Three generations of bankers

John Pierpont Morgan was born into a banking family. His father, Junius Spencer Morgan, was a partner at the London-based firm of George Peabody & Co. In 1864, Junius succeeded George Peabody and changed the firm’s name to J.S. Morgan & Co.

J Pierpont MorganJohn Pierpont Morgan was born into a banking family on April 17, 1837. His father, Junius Spencer Morgan, was a partner at the London-based firm of George Peabody & Co. In 1864, Junius succeeded George Peabody and changed the firm's name to J.S. Morgan & Co. Junius Morgan died on April 8, 1890.

Upon completion of his studies in Europe, Pierpont returned to New York City in 1858 to work for the American agent of George Peabody & Co. In 1871, in partnership with Anthony Drexel, he founded Drexel, Morgan & Co. In 1895, the firm was renamed J.P. Morgan & Co. after Drexel's death in 1893.

Morgan's lasting achievements include arranging the mergers that created General Electric, U.S. Steel and International Harvester, as well as his role in consolidating the railroad industry. But his most important contributions may have been the rescues of the U.S. Treasury, New York City and the banking industry in the financial crises that plagued the last decades of the 19th century and early years of the 20th.

J. Pierpont Morgan died at age 75 in Rome on March 31, 1913, and his son, John "Jack" Pierpont Morgan, Jr. took over the helm of J.P. Morgan & Co.

Jack Morgan was 45 when his father died, and he continued the financial and philanthropic activities that marked J. Pierpont Morgan's life. Under his leadership, J.P. Morgan & Co. played an important role in World War I, arranging a $500 million Anglo-French loan that was, at the time, the largest foreign loan in Wall Street history.

In 1939, before the United States entered World War II, the British and French governments chose J.P. Morgan & Co. to sell $1.5 billion of securities in the New York public markets.

Jack Morgan died on March 13, 1943, at the age of 75.

J.P. Morgan continues to be a leader in financial services. Learn more.

 

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