at Chase is a positive one. They found it to be challenging, but not too difficult. On average, the whole hiring process should take about a week to complete.

    The process usually starts with a screening phone call. After that, it involves an interview on-site that may include a problem-solving exercise or test of some kind.

    No matter what job you’re applying for, it’s always a good idea to look your best. Be sure to dress in a formal or business casual outfit at a minimum.

    Does Chase Do Background Checks?

    Yes, Chase does background checks on its job applicants. Currently, it’s not clear as to how many years back that check might go.

    What are the requirements to work at Chase Bank?

    Jobs at Chase require at least a High School diploma or its equivalent

    Certain positions will need you to have experience in handling money

    It’s also important that you’re able to work according to the branch’s hours, which may include evenings and weekends.

    About Noah Shaw

    An editor & writer on staff at LandYourLife, Noah is a career research enthusiast passionate about helping others find & work towards their ideal vocation.

    Источник: https://www.landyourlife.com/chase-careers/

    A Sampling of U.S. Companies that Send Call Center Work Offshore

    Download a PDF version of this page

    Many U.S. companies that receive significant government support in the form of contracts, subsidies, loans, and tax incentives have shuttered U.S. call centers and sent the work and jobs overseas. Some of these companies have also been found guilty of consumer fraud perpetrated from offshore call centers. The list below is just a sampling of companies that have benefited from government assistance only to turn their backs on U.S. workers and communities by shipping call center work offshore.

    "Too-Big-to-Fail" Banks

    Many of the banks that received federal government bail-outs during the financial crisis are among the largest companies sending U.S. call center jobs offshore.

    CAPITAL ONE

    • At the beginning of the financial crisis in 2008, Capital One received $3.56 billion from federal bailout programs, which was later repaid with interest.[1] Despite the critical role the federal government played in Capitol One’s return to profitability, the bank has closed U.S. call centers and sent jobs overseas.

    • Capital One in October 2013 announced the development of a call center and customer service training program with a Philippine partner. The firm is expected to employ 2,200 new associates in a business process outsourcing (BPO) facility in the Philippines. The company’s booming overseas business comes in the wake of an announcement that it would lay off more than 300 employees in Tigard, Oregon.[2]

    • In July of 2012, the federal Consumer Financial Protection Bureau (CFPB) levied its first-ever fine against Capital One for $210 million. The CFPB found Capitol One guilty of slamming nearly two million customers with unrequested or misrepresented services. Capital One’s offshore contracted call center was the source of the misconduct.[3]

    JP MORGAN CHASE

    • At the beginning of the financial crisis in 2008, JP Morgan Chase received $25 billion through bailout programs, which was later repaid with interest.[4] Despite the critical role the federal government played in JP Morgan Chase’s return to profitability, the bank has closed U.S. call centers and sent jobs overseas.

    • In September 2013, federal bank regulators fined JPMorgan Chase $80 million and ordered the bank to repay $309 million to customers for slamming nearly 2.1 million customers with unrequested or misrepresented services. A third party vendor was the source of the misconduct, but it is unclear whether the vendor’s call center was located overseas.[5]

    • JPMorgan Chase operates call centers in the Philippines and India.[6]

    • JPMorgan Chase laid-off approximately 850 workers from its Florence, SC call center in the spring 2013.[7] — The U.S. Department of Labor is investigating whether the workers are eligible for Trade Adjustment Assistance (as of 10/30/2013). Trade Adjustment Assistance is a federal program that provides extended unemployment benefits, retraining, and other help to workers who have lost their jobs because their employer moved the work overseas.

    • The U.S. Department of Labor authorized Trade Adjustment Assistance for 145 former JP Morgan Commercial Loan Servicing workers in Louisville, KY who lost their jobs when the work was offshored to India in July 2013. (TAA certified 4/5/2013)

    • JPMorgan Chase closed an Albion, NY call center in September 2013, laying off 400 workers. — Senator Charles Schumer (D-NY) wrote JP Morgan a letter of concern, urging the company to find solutions to avoid the lay-offs.[8]

    • JPMorgan Chase closed its Columbus, OH area call center in September 2013, laying off 440 workers.[9]

    • In October of 2013, JP Morgan Chase agreed to pay $13 billion to settle a case brought by the U.S. Justice Department for bad mortgages issued just before the financial crisis.[10]

    WELLS FARGO

    • The banking giant received more than $25 billion in bailout funds from the U.S. Treasury, which was later repaid with interest. Despite the critical role the federal government played in Wells Fargo's return to profitability, the bank is tripling the number of its Filipino employees and has asked some U.S. employees to train their own replacements[11]

    • Wells Fargo laid-off hundreds of employees and moved operations to the Philippines, leaving workers in Florida, California, and Pennsylvania jobless.

    BANK OF AMERICA

    • Bank of America received $45 billion in bailout funds from the U.S. Treasury, which was later repaid with interest.[12] Despite the critical role the federal government played in Bank of America’s return to profitability, the bank has closed U.S. call centers and sent jobs overseas.

    • Bank of America offshored 450 customer service jobs from Concord, CA in May of 2012. The work was moved to Costa Rica, Mexico, and the Philippines. The workers at the Concord call center received their certification for Trade Adjustment Assistance on September 9, 2013.

    • In 2013, Ohio lost more than 1,100 jobs when Bank of America closed a large customer service mortgage center in Cleveland and two smaller centers in Independence and Cincinnati.

    • Bank of America also closed a center in Upper St. Clair, Pennsylvania, laying off 209 workers.

    • Bank of America closed its Wichita, KS call center in July of 2011 laying off 310 workers. Bank of America received $72,111 in state grants for this location.

    • Bank of America closed a Fresno, California center, laying off 500 workers in July of 2013. — The Department of Labor is investigating whether their jobs were offshored and the workers are eligible for Trade Adjustment Assistance.[13]

    • In October of 2013, a federal court found Bank of America guilty of fraud for mortgages issued by its Countrywide unit before and during the financial crisis.[14]

    CITIGROUP

    • CitiGroup received $45 billion in bailout funds from the U.S. Treasury, which was later repaid with interest. Despite the critical role the federal government played in CitiGroup’s return to profitability, the bank has closed U.S. call centers and sent jobs overseas.

    • The U.S. Department of Labor authorized the payment of Trade Adjustment Assistance as a result of CitiGroup offshoring of the following jobs at these locations: — 82 IT jobs in New York City and Irving, TX that were moved to Budapest and London in March 2012. (TAA certified 4/17/2013) — 20 Financial Analysts and Banking Services jobs in New York City and Tampa, FL that CitiGroup moved to Costa Rica and India in 2012. (TAA certified 4/5/2012)

    • CitiGroup laid off 120 workers in Danville, IL in July 2013, even as it continues to operate call centers overseas.[15]

    Companies that Receive Federal Contracts, State and Local Subsidies

    Companies that receive lucrative federal government contracts to provide call center services are among the leading exporters of call center work to overseas locations, eliminating good jobs at home.

    HEWLETT PACKARD

    • Hewlett Packard’s services division, HP Enterprises, has a $220 million federal contract to operate call centers for the U.S. Customs and Immigration Service. The company also has a $16 million General Services Administration call center contract.

    • In July 2013, Hewlett Packard eliminated 500 call center jobs in Conway, Arkansas, even though it received $43 million in state and local incentives to support that call center.[16] — HP’s call center locations now include Costa Rica and India. — The U.S. Department of Labor authorized Trade Adjustment Assistance for the laid-off HP workers in Conway Arkansas on July 19, 2013.

    • In addition, laid-off former HP workers at the following locations received Trade Adjustment Assistance: — HP’s Omaha, NE call center offshored customer service jobs in 2012. (certified 9/12/2013) — Andover, MA lost 50 software R&D jobs when HP offshored the work to India in 2012. (certified 8/23/2013)

    SYKES ENTERPRISES

    • Sykes Enterprises, a company that handles support and technical calls, holds a $23 million federal contract to operate call centers for the Federal Citizen Information Center of the General Services Administration.

    • Sykes received millions of dollars in loans and tax breaks from small towns in Oregon, Maine, and Florida to locate call centers. Just a few years later, Sykes relocated operations to Asia.[17]

    • Sykes received $2 million from Florida in 2000 to help start its call center business.[18]

    • The U.S. Department of Labor approved Trade Adjustment Assistance in recent years for former Sykes workers in these locations: — Spokane Valley, WA lost 328 customer service jobs in 2012 when Sykes offshored the work to Canada and India. (certified 7/25/2013 and 5/9/2012) — Langhorne, PA lost over 100 customer service jobs when Sykes moved the work to the Philippines. (certified 9/18/2012) — Morganfield, KY lost 93 customer service jobs when Sykes moved the work to Mexico. (certified 8/2/2011)

    CONVERGYS

    • Convergys holds a $27 million federal contract to operate call centers for the Corporation for National Community Service.

    • In March of 2010, Convergys offshored its Albuquerque call center laying off 677 IT support workers.[19] — The U.S. Department of Labor certified these workers to receive Trade Adjustment Assistance. (certified 9/17/2010) — The company received $894,580 in state training subsidies for call center workers over its three years of operation.

    Companies that Receive Taxpayer Subsidies

    State and local governments use tax incentives and subsidies to encourage job growth. Economic development agencies often target call centers for these incentives because they can hire hundreds of entry-level workers in a short timeframe. In some cases, companies accept these incentives only to close down their call centers a few years later, leaving workers unemployed and communities with even smaller tax bases.

    T-MOBILE

    • In 2012, T-Mobile closed seven U.S. call centers— putting 3,300 employees out of work—after accepting $61 million in state and local subsidies.[20] T-Mobile opted to shutter U.S. workplaces and move jobs to Honduras and the Philippines. The company denied any of the work was moved overseas. In July 2012, the Communications Workers of America won Trade Adjustment Assistance benefits for these workers after documenting that their work had, in fact, been offshored.[21] — The seven shuttered closed call centers and the number of displaced workers: Frisco, TX (615 workers), Redmond, OR (359 workers), Allentown, PA (600 workers), Lenexa, KS (400 workers), Thorton, CO (440 workers), Brownsvile, TX (473 workers), Ft. Lauderdale, FL (500 workers).

    PRUDENTIAL FINANCIAL

    • In August 2013, a Prudential Annuities office offshored 40 call center and administrative assistants’ jobs in Shelton, CT.[22] — The workers that lost their jobs received Trade Adjustment Assistance (certified September 17, 2010) — This location received $12.6 million in state and local tax credits and subsidies [23]


    Endnotes

    1 projects.propublica.org/bailout/entities/66-capital-one-financialcorp

    2 Fenit Nirappil, "Capital One Hiring for 120 Positions in Tigard After Announcing Hundreds of Layoffs in 2013," OregonLive.com, Sept. 27, 2013; Amy R. Remo, "U.S. Banking Giant Sets Up BPO in Alabang," Philippine Daily Inquirer, Oct. 3, 2013.

    3 businessinsider.com/capital-one-has-to-pay-out-210-million-in-the-first-ever-consumer-financial-protection-bureau-case-2012-7

    4 projects.propublica.org/bailout/entities/282-jpmorgan-chase

    5 businessweek.com/news/2013-09-19/jpmorgan-to-pay-389- million-over-regulators-card-add-on-claims

    6 Miguel Leiva-Gomez, "JP Morgan Chase Moves Jobs to Manila," Business Process Outsourcing, Apr. 3, 2013; "Albion Call Center Closing, 400 Jobs Lost," BizJournals, Jun. 7, 2013.

    7 wbtw.com/story/21551140/former-employee-reacts-to-jpmorgan- chase-layoffs

    8 schumer.senate.gov/Newsroom/record.cfm?id=344009

    9 dispatch.com/content/stories/business/2013/09/23/chase-plans-new-round-of-layoffs-440.html

    10 reuters.com/article/2013/10/19/us-jpmorgan-settlement-idUSBRE99I09020131019

    11 Karl Rusnak, “Taxpayer Dollars Funding Foreign Worker Training, Economy in Crisis,” Apr. 20, 2012.

    12 projects.propublica.org/bailout/entities/27-bank-of-america

    13 "Bank of America: Thanks for the Bailout, We’ll Create Some Jobs... In the Philippines," AllGov News, May 31, 2012; Thomas Olson, "Bank of America to Lay Off 209 in Upper St. Clair," TribTotalMedia, Aug. 6, 2013; Juanita Stevenson, "Valley Works: Bank of America Employees Expect Layoffs," KSFN TV online, Jul. 28, 2013.

    14 forbes.com/sites/halahtouryalai/2013/10/23/us-govt-takes-bank-of-america-to-court-and-wins-jury-finds-countrywide-guilty-of-fraud

    15 wandtv.com/story/22880206/citi-group-closing-call-centerin-danville

    16 U.S. Department of Labor, TAA Decision 82287; Bill Anderson, “Call Centers in Costa Rica Employ 16,000 People While Developing a Middle Class,” Costa Rica Star, May 18, 2012; “HP Set Up Call Centers in India”

    17 For full details, see CWA, “Why Shipping Call Centers Overseas Hurts Us Back Home,” Apr. 2012. See also Scott Barancik, “Small Towns Lose After Gambling on Sykes Jobs,” St. Petersburg Times, Mar. 27, 2004.

    18 goodjobsfirst.org/subsidy-tracker

    19 bizjournals.com/albuquerque/stories/2010/03/15/daily40.html?page=all

    20 Nat Levy, “Protesters Decry T-Mobile’s Decision to Close Call Centers,” Bellevue Reporter, Apr. 6, 2012; Good Jobs First, Money on the Line, Sept. 2011.

    21 U.S. Department of Labor, TAA Decision 81520; “U.S. Labor Department Confirms that T-Mobile U.S.A Offshores Work,” CWA News, Jul. 19, 2012.

    22 articles.courant.com/2013-08-23/business/hc-prudential-jobs-went-overseas-20130823_1_call-center-trade-adjustment-assistance-new-jobs

    23 goodjobsfirst.org/subsidy-tracker

    Источник: https://cwa-union.org/pages/a_sampling_of_companies_that_send_call_center_work_offshore

    JPMorgan Chase

    American investment bank

    This article is about the company. For the person, see J. P. Morgan.

    J P Morgan Chase Logo 2008 1.svg
    383 Madison Ave Bear Stearns C R Flickr 1.jpg
    TypePublic

    Traded as

    ISINUS46625H1005
    IndustryFinancial services
    PredecessorsJ.P. Morgan & Co.
    Chase National Bank
    Chemical Bank
    The Manhattan Company
    FoundedDecember 1, 2000; 20 years ago (2000-12-01)
    FoundersJohn Pierpont Morgan
    (J.P. Morgan & Co.)
    John Thompson
    (Chase National Bank)
    Balthazar P. Melick
    (Chemical Bank)
    Aaron Burr
    (The Manhattan Company)
    Headquarters

    New York City, New York

    ,

    U.S.

    Area served

    Worldwide

    Key people

    Jamie Dimon
    (Chairman & CEO)
    Daniel E. Pinto
    (Co-President & COO)
    Gordon A. Smith
    (Co-President & COO)
    ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management, etc...
    RevenueIncreaseUS$119.54 billion (2020)

    Operating income

    Decrease US$35.40 billion (2020)

    Net income

    Decrease US$29.13 billion (2020)
    AUMIncrease US$2.99 trillion (2020)
    Total assetsIncrease US$3.68 trillion[1] (2021)
    Total equityIncrease US$279.35 billion (2020)

    Number of employees

    Decrease 255,351 (2020)
    DivisionsAsset and Wealth Management, Consumer and Community Banking, Commercial Banking, Corporate and Investment Banking
    SubsidiariesChase Bank
    J.P. Morgan & Co.
    One Equity Partners
    Capital ratioTier 1 15.8% (D31, 2020)
    Websitejpmorganchase.com
    Footnotes / references
    [2][3]

    JPMorgan Chase & Co. is an American multinationalinvestment bank and financial servicesholding company headquartered in New York City. JPMorgan Chase is incorporated in Delaware.[4] As of June 30, 2021, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth-largest worldwide in terms of total assets, controlling US$3.684 trillion.[5]

    As a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. As of 2021 it is the largest lender to the fossil fuel industry in the world.[6] It is one of America's Big Four banks, along with Bank of America, Citigroup, and Wells Fargo.[7] JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, private wealth management, and treasury 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 currently located at 383 Madison Avenue in Midtown Manhattan, New York City, since the prior headquarters building directly across the street, 270 Park Avenue, was demolished and a larger replacement headquarters is being built on the same site.[8] It is considered a systemically important bank by the Financial Stability Board.

    The current company was originally known as Chemical Bank, which acquired Chase Manhattan and assumed that company's name. The present company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.[8]

    History[edit]

    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.[9]

    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. The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third 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.

    Main article: Chase Manhattan Bank

    The logo used by Chase following the merger with the Manhattan Bank in 1954

    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),[10] 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.[11]

    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 enemy—and eventual murderer—Aaron 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 JPMorgan Chase, the largest bank in the United States.

    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.[12][13] 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.[14] In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.[15]

    Chemical Banking Corporation[edit]

    Main article: Chemical Bank

    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 the pioneering investment banker, Jimmy Lee.[16][17] 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.[12][13] To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters site at 270 Park Avenue (the current building was demolished and a larger replacement headquarters is being built on the same site).

    J.P. Morgan & Company[edit]

    Main article: J.P. Morgan & Co.

    The J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank in 2000
    Influence of J.P. Morgan in Large Corporations, 1914
    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

    The House of Morgan was born out of the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan).[18] 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.[19] 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.[20] 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.[21]

    Built in 1914, 23 Wall Street was the bank's headquarters for decades. On September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38.[22] Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The case has never been solved, and was rendered inactive by the FBI in 1940.[23]

    In August 1914, Henry P. Davison, a Morgan partner, 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.[24] The company also invested in the suppliers of war equipment to Britain and France. The company profited from the financing and purchasing activities of the two European governments.[24] Since the U.S. federal government withdrew from world affairs under successive isolationistRepublican administrations in the 1920s, J.P. Morgan & Co. continued playing a major role in global affairs since most European countries still owed war debts.[25]

    In the 1930s, J.P. Morgan & Co. and all integrated banking businesses in the United States were required by the provisions of the Glass–Steagall Act to separate their investment banking from their commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank.[26][better source needed]

    In 1935, after being barred from the 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 from J.P. Morgan partners.[26][better source needed] 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.[18] The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before migrating back to the use of the J.P. Morgan brand. In 1984, the group purchased the Purdue National Corporation of Lafayette, Indiana. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.[27]

    Bank One Corporation[edit]

    Main article: 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.[28] He succeeded former CEO William B. Harrison, Jr.[29] Dimon introduced new cost-cutting strategies, and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in December 2005 and Chairman in December 2006.[30]

    Bank One Corporation was formed with the 1998 merger of Banc One of Columbus, Ohio and First Chicago NBD.[31] This merger was considered a failure until Dimon took over and reformed the new firm's practices. Dimon effected changes to make Bank One Corporation a viable merger partner for JPMorgan Chase.[32]


    Bank One Corporation, formerly First Bancgroup of Ohio, was 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.[33] With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One." 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. JPMorgan Chase completed the acquisition of Bank One in the third quarter of 2004.[33]

    Bear Stearns[edit]

    Main article: Bear Stearns

    At the end of 2007, Bear Stearns was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year.[34] On Friday, March 14, 2008, Bear Stearns lost 47% of its equity market value 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 March 15, 2008, the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns.[35]

    On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced its plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder approval scheduled within 90 days.[35] In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows.[36] On March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million.[34] The stock swap agreement was signed that night.[37]

    On March 24, 2008, after public discontent over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share.[34] 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 May 30, 2008.[38]

    Washington Mutual[edit]

    Main article: Washington Mutual

    The Washington Mutual logo prior to its 2008 acquisition by JPMorgan Chase

    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.[39]

    JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual.[40] 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.[41]

    Lawsuits and legal settlements[edit]

    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.[42] In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office. In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.[43]

    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.[44]

    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.[45] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[46][47]

    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 the 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.[48]

    In November 2009, a week after Birmingham, Alabama Mayor Larry Langford was convicted for financial crimes related to bond swaps for Jefferson County, Alabama, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into the sales of derivatives that allegedly contributed to the near-bankruptcy of the county. JPMorgan had been chosen by the county commissioners to refinance the county's sewer debt, and the SEC had alleged that JPMorgan made undisclosed payments to close friends of the commissioners in exchange for the deal and made up for the costs by charging higher interest rates on the swaps.[49]

    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.[50][51] FSA requires financial firms to keep clients' funds in separate accounts to protect the clients in case such a 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.[52] 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.[51]

    In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages, including active-duty personnel in the War 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.[53] 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.[54] 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.[55][56]

    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 a 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.[57]

    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.[58] 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.[59] 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.

    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.[60]

    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 company's 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.[61] The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVEC's 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.[61] 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.[61] 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.[61]

    FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase.[62] 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.[62] 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.[62] 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.[62]Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time.[62]

    In August 2013, JPMorgan Chase announced that it was being investigated by the United States Department of Justice over its offerings of mortgage-backed securities leading up to the financial crisis of 2007–08. 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.[63] 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.[64] Of that amount, $9 billion was penalties and fines, and the remaining $4 billion was consumer relief. This was the largest corporate settlement to date. Conduct at Bear Stearns and Washington Mutual prior to their 2008 acquisitions accounted for much of the alleged wrongdoing. The agreement did not settle criminal charges.[65]

    In November 2016, JPMorgan Chase agreed to pay $264 million in fines to settle civil and criminal charges involving a systematic bribery scheme spanning 2006 to 2013 in which the bank secured business deals in Hong Kong by agreeing to hire hundreds of friends and relatives of Chinese government officials, resulting in more than $100 million in revenue for the bank.[66]

    In January 2017, the United States sued the company, accusing it of discriminating against "thousands" of black and Hispanic mortgage borrowers between 2006 and at least 2009.[67][68]

    On December 26, 2018, as part of an investigation by the U.S. Securities and Exchange Commission (SEC) into abusive practices related to American depositary receipts (ADRs), JPMorgan agreed to pay more than $135 million to settle charges of improper handling of "pre-released" ADRs without admitting or denying the SEC's findings. The sum consisted of $71 million in ill-gotten gains plus $14.4 million in prejudgment interest and an additional penalty of $49.7 million.[69]

    Madoff fraud[edit]

    Further information: Madoff investment scandal

    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's 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.[70] The receiver's suit against J.P. Morgan was dismissed by the Court for failing to set forth any legally cognizable claim for damages.[71]

    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.

    The lawsuit, which was filed on behalf of shareholders against Chief Executive Jamie Dimon and other high-ranking JPMorgan employees, used statements made by Bernie Madoff during interviews conducted while in prison in Butner, North Carolina claiming that JPMorgan officials knew of the fraud. The lawsuit stated that "JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them ... But faced with the prospect of shutting down Madoff's account and losing lucrative profits, JPMorgan - at its highest level - chose to turn a blind eye."[72]

    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.[73][74][75][76]

    Other recent acquisitions[edit]

    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.[77]

    In April 2006, JPMorgan Chase acquired Bank of New York Mellon's retail and small business banking network. The acquisition gave Chase access to 339 additional branches in New York, New Jersey, and Connecticut.[78] In 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.[79] 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.[80] In 2013, JPMorgan acquired Bloomspot, a San Francisco-based startup. Shortly after the acquisition, the service was shut down and Bloomspot's talent was left unused.[81][82]

    Acquisition history[edit]

    The following is an illustration of the company's major mergers and acquisitions and historical predecessors, although this is not a comprehensive list:

    Recent history[edit]

    In 2013, after teaming up with the Bill and Melinda Gates Foundation, GlaxoSmithKline and Children's Investment Fund, JP Morgan Chase, Under Jamie Dimon launched a $94 Million fund with a focus on "late-stage healthcare technology trials". The "$94 million Global Health Investment Fund will give money to a final-stage drug, vaccine, and medical device studies that are otherwise stalled at companies because of their relatively high failure risk and low consumer demand. Examples of problems that could be addressed by the fund include malaria, tuberculosis, HIV/AIDS, and maternal and infant mortality, according to the Gates and JPMorgan led-group"[92]

    The 2014 JPMorgan Chase data breach, 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.[93][94]

    In October 2014, JPMorgan 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.[95]

    In March 2016, JPMorgan decided not to finance coal mines and coal power plants in wealthy countries.[96]

    In December 2016, 14 former executives of the Wendel investment company faced trial for tax fraud while JP Morgan Chase was to be pursued for complicity. Jean-Bernard Lafonta was convicted December 2015 for spreading false information and insider trading, and fined 1.5 million euros.[97]

    In March 2017, Lawrence Obracanik, a former JPMorgan Chase & Co employee, pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts.[98] In June 2017, Matt Zames, the now-former COO of the bank decided to leave the firm.[99] In December 2017, JP Morgan was sued by the Nigerian government for $875 million, which Nigeria alleges was transferred by JP Morgan to a corrupt former minister.[100] Nigeria accused JP Morgan of being "grossly negligent".[101]

    In October 2018, Reuters reported that JP Morgan "agreed to pay $5.3 million to settle allegations it violated Cuban Assets Control Regulations, Iranian sanctions and Weapons of Mass Destruction sanctions 87 times, the U.S. Treasury said".[102]

    In February 2019, JP Morgan announced the launch of JPM Coin, a digital token that will be used to settle transactions between clients of its wholesale payments business.[103] It would be the first cryptocurrency issued by a United States bank.[104]

    On May 14, 2020, Financial Times, citing a report which revealed how companies are treating employees, their supply chains and other stakeholders, during the COVID-19 pandemic, documented that JP Morgan Asset Management alongside Fidelity Investments and Vanguard have been accused of paying lip services to cover human rights violations. The UK based media also referenced that a few of the world's biggest fund houses took the action in order to lessen the impact of abuses, such as modern slavery, at the companies they invest in. However, JP Morgan replying to the report said that it took “human rights violations very seriously” and “any company with alleged or proven violations of principles, including human rights abuses, is scrutinised and may result in either enhanced engagement or removal from a portfolio.”[105]

    In September 2020, the company admitted that it manipulated precious metals futures and government bond markets in a span period of eight years. It settled with the United States Department of Justice, U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission for $920 million. JPMorgan will not face criminal charges, however, it will launch into a deferred prosecution agreement for three years.[106]

    In 2021, JP Morgan funded the failed attempt to create a European Super League in European soccer, which, if successful, would have ended the meritocratic European pyramid soccer system. JP Morgan's role in the creation of the Super League was instrumental; the investment bank was reported to have worked on it for several years.[107] After a strong backlash, the owners/management of the teams that proposed creating the league pulled out of it.[108] After the attempt to end the European football hierarchy failed, JP Morgan apologized for its role in the scheme.[107] JP Morgan head Jamie Dimon said the company "kind of missed" that football supporters would respond negatively to the Super League.[109]

    In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand. This is the company's first retail banking operation outside the of United States.[110][111][112]

    Financial data[edit]

    Year19981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020
    Revenue25.8731.1533.1929.3429.6133.1942.7454.2562.0071.3767.25100.4102.797.2397.0396.6194.2193.5495.6799.62109.03115.40119.54
    Net income4.7457.5015.7271.6941.6636.7194.4668.48314.4415.375.60511.7317.3718.9821.2817.9221.7624.4424.7324.4432.4736.4329.13
    Assets626.9667.0715.3693.6758.8770.91,1571,1991,3521,5622,1752,0322,1182,2662,3592,4162,5732,3522,4912,5342,6232,6873,386
    Equity35.1035.0642.3441.1042.3146.15105.7107.2115.8123.2166.9165.4176.1183.6204.1210.9231.7247.6254.2255.7256.5261.3279.4
    Capitalization75.03138.7138.4167.2147.0117.7164.3165.9125.4167.3219.7232.5241.9307.3366.3319.8429.9387.5
    Headcount(in thousands)96.37161.0168.8174.4180.7225.0222.3239.8260.2259.0251.2241.4234.6243.4252.5256.1257.0255.4

    Note. For years 1998, 1999, and 2000 figures are combined for The Chase Manhattan Corporation and J.P.Morgan & Co. Incorporated as if a merger between them already happened.

    JPMorgan Chase[121] was the biggest bank at the end of 2008 as an individual bank (not including subsidiaries). As of 2020[update], JPMorgan Chase is ranked 17 on the Fortune 500 rankings of the largest United States corporations by total revenue.[122]

    CEO-to-worker pay ratio[edit]

    For the first time in 2018, a new Securities and Exchange Commission rule mandated under the 2010 Dodd-Frank financial reform requires publicly traded companies to disclose how their CEOs are compensated in comparison with their employees. In public filings, companies have to disclose their "Pay Ratios," or the CEO's compensation divided by the median employee's.[123]

    2017[edit]

    According to SEC filings, JPMorgan Chase & Co. paid its CEO $28,320,175 in 2017. The average worker employed by JPMorgan Chase & Co. was paid $77,799 in 2017; thus marking a CEO-to-worker Pay Ratio of 364 to 1.[124] As of April 2018, steelmaker Nucor represented the median CEO-to-worker Pay Ratio from SEC filings with values of 133 to 1.[125]Bloomberg BusinessWeek on May 2, 2013, found the ratio of CEO pay to the typical worker rose from about 20-to-1 in the 1950s to 120-to-1 in 2000.[126]

    2018[edit]

    Total 2018 compensation for Jamie Dimon, CEO, was $30,040,153, and total compensation of the median employee was determined to be $78,923. The resulting pay ratio was estimated to be 381:1.[127]

    Structure[edit]

    J P Morgan Chase & Co. owns 5 bank subsidiaries in the United States:[128]

    For management reporting purposes, J P Morgan Chase's activities are organized into a corporate/ private equity segment and 4 business segments:

    • Consumer and community banking,
    • Corporate and investment banking,
    • Commercial banking and
    • Asset management.[129]

    JPMorgan Europe, Ltd.[edit]

    Main article: J.P. Morgan in the United Kingdom

    The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968.[130][131]

    In August 2008, the bank announced plans to construct a new European headquarters at Canary Wharf, London.[132] 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.[133] 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.[134]

    Operations[edit]

    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 Field-Programmable Gate Array technology.[135]

    History[edit]

    The Bank began operations in Japan in 1924,[136] in Australia during the later part of the nineteenth century,[137] and in Indonesia during the early 1920s.[138] 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.[139] The bank has operated in Saudi Arabia[140] and India[141] since the 1930s. Chase Manhattan Bank opened an office in South Korea in 1967.[142] The firm's presence in Greece dates to 1968.[143] An office of JPMorgan was opened in Taiwan in 1970,[144] in Russia (Soviet Union) in 1973,[145] and Nordic operations began during the same year.[146] Operations in Poland began in 1995.[143]

    Lobbying[edit]

    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 Morgan's 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 JPMorgan's 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 JPMorgan's 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.[147]

    Climate change and investments in fossil fuels[edit]

    JPMorgan has come under criticism for investing in new fossil fuels projects since the Paris climate change agreement. From 2016 to the first half of 2019 it provided $75 billion (£61 billion) to companies expanding in sectors such as fracking and Arctic oil and gas exploration.[148] According to Rainforest Action Network its total fossil fuel financing was $64 billion in 2018, $69 billion in 2017 and $62 billion in 2016.[149] As of 2021 it is the largest lender to the fossil fuel industry in the world.[6]

    An internal study, 'Risky business: the climate and macroeconomy', by bank economists David Mackie and Jessica Murray was leaked in early‑2020. The report, dated 14 January 2020, states that under our current unsustainable trajectory of climate change "we cannot rule out catastrophic outcomes where human life as we know it is threatened". JPMorgan subsequently distanced itself from the content of the study.[150]

    Offices[edit]

    Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza (now known as 28 Liberty Street) in downtown Manhattan, the current temporary world headquarters for JPMorgan Chase & Co. are located at 383 Madison Avenue. In 2018, JPMorgan announced they would demolish the current headquarters building at 270 Park Avenue, which was Union Carbide's former headquarters, to make way for a newer building that will be 500 feet (150 m) taller than the existing building. Demolition was completed in the spring of 2021, and the new building will be completed in 2025. The replacement 70-story headquarters will be able to fit 15,000 employees, whereas the current building fits 6,000 employees in a space that has a capacity of 3,500. The new headquarters is part of the East Midtown rezoning plan.[151] When construction is completed in 2025, the headquarters will then move back into the new building at 270 Park Avenue.

    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 (which was demolished and is being replaced), and the original Chemical Bank building at 277 Park Avenue, where most investment banking activity takes 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.[8]

    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 building is the largest JPMorgan Chase & Co. facility in the world and the second-largest single-tenant office building in the United States behind The Pentagon.[152]

    The bank moved some of its operations to the JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank.

      The Global Corporate Bank's main headquarters are in London, with regional headquarters in Hong Kong, New York and Sao Paulo.[153]

      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; Plano, 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; Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; Sao Paulo, Brazil; Mexico City, Mexico, and Jerusalem, Israel.

      In the late autumn of 2017, JPMorgan Chase opened a new global operations center in Warsaw, Poland.[154]

      Credit derivatives[edit]

      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.[155][156] As of 2013 JPMorgan had the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank.[157][158]

      Multibillion-dollar trading loss[edit]

      Main article: 2012 JPMorgan Chase 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 JPMorgan 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.[159][160] Early reports were denied and minimized by the firm in an attempt to minimize exposure.[161] 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.[162] 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.[163][164] The item traded, possibly related to CDX IG 9, an index based on the default risk of major U.S. corporations,[165][166] has been described as a "derivative of a derivative".[167][168] On the company's emergency conference call, JPMorgan Chase Chairman, CEO and President Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".[169] The episode is being investigated by the Federal Reserve, the SEC, and the FBI.[170]

      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.[172] The fines amounted to the third biggest banking fine levied by US regulators, and the second-largest by UK authorities.[171] As of September 19, 2013[update], two traders face criminal proceedings.[171] It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws.[173]

      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."[171]

      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 had been an expected development, and the company had prepared for the financial hit.[171]

      Art collection[edit]

      See also: J. P. Morgan § Collector of art, books, and gemstones

      The collection was begun in 1959 by David Rockefeller,[174] and comprises over 30,000 objects, of which over 6,000 are photographic-based,[175] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[176] 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.[177] L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[178] whose art program staff is completed by an additional three full-time members and one registrar.[179] 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.[180]

      [edit]

      • Chase Field (formerly Bank One Ballpark), Phoenix, Arizona – Arizona Diamondbacks, MLB
      • Chase Center (San Francisco) – Golden State Warriors, NBA
      • Major League Soccer
      • Chase Auditorium (formerly Bank One Auditorium) inside of Chase Tower (Chicago) (formerly Bank One Tower)
      • 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
      • Sponsor of the Jessamine Stakes, a two-year-old fillies horse race at Keeneland, Lexington, Kentucky since 2006.

      The European Super League[edit]

      On April 19, 2021, JP Morgan pledged $5 billion towards the European Super League.[181][182] a controversial breakaway group of football clubs seeking to create a monopolistic structure where the founding members would be guaranteed entry to the competition in perpetuity. While the absence of promotion and relegation is a common sports model in the US, this is an antithesis to the European competition-based pyramid model and has led to widespread condemnation from Football federations internationally as well as at government level.[183]

      However, JPMorgan has been involved in European football for almost 20 years. In 2003, they advised the Glazer ownership of Manchester United. It also advised Rocco Commisso, the owner of Mediacom, to purchase ACF Fiorentina, and Dan Friedkin on his takeover of A.S. Roma. Moreover, It aided Inter Milan and A.S. Roma to sell bonds backed by future media revenue, and Spain's Real Madrid CF to raise funds to refurbish their Santiago Bernabeu Stadium.[184]

      Leadership[edit]

      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.[185] Dimon has been recognized for his leadership during the 2008 financial crisis.[186] Under his leadership, JPMorgan Chase rescued two ailing banks during the crisis.[187] Although Dimon has publicly criticized the American government's strict immigration policies,[188] 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).[189]

      Board of directors[edit]

      As of April 1, 2021:[190]

      • Jamie Dimon, chairman and CEO of JPMorgan Chase
      • Linda Bammann, former JPMorgan and Bank One executive
      • Steve Burke, chairman of NBCUniversal
      • Todd Combs, CEO of GEICO
      • James Crown, president of Henry Crown and Company
      • Timothy Flynn, former chairman and CEO of KPMG
      • Mellody Hobson, CEO of Ariel Investments
      • Michael Neal, CEO of GE Capital
      • Phebe Novakovic, Chairwoman and CEO of General Dynamics
      • Virginia Rometty, Executive Chairwoman of IBM, former Chairwoman, President and CEO of IBM

      Senior leadership[edit]

      List of former chairmen[edit]

      1. William B. Harrison Jr. (2000–2006)[192]

      List of former chief executives[edit]

      1. William B. Harrison Jr. (2000–2005)[192]

      Notable former employees[edit]

      Business[edit]

      Politics and public service[edit]

      • Frederick Ma – Hong Kong Secretary for Commerce and Economic Development (2007–08)
      • Tony Blair – Prime Minister of the United Kingdom (1997–2007)[194]
      • William M. Daley – U.S. Secretary of Commerce (1997–2000), U.S. White House Chief of Staff (2011–2012)
      • Michael Forsyth, Baron Forsyth of Drumlean – Secretary of State for Scotland (1995–97)
      • Thomas S. Gates, Jr. – U.S. Secretary of Defense (1959–61)
      • 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 (1993–2001)
      • Antony Leung – Financial Secretary of Hong Kong (2001–03)
      • Dwight Morrow – U.S. Senator (1930–31)
      • Margaret Ng – member of the Hong Kong Legislative Council
      • George P. Shultz – U.S. Secretary of Labor (1969–70), U.S. Secretary of Treasury (1972–74), U.S. Secretary of State (1982–89)
      • John J. McCloy – president of the World Bank, U.S. High Commissioner for Germany, chairman of Chase Manhattan Bank, chairman of the Council on Foreign Relations, a member of the Warren Commission, and a prominent United States adviser to all presidents from Franklin D. Roosevelt to Ronald Reagan
      • Mahua Moitra – Indian Member of Parliament, Lok Sabha

      Other[edit]

      Awards[edit]

      • Best Banking Performer, United States of America in 2016 by Global Brands Magazine Award.[197]

      See also[edit]

      Index products[edit]

      References[edit]

      1. ^"2Q21 Earnings Supplement"(PDF). JPMorgan Chase. June 30, 2021. Retrieved September 20, 2021.
      2. ^"J.P. Morgan Chase & Co. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
      3. ^"JP Morgan Chase Annual Report 2020"(PDF). .jpmorganchase.com. Retrieved February 1, 2021.
      4. ^"10-K". 10-K. Retrieved June 1, 2019.
      5. ^"2Q21 Earnings Supplement"(PDF). JPMorgan Chase. June 30, 2021. Retrieved September 20, 2021.
      6. ^ abNauman, Billy (October 6, 2020). "JPMorgan Chase promises to shift portfolio away from fossil fuels". Financial Times. Retrieved September 12, 2021.
      7. ^"Banks Ranked by Total Deposits". Usbanklocations.com. Retrieved November 12, 2017.
      8. ^ abc"History of Our Firm". JPMorganChase.
      9. ^de la Merced, Michael J. (June 16, 2008). "JPMorgan's Stately Old Logo Returns for Institutional Business". The New York Times. Retrieved December 14, 2009.
      10. ^"The History of J.P. Morgan Chase & Company"(PDF). 2008. Archived from the original(PDF) on September 27, 2011. Retrieved March 6, 2018.
      11. ^Schulz, Bill (July 29, 2016). "Hamilton, Burr and the Great Waterworks Ruse". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
      12. ^ abHansell, Saul (August 29, 1995). "Banking's New Giant: The Deal; Chase and Chemical Agree to Merge in $10 Billion Deal Creating Largest U.s. Bank". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
      13. ^ abHansell, Saul (September 3, 1996). "After Chemical Merger, Chase Promotes Itself as a Nimble Bank Giant". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
      14. ^Kahn, Joseph; McGeehan, Patrick (September 29, 1999). "Chase Agrees to Acquire Hambrecht & Quist". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
      15. ^Journal, Michael R. SesitStaff Reporter of The Wall Street (April 12, 2000). "Chase to Acquire Robert Fleming In $7.73 Billion Stock-Cash Deal". Wall Street Journal. ISSN 0099-9660. Retrieved October 30, 2019.
      16. ^Jimmy Lee's Global ChaseArchived June 28, 2011, at the Wayback Machine. The New York Times, April 14, 1997
      17. ^Kingpin of the Big-Time Loan. The New York Times, August 11, 1995
      18. ^ ab"JPMorgan Chase & Co.

        Welcome to TD Bank Personal Banking

        Community means family.

        I think that's what it's turned into.

        I'm going to cry.

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        Alright, your turn to talk.

        Hey everybody.

        Sam from Bonn Place Brewing Company here, and this is my wife.

        I'm Gina.

        Bethlehem is one of the greatest steel towns in America.

        When manufacturing had a downturn Bethlehem had to reinvent itself.

        When I first met Sam and Gina, they had this dream that they wanted to accomplish.

        When we first signed our lease on this building, people were questioning it, like "you sure you want to open a brewery on the south side of Bethlehem in the current climate?"

        We were certain that it was ready for what we wanted to do.

        We needed a bit of help to get this place opened...and everybody needs help.

        When anybody ever comes to us and says, "We need help. What can we do? We don't know how to get through this red tape."

        We say, "This is what we did. This might help you."

        We even went to City Hall for someone once.

        This is the community we can change.

        What we can change is right here and right now.

        Sam and Gina are very passionate about working with women entrepreneurs.

        It's hard to start a business.

        One thing Sam and Gina have been able to achieve is share the lessons they've learned with other business owners and convince them, "hey, it actually is possible."

        We want to see businesses succeed with the opportunities that we've had.

        So what better way than to mentor them.

        We're all in this together, and it's the bigger picture.

        Bonn Place is a catalyst for the regrowth of this community.

        They're also now helping other young entrepreneurs get started.

        Sam and Gina sat down with us and gave us tips and tricks of what to do to get started.

        We had this idea.

        And they believe in us.

        How much they're committed to the growth of Bethlehem as a whole.

        That's the real story.

        [Applause]

        They are the last two people who would want this bestowed upon them, but they are the most deserving.

        So we all want to gather here today and say thank you, because we value everything that you put into Bethlehem.

        There's a little bit more.

        So, the contribution we made to a female entrepreneurship program, in your name.

        We're absolutely thrilled.

        Next year, with this gift, we're going to be able to serve even more women entrepreneurs.

        The integrity of this community is real strong.

        This is just the beginning.

        Источник: https://www.td.com/us/en/personal-banking/

        Chase Bank Careers – Associate Banker

        Job Description:

        s an Associate Banker at Chase, you will be at the forefront of delivering an exceptional customer experience by fostering long-lasting, meaningful relationships. You will help customers with everyday transactions, build rapport and introduce them to our One Chase family. You will also teach clients how to use self-service options – help them enroll in & use tools so they can bank how, when and where they want.

        Job Responsibilities:

        • Compliance with Dodd Frank/Truth in Lending Act
        • College degree or military equivalent strongly preferred; High school degree, GED or foreign equivalent required
        • Financial services sales, or
        • Retail banking sales, or
        • Ability to work branch hours, including weekends and some evenings
        • At least one year experience in:
        • Beginning October 1, 2018, the Securities Industry Essential (SIE) exam, FINRA Series 6/7, state registration (including 63 or 66 if required), and Life licenses are required. All unlicensed applicants must obtain their licenses within 120 days of hire
        • Consultative relationship sales role in a related industry, with proven success in establishing new clients, deepening customer relationships and delivering results

        Job Requirements:

        • Active listening skills to ensure the best way forward is identified for each customer
        • Exudes confidence with clients when sharing product knowledge and solutions
        • Professional, thorough and organized with strong follow-up skills
        • Ability to learn products, services and procedures quickly and accurately; delivers solutions that make our One Chase products work together
        • Excellent interpersonal communication skills, as well as strong attention to detail and time management
        • Strong desire and ability to influence, educate and connect customers to technology
        • Ability to make personal connections, engage customers, and always be courteous and professional in a team environment

        Qualification & Experience:

        • Minimum 6 months of customer service experience, i.e. teller experience
        • High school diploma or GED equivalent required

        Job Details:

        Company: JP Morgan

        Vacancy Type:  Full Time

        Job Location: Melbourne, FL, US

        Application Deadline: N/A

        Apply Here

        jobsvilla.net

         Report JobИсточник: https://www.jobsvilla.net/job/jp-morgan-careers-37

        A Sampling of U.S. Companies that Send Call Center Work Offshore

        Download a PDF version of this page

        Many U.S. companies that receive significant government support in the form of contracts, subsidies, loans, and tax incentives have shuttered U.S. call centers and sent the work and jobs overseas. Some of these companies have also been found guilty of consumer fraud perpetrated from offshore call centers. The list below is just a sampling of companies that have benefited from government assistance only to turn their backs on U.S. workers and communities by shipping call center work offshore.

        "Too-Big-to-Fail" Banks

        Many of the banks that received federal government bail-outs during the financial crisis are among the largest companies sending U.S. call center jobs offshore.

        CAPITAL ONE

        • At the beginning of the financial crisis in 2008, Capital One received $3.56 billion from federal bailout programs, which was later repaid with interest.[1] Despite the critical role the federal government played in Capitol One’s return to profitability, the bank has closed U.S. call centers and sent jobs overseas.

        • Capital One in October 2013 announced the development of a call center and customer service training program with a Philippine partner. The firm is expected to employ 2,200 new associates in a business process outsourcing (BPO) facility in the Philippines. The company’s booming overseas business comes in the wake of an announcement that it would lay off more than 300 employees in Tigard, Oregon.[2]

        • In July of 2012, the federal Consumer Financial Protection Bureau (CFPB) levied its first-ever fine against Capital One for $210 million. The CFPB found Capitol One guilty of slamming nearly two million customers with unrequested or misrepresented services. Capital One’s offshore contracted call center was the source of the misconduct.[3]

        JP MORGAN CHASE

        • At the beginning of the financial crisis in 2008, JP Morgan Chase received $25 billion through bailout programs, which was later repaid with interest.[4] Despite the critical role the federal government played in JP Morgan Chase’s return to profitability, the bank has closed U.S. call centers and sent jobs overseas.

        • In September 2013, federal bank regulators fined JPMorgan Chase $80 million and ordered the bank to repay $309 million to customers for slamming nearly 2.1 million customers with unrequested or misrepresented services. A third party vendor was the source of the misconduct, but it is unclear whether the vendor’s call center was located overseas.[5]

        • JPMorgan Chase operates call centers in the Philippines and India.[6]

        • JPMorgan Chase laid-off approximately 850 workers from its Florence, SC call center in the spring 2013.[7] — The U.S. Department of Labor is investigating whether the workers are eligible for Trade Adjustment Assistance (as of 10/30/2013). Trade Adjustment Assistance is a federal program that provides extended unemployment benefits, retraining, and other help to workers who have lost their jobs because their employer moved the work overseas.

        • The U.S. Department of Labor authorized Trade Adjustment Assistance for 145 former JP Morgan Commercial Loan Servicing workers in Louisville, KY who lost their jobs when the work was offshored to India in July 2013. (TAA certified 4/5/2013)

        • JPMorgan Chase closed an Albion, NY call center in September 2013, laying off 400 workers. — Senator Charles Schumer (D-NY) wrote JP Morgan a letter of concern, urging the company to find solutions to avoid the lay-offs.[8]

        • JPMorgan Chase closed its Columbus, OH area call center in September 2013, laying off 440 workers.[9]

        • In October of 2013, JP Morgan Chase agreed to pay $13 billion to settle a case brought by the U.S. Justice Department for bad mortgages issued just before the financial crisis.[10]

        WELLS FARGO

        • The banking giant received more than $25 billion in bailout funds from the U.S. Treasury, which was later repaid with interest. Despite the critical role the federal government played in Wells Fargo's return to profitability, the bank is tripling the number of its Filipino employees and has asked some U.S. employees to train their own replacements[11]

        • Wells Fargo laid-off hundreds of employees and moved operations to the Philippines, leaving workers in Florida, California, and Pennsylvania jobless.

        BANK OF AMERICA

        • Bank of America received $45 billion in bailout funds from the U.S. Treasury, which was later repaid with interest.[12] Despite the critical role the federal government played in Bank of America’s return to profitability, the bank has closed U.S. call centers and sent jobs overseas.

        • Bank of America offshored 450 customer service jobs from Concord, CA in May of 2012. The work was moved to Costa Rica, Mexico, and the Philippines. The workers at the Concord call center received their certification for Trade Adjustment Assistance on September 9, 2013.

        • In 2013, Ohio lost more than 1,100 jobs when Bank of America closed a chase bank careers florida customer service mortgage center in Cleveland and two smaller centers in Independence and Cincinnati.

        • Bank of America also closed a center in Upper St. Clair, Pennsylvania, laying off 209 workers.

        • Bank of America closed its Wichita, KS call center in July of 2011 laying off 310 workers. Bank of America received $72,111 in state grants for this location.

        • Bank of America closed a Fresno, California center, laying off 500 workers in July of 2013. — The Department of Labor is investigating whether their jobs were offshored and the workers are eligible for Trade Adjustment Assistance.[13]

        • In October of 2013, a federal court found Bank of America guilty of fraud for mortgages issued by what do i need to open a bank account nationwide Countrywide unit before and during the financial crisis.[14]

        CITIGROUP

        • CitiGroup received $45 billion in bailout funds from the U.S. Treasury, which was later repaid with interest. Despite the critical role the federal government played in CitiGroup’s return to profitability, the bank has closed U.S. call centers and sent jobs overseas.

        • The U.S. Department of Labor authorized the payment of Trade Adjustment Assistance as a result of CitiGroup offshoring of the following jobs at these locations: — 82 IT jobs in New York City and Irving, TX that were moved to Budapest and London in March 2012. (TAA certified 4/17/2013) — 20 Financial Analysts and Banking Services jobs in New York City and Tampa, FL that CitiGroup moved to Costa Rica and India in 2012. (TAA certified 4/5/2012)

        • CitiGroup laid off 120 workers in Danville, IL in July 2013, even as it continues to operate call centers overseas.[15]

        Companies that Receive Federal Contracts, State and Local Subsidies

        Companies that receive lucrative federal government contracts to provide call center services are among the leading exporters of call center work to overseas locations, eliminating good jobs at home.

        HEWLETT PACKARD

        • Hewlett Packard’s services division, HP Enterprises, has a $220 million federal contract to operate call centers for the U.S. Customs and Immigration Service. The company also has a $16 million General Services Administration call center contract.

        • In July 2013, Hewlett Packard eliminated 500 call center jobs in Conway, Arkansas, even though it received $43 million in state and local incentives to support that call center.[16] — HP’s call center locations now include Costa Rica and India. — The U.S. Department of Labor authorized Trade Adjustment Assistance for the laid-off HP workers in Conway Arkansas on July 19, 2013.

        • In addition, laid-off former HP workers at the following locations received Trade Adjustment Assistance: — HP’s Omaha, NE call center offshored customer service jobs in 2012. (certified 9/12/2013) — Andover, MA lost 50 software R&D jobs when HP offshored the work to India in 2012. (certified 8/23/2013)

        SYKES ENTERPRISES

        • Sykes Enterprises, a company that handles support and technical calls, holds a $23 million federal contract to operate call centers for the Federal Citizen Information Center of the General Services Administration.

        • Sykes received millions of dollars in loans and tax breaks from small towns in Oregon, Maine, and Florida to locate call centers. Just a few years later, Sykes relocated operations to Asia.[17]

        • Sykes received $2 million from Florida in 2000 to help start its call center business.[18]

        • The U.S. Department of Labor approved Trade Adjustment Assistance in recent years for former Sykes workers in these locations: — Spokane Valley, WA lost 328 customer service jobs in 2012 when Sykes offshored the work to Canada and India. (certified 7/25/2013 and 5/9/2012) — Langhorne, PA lost over 100 customer service jobs when Sykes moved the work to the Philippines. (certified 9/18/2012) — Morganfield, KY lost 93 customer service jobs when Sykes moved the work to Mexico. (certified 8/2/2011)

        CONVERGYS

        • Convergys holds a $27 million federal contract to operate call centers for the Corporation for National Community Service.

        • In March of 2010, Convergys offshored its Albuquerque call center laying off 677 IT support workers.[19] — The U.S. Department of Labor certified these workers to receive Trade Adjustment Assistance. (certified 9/17/2010) — The company received $894,580 in state training subsidies for call center workers over its three years of operation.

        Companies that Receive Taxpayer Subsidies

        State and local governments use tax incentives and subsidies to encourage job growth. Economic development agencies often target call centers for these incentives because they can hire hundreds of entry-level workers in a short timeframe. In some cases, companies accept these incentives only to close down their call centers a few years later, leaving workers unemployed and communities with even smaller tax bases.

        T-MOBILE

        • In 2012, T-Mobile closed seven U.S. call centers— putting 3,300 employees out of work—after accepting $61 million in state and local subsidies.[20] T-Mobile opted to shutter U.S. workplaces and move jobs to Honduras and the Philippines. The company denied any of the work was moved overseas. In July 2012, the Communications Workers of America won Trade Adjustment Assistance benefits for these workers after documenting that their work had, in fact, been offshored.[21] — The seven shuttered closed call centers and the number of displaced workers: Frisco, TX (615 workers), Redmond, OR (359 workers), Allentown, PA (600 workers), Lenexa, KS (400 workers), Thorton, CO (440 workers), Brownsvile, TX (473 workers), Ft. Lauderdale, FL (500 workers).

        PRUDENTIAL FINANCIAL

        • In August 2013, a Prudential Annuities office offshored 40 call center and administrative assistants’ jobs in Shelton, CT.[22] — The workers that lost their jobs received Trade Adjustment Assistance (certified September 17, 2010) — This location received $12.6 million in state and local tax credits and subsidies [23]


        Endnotes

        1 projects.propublica.org/bailout/entities/66-capital-one-financialcorp

        2 Fenit Nirappil, "Capital One Hiring for 120 Positions in Tigard After Announcing Hundreds of Layoffs in 2013," OregonLive.com, Sept. 27, 2013; Amy R. Remo, "U.S. Banking Giant Sets Up BPO in Alabang," Philippine Daily Inquirer, Oct. 3, 2013.

        3 businessinsider.com/capital-one-has-to-pay-out-210-million-in-the-first-ever-consumer-financial-protection-bureau-case-2012-7

        4 projects.propublica.org/bailout/entities/282-jpmorgan-chase

        5 businessweek.com/news/2013-09-19/jpmorgan-to-pay-389- million-over-regulators-card-add-on-claims

        6 Miguel Leiva-Gomez, "JP Morgan Chase Moves Jobs to Manila," Business Process Outsourcing, Apr. 3, 2013; "Albion Call Center Closing, 400 Jobs Lost," BizJournals, Jun. 7, 2013.

        7 wbtw.com/story/21551140/former-employee-reacts-to-jpmorgan- chase-layoffs

        8 schumer.senate.gov/Newsroom/record.cfm?id=344009

        9 dispatch.com/content/stories/business/2013/09/23/chase-plans-new-round-of-layoffs-440.html

        10 reuters.com/article/2013/10/19/us-jpmorgan-settlement-idUSBRE99I09020131019

        11 Karl Rusnak, “Taxpayer Dollars Funding Foreign Worker Training, Economy in Crisis,” Apr. 20, 2012.

        12 projects.propublica.org/bailout/entities/27-bank-of-america

        13 "Bank of America: Thanks for the Bailout, We’ll Create Some Jobs. In the Philippines," AllGov News, May 31, 2012; Thomas Olson, "Bank of America to Lay Off 209 in Upper St. Clair," TribTotalMedia, Aug. 6, 2013; Juanita Stevenson, "Valley Works: Bank of America Employees Expect Layoffs," KSFN TV online, Jul. 28, 2013.

        14 forbes.com/sites/halahtouryalai/2013/10/23/us-govt-takes-bank-of-america-to-court-and-wins-jury-finds-countrywide-guilty-of-fraud

        15 wandtv.com/story/22880206/citi-group-closing-call-centerin-danville

        16 U.S. Department of Labor, TAA Decision 82287; Bill Anderson, “Call Centers in Costa Rica Employ 16,000 People While Developing a Middle Class,” Costa Rica Star, May 18, 2012; “HP Set Up Call Centers in India”

        17 For full details, see CWA, “Why Shipping Call Centers Overseas Hurts Us Back Home,” Apr. 2012. See also Scott Barancik, “Small Towns Lose After Gambling on Sykes Jobs,” St. Petersburg Times, Mar. 27, 2004.

        18 goodjobsfirst.org/subsidy-tracker

        19 bizjournals.com/albuquerque/stories/2010/03/15/daily40.html?page=all

        20 Nat Levy, “Protesters Decry T-Mobile’s Decision to Close Call Centers,” Bellevue Reporter, Apr. 6, 2012; Good Jobs First, Money on the Line, Sept. 2011.

        21 U.S. Department of Labor, TAA Decision 81520; “U.S. Labor Department Confirms that T-Mobile U.S.A Offshores Work,” CWA News, Jul. 19, 2012.

        22 articles.courant.com/2013-08-23/business/hc-prudential-jobs-went-overseas-20130823_1_call-center-trade-adjustment-assistance-new-jobs

        23 goodjobsfirst.org/subsidy-tracker

        Источник: https://cwa-union.org/pages/a_sampling_of_companies_that_send_call_center_work_offshore

        Chase Bank Careers – Associate Banker

        Job Description:

        s an Associate Banker at Chase, you will be at the forefront of delivering an exceptional customer experience by fostering long-lasting, meaningful relationships. You will help customers with everyday transactions, build rapport and introduce them to our One Chase family. You will also teach clients how to use self-service options – help them enroll in & use tools so they can bank how, when and where they want.

        Job Responsibilities:

        • Compliance with Dodd Frank/Truth in Lending Act
        • College degree or military equivalent strongly preferred; High school degree, GED or foreign equivalent required
        • Financial services sales, or
        • Retail banking sales, or
        • Ability to work branch hours, including weekends and some evenings
        • At least one year experience in:
        • Beginning October 1, 2018, the Securities Industry Essential (SIE) exam, FINRA Series 6/7, state registration (including 63 or 66 if required), and Life licenses are required. All unlicensed applicants must obtain their licenses within 120 days of hire
        • Consultative relationship sales role in a related industry, with proven success in establishing new clients, deepening customer relationships and delivering results

        Job Requirements:

        • Active listening skills to ensure the best way forward is identified for each customer
        • Exudes confidence with clients when sharing product knowledge and solutions
        • Professional, thorough and organized with strong follow-up skills
        • Ability to learn products, services and procedures quickly and accurately; delivers solutions that make our One Chase products work together
        • Excellent interpersonal communication skills, as well as strong attention to detail and time management
        • Strong desire and ability to influence, educate and connect customers to technology
        • Ability to make personal connections, engage customers, and always be courteous and professional in a team environment

        Qualification & Experience:

        • Minimum 6 months of customer service experience, i.e. teller experience
        • High school diploma or GED equivalent required

        Job Details:

        Company: JP Morgan

        Vacancy Type:  Full Time

        Job Location: Melbourne, FL, US

        Application Deadline: N/A

        Apply Here

        jobsvilla.net

         Report JobИсточник: https://www.jobsvilla.net/job/jp-morgan-careers-37

        Orlando, FL, US

        Orlando, FL

        30+ days ago

        At JPMorgan Chase, we have an obsession for taking care of our customers and employees and making them feel welcomed and valued by building lasting relationships, doing the right thing, exceeding expectations and having a strong commitment to diversity and inclusion. Using the latest banking solutions, combined with cutting edge financial technology and the most welcoming and friendly service, you'll be front and center representing our brand and culture. Here at Chase, you'll have the opportunity to help people experience our Customer Promise -- helping people make the most of their money so they can make the most of their lives, by providing education and advice tailored to suit their financial needs.

        If you are enthusiastic about providing great customer experiences and digitally curious, join our branch family. In addition to providing education and advice tailored to suit our customers financial needs, you'll be able to take ownership of your own career development through a variety of cross-training opportunities and company support.

        Job Description

        As an Associate Banker at Chase, you will be at the forefront of delivering an exceptional customer experience by fostering long-lasting, meaningful relationships. You will help customers with everyday transactions, build rapport and introduce them to our One Chase family. You will also teach clients how to use self-service options - help them enroll in & use tools so they can bank how, when and where they want.

        Responsibilities

        You'll contribute significantly to the success of the branch and helping customers by:

        • Engaging the client by welcoming them warmly with a pleasant demeanor, using the client name, whenever possible, and thanking them for doing business with Chase
        • Assisting chase bank careers florida and making clients feel appreciated
        • Helping customers learn how to complete their banking needs whenever, wherever and however they want with self-service options, including the Chase mobile app, Chase.com, and ATMs with expert knowledge in our self-service and digital platform
        • Exhibiting strong customer service skills, presenting consumer-bank focused products and services while proactively educating clients on utilizing available access channels
        • Proactively collaborating with others to help customers
        • Helping build relationships with customers by connecting them with team members who can help them address their financial needs
        • Ensuring financial transactions are completed accurately and efficiently, while complying with all policies, procedures and regulatory and banking requirements
        • Supporting customer with traditional banking needs and complex service transactions putting the customer's needs at the center of everything
        • Providing proactive customer outreach to gauge success and offer new tools to help customers meet their consumer banking and investment goals

        Desired Skills

        • Ability to make personal connections, engage customers, and always be courteous and professional in a team environment
        • Strong desire and ability to influence, educate and connect customers to technology
        • Exudes confidence with clients when sharing product knowledge and solutions
        • Excellent interpersonal communication skills, as well as strong attention to detail and time management
        • Professional, thorough and organized with strong follow-up skills
        • Active listening skills to ensure the best way forward is identified for each customer
        • Ability to learn products, services and procedures quickly and accurately; delivers solutions that make our One Chase products work together
        • Minimum 6 months of customer service experience, i.e. teller experience
        • High school diploma or GED equivalent required
        Chase is a leading financial services firm, helping nearly half of America's households and small businesses achieve their financial goals through a broad range of financial products. Our mission is to create engaged, lifelong relationships and put our customers at the heart of everything we do. We also help small businesses, nonprofits and cities grow, delivering solutions to solve all their financial needs.

        We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. In accordance with applicable law, we make reasonable accommodations for applicants' and employees' religious practices and beliefs, as well as any mental health or physical disability needs.

        Equal Opportunity Employer/Disability/Veterans

        J

        JPMorgan Chase Bank, N.A.

        Источник: https://www.monster.com/job-openings/part-time-30-hours-associate-banker-orlando-central-orlando-fl--0b77376e-9173-4f38-9ef5-1ef917afcbc9

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        Welcome to TD Bank Personal Banking

        Community means family.

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        Sam and Gina are very passionate about working with women entrepreneurs.

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        This is just the beginning.

        Источник: https://www.td.com/us/en/personal-banking/

        JPMorgan Chase

        American investment bank

        This article is about the company. For the person, see J. P. Morgan.

        J P Morgan Chase Logo 2008 1.svg
        383 Madison Ave Bear Stearns C R Flickr 1.jpg
        TypePublic

        Traded as

        ISINUS46625H1005
        IndustryFinancial services
        PredecessorsJ.P. Morgan & Co.
        Chase National Bank
        Chemical Bank
        The Manhattan Company
        FoundedDecember 1, 2000; 20 years ago (2000-12-01)
        FoundersJohn Pierpont Morgan
        (J.P. Morgan & Co.)
        John Thompson
        (Chase National Bank)
        Balthazar P. Melick
        (Chemical Bank)
        Aaron Burr
        (The Manhattan Company)
        Headquarters

        New York City, New York

        ,

        U.S.

        Area served

        Worldwide

        Key people

        Jamie Dimon
        (Chairman & CEO)
        Daniel E. Pinto
        (Co-President & COO)
        Gordon A. Smith
        (Co-President & COO)
        ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management, etc.
        RevenueIncreaseUS$119.54 billion (2020)

        Operating income

        Decrease US$35.40 billion (2020)

        Net income

        Decrease US$29.13 billion (2020)
        AUMIncrease US$2.99 trillion (2020)
        Total assetsIncrease US$3.68 trillion[1] (2021)
        Total equityIncrease US$279.35 billion (2020)

        Number of employees

        Decrease 255,351 (2020)
        DivisionsAsset and Wealth Management, Consumer and Community Banking, Commercial Banking, Corporate and Investment Banking
        SubsidiariesChase Bank
        J.P. Morgan & Co.
        One Equity Partners
        Capital ratioTier 1 15.8% (D31, 2020)
        Websitejpmorganchase.com
        Footnotes / references
        [2][3]

        JPMorgan Chase & Co. is an American multinationalinvestment bank and financial servicesholding company headquartered in New York City. JPMorgan Chase is incorporated in Delaware.[4] As of June 30, 2021, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth-largest worldwide in terms of total assets, controlling US$3.684 trillion.[5]

        As a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. As of 2021 it is the largest lender to the fossil fuel industry in the world.[6] It is one of America's Big Four banks, along with Bank of America, Citigroup, and Wells Fargo.[7] JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, private wealth management, and treasury 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 currently located at 383 Madison Avenue in Midtown Manhattan, New York City, since the prior headquarters building directly across the street, 270 Park Avenue, was demolished and a larger replacement headquarters is being built on the same site.[8] It is considered a systemically important bank by the Financial Stability Board.

        The chase bank careers florida company was originally known as Chemical Bank, which acquired Chase Manhattan and assumed that company's name. The present company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.[8]

        History[edit]

        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.[9]

        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. The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third 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.

        Main article: Chase Manhattan Bank

        The logo used by Chase following the merger with the Manhattan Bank in 1954

        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),[10] 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.[11]

        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 enemy—and eventual murderer—Aaron 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 JPMorgan Chase, the largest bank in the United States.

        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.[12][13] 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.[14] In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.[15]

        Chemical Banking Corporation[edit]

        Main article: Chemical Bank

        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 the pioneering investment banker, Jimmy Lee.[16][17] 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.[12][13] To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters site at 270 Park Avenue (the current building was demolished and a larger replacement headquarters is being built on the same site).

        J.P. Morgan & Company[edit]

        Main article: J.P. Morgan & Co.

        The J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank in 2000
        Influence of J.P. Morgan in Large Corporations, 1914
        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

        The House of Morgan was born out of the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan).[18] 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.[19] 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.[20] 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.[21]

        Built in 1914, 23 Wall Street was the bank's headquarters for decades. On September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38.[22] Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The case has never been solved, and was rendered inactive by the FBI in 1940.[23]

        In August 1914, Henry P. Davison, a Morgan partner, 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.[24] The company also invested in the suppliers of war equipment to Britain and France. The company profited from the financing and purchasing activities of the two European governments.[24] Since the U.S. federal government withdrew from world affairs under successive isolationistRepublican administrations in the 1920s, J.P. Morgan & Co. continued playing a major role in global affairs since most European countries still owed war debts.[25]

        In the 1930s, J.P. Morgan & Co. and all integrated banking businesses in the United States were required by the provisions of the Glass–Steagall Act to separate their investment banking from their commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank.[26][better source needed]

        In 1935, after being barred from the 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 from J.P. Morgan partners.[26][better source needed] 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.[18] The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before migrating back to the use of the J.P. Morgan brand. In 1984, the group purchased the Purdue National Corporation of Lafayette, Indiana. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.[27]

        Bank One Corporation[edit]

        Main article: 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.[28] He succeeded former CEO William B. Harrison, Jr.[29] Dimon introduced new cost-cutting strategies, and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in December 2005 and Chairman in December 2006.[30]

        Bank One Corporation was formed with the 1998 merger of Banc One of Columbus, Ohio and First Chicago NBD.[31] This merger was considered a failure until Dimon took over and reformed the new firm's practices. Dimon effected changes to make Bank One Corporation a viable merger partner for JPMorgan Chase.[32]


        Bank One Corporation, formerly First Bancgroup of Ohio, was 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.[33] With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One." 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. JPMorgan Chase completed the acquisition of Bank One in the third quarter of 2004.[33]

        Bear Stearns[edit]

        Main article: Bear Stearns

        At the end of 2007, Bear Stearns was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year.[34] On Friday, March 14, 2008, Bear Stearns lost 47% of its equity market value 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 March 15, 2008, the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns.[35]

        On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced its plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder approval scheduled within 90 days.[35] In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows.[36] On March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million.[34] The stock swap agreement was signed that night.[37]

        On March 24, 2008, after public discontent over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share.[34] 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 May 30, 2008.[38]

        Washington Mutual[edit]

        Main article: Washington Mutual

        The Washington Mutual logo prior to its 2008 acquisition by JPMorgan Chase

        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.[39]

        JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual.[40] 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.[41]

        Lawsuits and legal settlements[edit]

        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.[42] In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office. In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.[43]

        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.[44]

        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.[45] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[46][47]

        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 the 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.[48]

        In November 2009, a week after Birmingham, Alabama Mayor Larry Langford was convicted for financial crimes related to bond swaps for Jefferson County, Alabama, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into the sales of derivatives that allegedly contributed to the near-bankruptcy of the county. JPMorgan had been chosen by the county commissioners to refinance the county's sewer debt, and the SEC had alleged that JPMorgan made undisclosed payments to close friends of the commissioners in exchange for the deal and made up for the costs by charging higher interest rates on the swaps.[49]

        In June 2010, J.P. Morgan Securities was fined a record £33.32 million ($49.12 million) by the UK Financial Trustco mortgage Authority (FSA) for failing to protect an average of £5.5 billion of clients' money from 2002 to 2009.[50][51] FSA requires financial firms to keep clients' funds in separate accounts to protect the clients in case such a firm becomes insolvent. The firm had failed to properly amazon prime movies login 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.[52] 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.[51]

        In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages, including active-duty personnel in the War 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.[53] 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.[54] 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.[55][56]

        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 a 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 chase bank careers florida, 2005, and March 1, 2011.

        — U.S. Department of the Treasury Resource Center, OFAC Recent Actions. Retrieved June 18, 2013.[57]

        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.[58] 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.[59] 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.

        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.[60]

        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 company's 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.[61] The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVEC's 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.[61] 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.[61] 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.[61]

        FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase.[62] 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.[62] 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.[62] 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.[62]Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time.[62]

        In August 2013, JPMorgan Chase announced that it was being investigated by the United States Department of Justice over its offerings of mortgage-backed securities leading up to the financial crisis of 2007–08. 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.[63] 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.[64] Of that amount, $9 billion was penalties and fines, and the remaining $4 billion was consumer relief. This was the largest corporate settlement to date. Conduct at Bear Stearns and Washington Mutual prior to their 2008 acquisitions accounted for much of the alleged wrongdoing. The agreement did not settle criminal charges.[65]

        In November 2016, JPMorgan Chase agreed to pay $264 million in fines to settle civil and criminal charges involving a systematic bribery scheme spanning 2006 to 2013 in which the bank secured business deals in Hong Kong by agreeing to hire hundreds of friends and relatives of Chinese government officials, resulting in more than $100 million in revenue for the bank.[66]

        In January 2017, the United States sued the company, accusing it of discriminating against "thousands" of black and Hispanic mortgage borrowers between 2006 and at least 2009.[67][68]

        On December 26, 2018, as part of an investigation by the U.S. Securities and Exchange Commission (SEC) into abusive practices related to American depositary receipts (ADRs), JPMorgan agreed to pay more than $135 million to settle charges of improper handling of "pre-released" ADRs without admitting or denying the SEC's findings. The sum consisted of $71 million in ill-gotten gains plus $14.4 million in prejudgment interest and an additional penalty of $49.7 million.[69]

        Madoff fraud[edit]

        Further information: Madoff investment scandal

        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's 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.[70] The receiver's suit against J.P. Morgan was dismissed by the Court for failing to set forth any legally cognizable claim for damages.[71]

        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.

        The lawsuit, which was filed on behalf of shareholders against Chief Executive Jamie Dimon and other high-ranking JPMorgan employees, used statements made by Bernie Madoff during interviews conducted while in prison in Butner, North Carolina claiming that JPMorgan officials knew of the fraud. The lawsuit stated that "JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them . But faced with the prospect of shutting down Madoff's account and losing lucrative profits, JPMorgan - at its highest level - chose to turn a blind eye."[72]

        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.[73][74][75][76]

        Other recent acquisitions[edit]

        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.[77]

        In April 2006, JPMorgan Chase acquired Bank of New York Mellon's retail and small business banking network. The acquisition gave Chase access to 339 additional branches in New York, New Jersey, and Connecticut.[78] In 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.[79] 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.[80] In 2013, JPMorgan acquired Bloomspot, a San Francisco-based startup. Shortly after the acquisition, the service was shut down and Bloomspot's talent was left unused.[81][82]

        Acquisition history[edit]

        The following is an illustration of the company's major mergers and acquisitions and historical predecessors, although this is not a comprehensive list:

        Recent history[edit]

        In 2013, after teaming up with the Bill and Melinda Gates Foundation, GlaxoSmithKline and Children's Investment Fund, JP Morgan Chase, Under Jamie Dimon launched a $94 Million fund with a focus on "late-stage healthcare technology trials". The "$94 million Global Health Investment Fund will give money to a final-stage drug, vaccine, and medical device studies that are otherwise stalled at companies because of their relatively high failure risk and low consumer demand. Examples of problems that could be addressed by the fund include malaria, tuberculosis, HIV/AIDS, and maternal and infant mortality, according to the Gates and JPMorgan led-group"[92]

        The 2014 JPMorgan Chase data breach, 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.[93][94]

        In October 2014, JPMorgan 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.[95]

        In March 2016, JPMorgan decided not to finance coal mines and coal power plants in wealthy countries.[96]

        In December 2016, 14 former executives of the Wendel investment company faced trial for tax fraud while JP Morgan Chase was to be pursued for complicity. Jean-Bernard Lafonta was convicted December 2015 for spreading false information and insider trading, and fined 1.5 million euros.[97]

        In March 2017, Lawrence Obracanik, a former JPMorgan Chase & Co employee, pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts.[98] In June 2017, Matt Zames, the now-former COO of the bank decided to leave the firm.[99] In December 2017, JP Morgan was sued by the Nigerian government for $875 million, which Nigeria alleges was transferred by JP Morgan to a corrupt former minister.[100] Nigeria accused JP Morgan of being "grossly negligent".[101]

        In October 2018, Reuters reported that JP Morgan "agreed to pay $5.3 million to settle allegations it violated Cuban Assets Control Regulations, Iranian sanctions and Weapons of Mass Destruction sanctions 87 times, the U.S. Treasury said".[102]

        In February 2019, JP Morgan announced the launch of JPM Coin, a digital token that will be used to settle transactions between clients of its wholesale payments business.[103] It would be the first cryptocurrency issued by a United States bank.[104]

        On May 14, 2020, Financial Times, citing a report which revealed how companies are treating employees, their supply chains and other stakeholders, during the COVID-19 pandemic, documented that JP Morgan Asset Management alongside Fidelity Investments and Vanguard have been accused of paying lip services to cover human comenity overstock credit card violations. The UK based media also referenced that a few of the world's biggest fund houses took the action in order to lessen the impact of abuses, such as modern slavery, at the companies they invest in. However, JP Morgan replying to the report said that it took “human rights violations very seriously” and “any company with alleged or proven violations of principles, including human rights abuses, is scrutinised and may result in either enhanced engagement or removal from a portfolio.”[105]

        In September 2020, the company admitted that it manipulated precious metals futures and government bond markets in a span period of eight years. It settled with the United States Department of Justice, U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission for $920 million. JPMorgan will not face criminal charges, however, it will launch into a deferred prosecution agreement for three years.[106]

        In 2021, JP Morgan funded the failed attempt to create a European Super League in European soccer, which, if successful, would have ended the meritocratic European pyramid soccer system. JP Morgan's role in the creation of the Super League was instrumental; the investment bank was reported to have worked on it for several years.[107] After a strong backlash, the owners/management of the teams that proposed creating the league pulled out of it.[108] After the attempt to end the European football hierarchy failed, JP Morgan apologized for its role in the scheme.[107] JP Morgan head Jamie Dimon said the company "kind of missed" that football supporters would respond negatively to the Super League.[109]

        In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand. This is the company's first retail banking operation outside the of United States.[110][111][112]

        Financial data[edit]

        Year19981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020
        Revenue25.8731.1533.1929.3429.6133.1942.7454.2562.0071.3767.25100.4102.797.2397.0396.6194.2193.5495.6799.62109.03115.40119.54
        Net income4.7457.5015.7271.6941.6636.7194.4668.48314.4415.375.60511.7317.3718.9821.2817.9221.7624.4424.7324.4432.4736.4329.13
        Assets626.9667.0715.3693.6758.8770.91,1571,1991,3521,5622,1752,0322,1182,2662,3592,4162,5732,3522,4912,5342,6232,6873,386
        Equity35.1035.0642.3441.1042.3146.15105.7107.2115.8123.2166.9165.4176.1183.6204.1210.9231.7247.6254.2255.7256.5261.3279.4
        Capitalization75.03138.7138.4167.2147.0117.7164.3165.9125.4167.3219.7232.5241.9307.3366.3319.8429.9387.5
        Headcount(in thousands)96.37161.0168.8174.4180.7225.0222.3239.8260.2259.0251.2241.4234.6243.4252.5256.1257.0255.4

        Note. For years 1998, 1999, and 2000 figures are combined for The Chase Manhattan Corporation and J.P.Morgan & Co. Incorporated as if a merger between them already happened.

        JPMorgan Chase[121] was the biggest bank at the end of 2008 as an individual bank (not including subsidiaries). As of 2020[update], JPMorgan Chase is ranked 17 on the Fortune 500 rankings of the largest United States corporations by total revenue.[122]

        CEO-to-worker pay ratio[edit]

        For the first time in 2018, a new Securities and Exchange Commission rule mandated under the 2010 Dodd-Frank financial reform requires publicly traded companies to disclose how their CEOs are compensated in comparison with their employees. In public filings, companies have to disclose their "Pay Ratios," or the CEO's compensation divided by the median employee's.[123]

        2017[edit]

        According to SEC filings, JPMorgan Chase & Co. paid its CEO $28,320,175 in 2017. The average worker employed by JPMorgan Chase & Co. was paid $77,799 in 2017; thus marking a CEO-to-worker Pay Ratio of 364 to 1.[124] As of April 2018, steelmaker Nucor represented the median CEO-to-worker Pay Ratio from SEC filings with values of 133 to 1.[125]Bloomberg BusinessWeek on May 2, 2013, found the ratio of CEO pay to the typical worker rose from about 20-to-1 in the 1950s to 120-to-1 in 2000.[126]

        2018[edit]

        Total 2018 compensation for Jamie Dimon, CEO, was $30,040,153, and total compensation of the median employee was determined to be $78,923. The resulting pay ratio was estimated to be 381:1.[127]

        Structure[edit]

        J P Morgan Chase & Co. owns 5 bank subsidiaries in the United States:[128]

        For management reporting purposes, J P Morgan Chase's activities are organized into a corporate/ private equity segment and 4 business segments:

        • Consumer and community banking,
        • Corporate and investment banking,
        • Commercial banking and
        • Asset management.[129]

        JPMorgan Europe, Ltd.[edit]

        Main article: J.P. Morgan in the United Kingdom

        The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968.[130][131]

        In August 2008, the bank announced plans to construct a new European headquarters at Canary Wharf, London.[132] 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.[133] 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.[134]

        Operations[edit]

        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 Field-Programmable Gate Array technology.[135]

        History[edit]

        The Bank began operations in Japan in 1924,[136] in Australia during the later part of the nineteenth century,[137] and in Indonesia during the early 1920s.[138] 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.[139] The bank has operated in Saudi Arabia[140] and India[141] since the 1930s. Chase Manhattan Bank opened an office in South Korea in 1967.[142] The firm's presence in Greece dates to 1968.[143] An office of JPMorgan was opened in Taiwan in 1970,[144] in Russia (Soviet Union) in 1973,[145] and Nordic operations began during the same year.[146] Operations in Poland began in 1995.[143]

        Lobbying[edit]

        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 Morgan's 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 JPMorgan's 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 JPMorgan's 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.[147]

        Climate change and investments in fossil fuels[edit]

        JPMorgan has come under criticism for investing in new fossil fuels projects since the Paris climate change agreement. From 2016 to the first half of 2019 it provided $75 billion (£61 billion) to companies expanding in sectors such as fracking and Arctic oil and gas exploration.[148] According to Rainforest Action Network its total fossil fuel financing was $64 billion in 2018, $69 billion in 2017 and $62 billion in 2016.[149] As of 2021 it is the largest lender to the fossil fuel industry in the world.[6]

        An internal study, 'Risky business: the climate and macroeconomy', by bank economists David Mackie and Jessica Murray was leaked in early‑2020. The report, dated 14 January 2020, states that under our current unsustainable trajectory of climate change "we cannot rule out catastrophic outcomes where human life as we know it is threatened". JPMorgan subsequently distanced itself from the content of the study.[150]

        Offices[edit]

        Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza (now known as 28 Liberty Street) in downtown Manhattan, the current temporary world headquarters for JPMorgan Chase & Co. are located at 383 Madison Avenue. In 2018, JPMorgan announced they would demolish the current headquarters building at 270 Park Avenue, which was Union Carbide's former headquarters, to make way for a newer building that will be 500 feet (150 m) taller than the existing building. Demolition was completed in the spring of 2021, and the new building will be completed in 2025. The replacement 70-story headquarters will be able to fit 15,000 employees, whereas the current building fits 6,000 employees in a space that has a capacity of 3,500. The new headquarters is part of the East Midtown rezoning plan.[151] When construction is completed in 2025, the headquarters will then move back into the new building at 270 Park Avenue.

        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 (which was demolished and is being replaced), and the original Chemical Bank building at 277 Park Avenue, where most investment banking activity takes 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.[8]

        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 building is the largest JPMorgan Chase & Co. facility in the world and the second-largest single-tenant office building in the United States behind The Pentagon.[152]

        The bank moved some of its operations to chase bank careers florida JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank.

          The Global Corporate Bank's main headquarters are in London, with regional headquarters in Hong Kong, New York and Sao Paulo.[153]

          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; Plano, 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; Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; Sao Paulo, Brazil; Mexico City, Mexico, and Jerusalem, Israel.

          In the late autumn of 2017, JPMorgan Chase opened a new global operations center in Warsaw, Poland.[154]

          Credit derivatives[edit]

          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.[155][156] As of 2013 JPMorgan had the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank.[157][158]

          Multibillion-dollar trading loss[edit]

          Main article: 2012 JPMorgan Chase 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 JPMorgan 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.[159][160] Early reports were denied and minimized by the firm in an attempt to minimize exposure.[161] 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.[162] 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.[163][164] The item traded, possibly related to CDX IG 9, an index based on the default risk of major U.S. corporations,[165][166] has been described as a "derivative of a derivative".[167][168] On the company's emergency conference call, JPMorgan Chase Chairman, CEO and President Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".[169] The episode is being investigated by chase bank careers florida Federal Reserve, the SEC, and the FBI.[170]

          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 chase bank careers florida 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.[172] The fines amounted to the third biggest banking fine levied by US regulators, and the second-largest by UK authorities.[171] As of September 19, 2013[update], two traders face criminal proceedings.[171] It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws.[173]

          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."[171]

          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 had been an expected development, and the company had prepared for the financial hit.[171]

          Art collection[edit]

          See also: J. P. Morgan § Collector of art, books, and gemstones

          The collection was begun in 1959 by David Rockefeller,[174] and comprises over 30,000 objects, of which over 6,000 are photographic-based,[175] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[176] 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.[177] L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[178] whose art program staff is completed by an additional three full-time members and one registrar.[179] 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.[180]

          [edit]

          • Chase Field (formerly Bank One Ballpark), Phoenix, Arizona – Arizona Diamondbacks, MLB
          • Chase Center (San Francisco) – Golden State Warriors, NBA
          • Major League Soccer
          • Chase Auditorium (formerly Bank One Auditorium) inside of Chase Tower (Chicago) (formerly Bank One Tower)
          • 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
          • Sponsor of the Jessamine Stakes, a two-year-old fillies horse race at Keeneland, Lexington, Kentucky since 2006.

          The European Super League[edit]

          On April 19, 2021, JP Morgan pledged $5 billion towards the European Super League.[181][182] a controversial breakaway group of football clubs seeking to create a monopolistic structure where the founding members would be guaranteed entry to the competition in perpetuity. While the absence of promotion and relegation is a common sports model in the US, this is an antithesis to the European competition-based pyramid model and has led to widespread condemnation from Football federations internationally as well as at government level.[183]

          However, JPMorgan has been involved in European football for almost 20 years. In 2003, they advised the Glazer ownership of Manchester United. It also advised Rocco Commisso, the owner of Mediacom, to purchase ACF Fiorentina, and Dan Friedkin on his chase bank careers florida of A.S. Roma. Moreover, It aided Inter Milan and A.S. Roma to sell bonds backed by future media revenue, and Spain's Real Madrid CF to raise funds to refurbish their Santiago Bernabeu Stadium.[184]

          Leadership[edit]

          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.[185] Dimon has been recognized for his leadership during chase bank careers florida 2008 financial crisis.[186] Under his leadership, JPMorgan Chase rescued two ailing banks during the crisis.[187] Although Dimon has publicly criticized the American government's strict immigration policies,[188] 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).[189]

          Board of directors[edit]

          As of April 1, 2021:[190]

          • Jamie Dimon, chairman and CEO of JPMorgan Chase
          • Linda Bammann, former JPMorgan and Bank One executive
          • Steve Burke, chairman of NBCUniversal
          • Todd Combs, CEO of GEICO
          • James Crown, president of Henry Crown and Company
          • Timothy Flynn, former chairman and CEO of KPMG
          • Mellody Hobson, CEO of Ariel Investments
          • Michael Neal, CEO of GE Capital
          • Phebe Novakovic, Chairwoman and CEO of General Dynamics
          • Virginia Rometty, Executive Chairwoman of IBM, former Chairwoman, President and CEO of IBM

          Senior leadership[edit]

          List of former chairmen[edit]

          1. William B. Harrison Jr. (2000–2006)[192]

          List of former chief executives[edit]

          1. William B. Harrison Jr. (2000–2005)[192]

          Notable former employees[edit]

          Business[edit]

          Politics and public service[edit]

          • Frederick Ma – Hong Kong Secretary for Commerce and Economic Development (2007–08)
          • Tony Blair – Prime Minister of the United Kingdom (1997–2007)[194]
          • William M. Daley – U.S. Secretary of Commerce (1997–2000), U.S. White House Chief of Staff (2011–2012)
          • Michael Forsyth, Baron Forsyth of Drumlean – Secretary of State for Scotland (1995–97)
          • Thomas S. Gates, Jr. – U.S. Secretary of Defense (1959–61)
          • 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 chase bank careers florida Leung – Financial Secretary of Hong Kong (2001–03)
          • Dwight Morrow – U.S. Senator (1930–31)
          • Margaret Ng – member of the Hong Kong Legislative Council
          • George P. Shultz – U.S. Secretary of Labor (1969–70), U.S. Secretary of Treasury (1972–74), U.S. Secretary of State (1982–89)
          • John J. McCloy – president of the World Bank, U.S. High Commissioner for Germany, chairman of Chase Manhattan Bank, chairman of the Council on Foreign Relations, a member of the Warren Commission, and a prominent United States adviser to all presidents from Franklin D. Roosevelt to Ronald Reagan
          • Mahua Moitra – Indian Member of Parliament, Lok Sabha

          Other[edit]

          Awards[edit]

          • Best Banking Performer, United States of America in 2016 by Global Brands Magazine Award.[197]

          See also[edit]

          Index products[edit]

          References[edit]

          1. ^"2Q21 Earnings Supplement"(PDF). JPMorgan Chase. June 30, 2021. Retrieved September 20, 2021.
          2. ^"J.P. Morgan Chase & Co. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
          3. ^"JP Morgan Chase Annual Report 2020"(PDF). .jpmorganchase.com. Retrieved February 1, 2021.
          4. ^"10-K". 10-K. Retrieved June 1, 2019.
          5. ^"2Q21 Earnings Supplement"(PDF). JPMorgan Chase. June 30, 2021. Retrieved September 20, 2021.
          6. ^ abNauman, Billy (October 6, 2020). "JPMorgan Chase promises to shift portfolio away from fossil fuels". Financial Times. Retrieved September 12, 2021.
          7. ^"Banks Ranked by Total Deposits". Usbanklocations.com. Retrieved November 12, 2017.
          8. ^ abc"History of Our Firm". JPMorganChase.
          9. ^de la Merced, Michael J. (June 16, 2008). "JPMorgan's Stately Old Logo Returns for Institutional Business". The New York Times. Retrieved December 14, 2009.
          10. ^"The History of J.P. Morgan Chase & Company"(PDF). 2008. Archived from the original(PDF) on September 27, 2011. Retrieved March 6, 2018.
          11. ^Schulz, Bill (July 29, 2016). "Hamilton, Burr and the Great Waterworks Ruse". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
          12. ^ abHansell, Saul (August 29, 1995). "Banking's New Giant: The Deal; Chase and Chemical Agree to Merge in $10 Billion Deal Creating Largest U.s. Bank". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
          13. ^ abHansell, Saul (September 3, 1996). "After Chemical Merger, Chase Promotes Itself as a Nimble Bank Giant". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
          14. ^Kahn, Joseph; McGeehan, Patrick (September 29, 1999). "Chase Agrees to Acquire Hambrecht & Quist". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
          15. ^Journal, Michael R. SesitStaff Reporter of The Wall Street (April 12, 2000). "Chase to Acquire Robert Fleming In $7.73 Billion Stock-Cash Deal". Wall Street Journal. ISSN 0099-9660. Retrieved October 30, 2019.
          16. ^Jimmy Lee's Global ChaseArchived June 28, 2011, at the Wayback Machine. The New York Times, April 14, 1997
          17. ^Kingpin of the Big-Time Loan. The New York Times, August 11, 1995
          18. ^ ab"JPMorgan Chase & Co. chase bank careers florida

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