J.P.Morgan Chase & Co. |
| Type | Public (NYSE: JPM) |
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| Founded | 1799 |
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| Headquarters |  New York City, USA |
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| Area served | Worldwide |
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| Key people | James L. Dimon
(Chairman), (President) & (CEO) |
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| Industry | Finance and insurance |
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| Products | Financial services |
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| Market cap | US$ 124.29 billion (2008) |
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| Revenue | â–˛ US$ 116.353 billion (2007) |
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| Operating income | â–˛ US$ 46.133 billion (2007) |
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| Net income | â–˛ US$ 15.365 billion (2007) |
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| Total assets | â–˛ US$ 1.78 trillion (June 30, 2008) |
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| Total equity | â–˛ US$ 123.221 billion (2007) |
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| Employees | 228,452 (2008) |
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| Website | www.jpmorganchase.com www.jpmorgan.com www.chase.com |
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JPMorgan Chase & Co. (NYSE: JPM) is one of the oldest financial services firms in the world. It is a leader in financial services with assets of $2.3 trillion., and the largest market capitalization and deposit base of any U.S. banking institution. The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United States with $34 billion in assets as of 2007. Formed in 2000 when Chase Manhattan Corporation acquired J.P. Morgan & Co., the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and governmental clients.
In 2004, the company merged with Bank One Corp., bringing on board current chairman and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy 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 January 2006 and Chairman in December 2006.
The JPMorgan brand is used by the Investment Bank as well as the Asset Management, Private Banking, and Private Wealth Management 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 and the bank's retail banking activities in the United States.
On September 25, 2008 Washington Mutual Inc.'s subsidiary bank, Washington Mutual Bank was closed by the Office of Thrift Supervision, and placed into the receivership of the Federal Deposit Insurance Corporation, in the largest failure by far of a U.S. bank. 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.