- When was JPMorgan Chase founded?
- How many offices around the world does JPMorgan Chase have today?
- How did the Glass-Steagall Act of 1933 affect J.P. Morgan & Co.?
- When did J.P. Morgan become a public company?
- How does J.P. Morgan fulfill its responsibilities as a corporate citizen?
- What role has J.P. Morgan played during financial crises?
- What role has J.P. Morgan played during war times?
- How did J.P. Morgan contribute to the railroad industry?
- What role did the firm play in creating the world’s first billion-dollar corporation?
- How did the firm impact the advent of electricity?
- What were the firm's earliest ties to the airline industry?
- What were J.P. Morgan’s earliest ties to shipping and the waterways?
- Who issued the first American Depository Receipts?
- As the Eurobond market grew, what role did J.P. Morgan play?
- Which firm was the first to underwrite commercial paper?
- What was J.P. Morgan’s role in the development of Brady Bonds?
- What role has the firm played in financing the public sector?
When was JPMorgan Chase founded?
JPMorgan Chase is built on the foundation of more than 1,200 predecessor firms. The earliest was The Manhattan Company, founded in 1799.
How many offices around the world does JPMorgan Chase have today?
JPMorgan Chase has operations in more than 60 countries. The company is headquartered in New York City. Visit our country sites.
How did the Glass-Steagall Act of 1933 affect J.P. Morgan & Co.?
Under the terms of Glass-Steagall, J.P. Morgan & Company had to separate its commercial and investment banking activities. It became three standalone entities: J.P. Morgan & Co., Morgan Stanley and London-based Morgan Grenfell, a merchant bank.
When did J.P. Morgan become a public company?
The firm went public in 1940 and became J.P. Morgan & Co., Inc., with J.P. Morgan, Jr. as its first chairman.
How does J.P. Morgan fulfill its responsibilities as a corporate citizen?
J.P. Morgan is committed to doing business in a way that benefits our clients, employees and shareholders, and has a positive impact on the global communities in which we live and work. Learn more about key focus areas:
What role has J.P. Morgan played during financial crises?
The firm has long been pivotal during financial crises, starting in the 19th century.
- In 1895, two years into the worst economic crisis the United States had seen, J.P. Morgan & Co. led a bond offering that helped restore the U.S. Treasury’s gold reserves and avert national bankruptcy.
- In 1907, J. Pierpont Morgan saved several trust companies and a leading brokerage house from insolvency, bailed out New York City and rescued the New York Stock Exchange. He persuaded financiers from leading New York banks to supply liquidity to desperate markets, including the formation of a syndicate to underwrite $30 million worth of New York City bonds to keep the city from defaulting.
- In 1975, when New York City faced bankruptcy, David Rockefeller, chairman and CEO of Chase Manhattan Corporation, and Ellmore C. Patterson, chairman and CEO of J.P. Morgan & Co., led the Financial Community Liaison Group to develop solutions.
- In March 2008, J.P. Morgan announced the acquisition of Bear Stearns, preventing a wider systemic financial crisis. And in September of that year, JPMorgan Chase acquired most of the banking operations of Washington Mutual.
What role has J.P. Morgan played during war times?
J.P. Morgan has continued to play an integral role during war times.
- World War I: In 1915, J.P. Morgan arranged the biggest foreign loan in Wall Street history — a $500 million Anglo-French loan — and acted as the U.S. purchasing agent for the Allies. The firm also acted as the U.S. commercial agent for the British and French Governments, placing more than $3 billion worth of contracts with American producers for the weapons, ammunition and goods the Allies needed.
- World War II: In 1939 the British and French governments chose J.P. Morgan & Co. to sell $1.5 billion of securities in the New York public markets.
In 2011, JPMorgan Chase joined the 100,000 Jobs Mission, an alliance of private companies dedicated to recruiting and hiring 100,000 military personnel leaving active duty and veterans over the next ten years.
How did J.P. Morgan contribute to the railroad industry?
In 1880, Drexel, Morgan financed the completion of the Northern Pacific Railroad linking Montana with the Pacific Coast through the sale of $40 million Northern Pacific bonds. The transaction was at the time the largest transaction in railroad bonds ever made in the United States.
What role did the firm play in creating the world’s first billion-dollar corporation?
In 1901, J.P. Morgan bought out industrialist Andrew Carnegie and combined some 33 companies to create United States Steel, the world’s first billion-dollar corporation. The new company controlled nearly half of America's steel-making capacity and produced more than half its total steel output.
How did the firm impact the advent of electricity?
In 1889, Drexel, Morgan financed Thomas Edison’s research and helped his company incorporate. In 1892, the firm helped create General Electric through the consolidation of the Edison General Electric Company and Thomson-Houston Electric.
Edison himself turned on the lights in Drexel Morgan’s offices at 23 Wall Street, the first business to draw power from the Edison Electric Illuminating Company. J. Pierpont Morgan had Edison’s system installed in his home — the first private house in New York City to be entirely lighted by the new incandescent bulb.
What were the firm's earliest ties to the airline industry?
J.P. Morgan introduced the Wright brothers to financiers, helping them establish the Wright Company in 1909. The Wrights set up a factory in Dayton, Ohio, and had an account with a predecessor firm in that state.
J.P. Morgan & Co.'s partners also helped finance Charles A. Lindbergh’s historic 1927 New York-to-Paris flight in the Spirit of St. Louis. It was the first solo, non-stop transatlantic flight. On his flight, Lindbergh carried with him a check drawn on the Equitable Trust Co. of New York, a JPMorgan Chase predecessor.
What were J.P. Morgan’s earliest ties to shipping and the waterways?
In 1902, J.P. Morgan organized the merger of six shipping lines into a new firm called the International Mercantile Marine, a trust that dominated shipping in the North Atlantic.
In 1904, the Treasury Secretary of the U.S. Government chose J.P. Morgan to act as fiscal agent on the funds transfer of $40 million to the New Panama Canal Company during the building of the Panama Canal.
Who issued the first American Depository Receipts?
In 1927, the firm issued the first American Depository Receipt (ADR), giving companies outside of the U.S. access to the U.S. capital markets. Today, J.P. Morgan offers one of the largest and most liquid ADR programs.
As the Eurobond market grew, what role did J.P. Morgan play?
In 1968, Morgan Guaranty’s Brussels branch launched Euroclear, a system that provides for the orderly settlement of Eurobond transactions. This followed other pioneering services to the Eurobond market, including procedures for the initial distribution of major Eurobond issues.
In 2000, Euroclear Bank was created and assumed the Euroclear operating and banking roles previously carried out by Morgan Guaranty. Today, Euroclear is among the world’s largest clearing system for international securities.
Which firm was the first to underwrite commercial paper?
In 1987, Chase Manhattan Corp. became the first commercial banking institution to receive the Federal Reserve’s approval to underwrite commercial paper (unsecured short-term corporate debt). While another New York bank had previously been permitted to sell commercial paper as an agent, Chase was the first to underwrite and deal in commercial paper for its own account.
What was J.P. Morgan’s role in the development of Brady Bonds?
In 1990, J.P. Morgan played an active role in the negotiations with Mexico to restructure nearly $50 billion in medium- and long-term commercial bank debt. The deal, a first in the market, became known as the Brady Plan and the new bonds known as Brady Bonds.
What role has the firm played in financing the public sector?
In 1870, Junius Morgan, J. Pierpont Morgan's father, provided France with a loan of 250 million gold francs. Throughout history, J.P. Morgan has continued to underwrite offerings in the public sector.
Today, the firm helps state and local governments, healthcare organizations and educational institutions to meet their financing needs.