JPMorgan Chase Overview. All you need to know 

JPMorgan Chase Overview 

Headquartered in New York City, New York, United States, JPMorgan Chase & Co., is a North American financial and banking services holding corporation. The corporation’s operation, however, is not limited to the shore of America, but rather extends to other parts of the globe making it one of the largest financial institutions in the world. According to Forbes’ Global ranking released on 5th May 2022, JPMorgan Chase & Co. emerges #1 as the biggest and largest banking and financial institution in the United States, and #4 as the world’s largest economy with the Industrial and Commercial Bank of China ranked as #2. The metrics used by Forbes Global 2000 are based on 4 basic aspects of a company: profit, assets, market value, and sales. In addition, JPMorgan Chase & Co. is also ranked in the 24th position on the 2022 Fortune 500 list, indicating the company as one of the largest corporations in the United States in terms of revenue and assets. JPMorgan Chase & Co., as you might have observed is a public corporation with several subsidiaries and assets under its management. As of a report released in 2021, the corporation recorded a whopping $3.33 Trillion USD as its AUM (Assets Under Management). In this article, however, you will be shown a more detailed, comprehensive, and extensive review of  JPMorgan Chase & Co., The kickoff will begin with the company’s key facts and it will flow to all aspects of its operations, and dealings. As such, all relevant information detailing its key facts, historical background, its divisions, its financial overview, as well as its pros and cons will be concisely covered to enable you to understand the significant and major elements of the global economic and banking corporation as quickly as possible.       

JPMorgan Chase & Co. Key Facts 

Founding Year:  JPMorgan Chase & Co., earliest history started in the year 1799 approximately 223 years with The Manhattan Company before merging with the Chase National bank in the year 2000 to form the new name,  JPMorgan Chase & Co.     

Industrial Ranking:  JPMorgan Chase & Co., is proud to be ranked #1 on the Forbes Global 2000 list released in 2022,  as the largest banking company in America, and #4 as the world’s largest bank. Moreover, the corporation equally ranks #24 on the 2022 Fortune 500, indicating the company as one of the largest corporations with higher revenue in the United States.      

Company Type: A Public Corporation Company (PLC)     

Market Reach:   JPMorgan Chase & Co., operates globally and has its offices mounted strategically in several countries across the world.    

Industry Type: Financial Services 

Trading Type:   JPMorgan Chase & Co., is traded on the New York Stock Exchange (NYSE) market under the ticker symbol, JPM.  The corporation’s stock is a component of DJIA, the S&P 100, and the S&P 500 respectively.   

Workforce Strength: JPMorgan Chase & Co. Inc has a total number of 271, 025 employees in its workforce globally as of the 2021 report.     

Official Website link: www.jpmorganchase.com 

JPMorgan Chase Historical Background 

 In its entirety,  JPMorgan Chase & Co. is built on the foundation of more than 1, 200 predecessor firms that have conjoined together to form the company and built its status to where it is today. 

1799 – 1899 

 JPMorgan Chase & Co., the origin is traced back to the year 1979 when the first predecessor of the company was founded operating under the name, The Manhattan Company. The company’s initial operation was to provide drinkable water to New York’s increasing population as granted by the New York State Legislature charter, the company was, however, able to quickly extend to financial industries due to the surplus it recovers from the venture. 

In the year 1817, the company channelled part of its funds to support interest payments on the Erie Canal construction company in a bid to further enlarge the company. And in the year 1839, the company launched the grand opening of another cutting-edge financial institution, operating under the name, Bank of Commerce.  

In the year 1853, the company established a clearing house for the institution in a bid to bring efficiency to its banking services, the entity was named, The New York Clearing House. And in the same year, Abraham Lincoln becomes a customer of the bank. In 1854, the company extends its operation to London. In 1863, a subsidiary bank was opened under the name, First National Bank of Chicago, and it emerges as the 8th nationally chartered bank in the country. In 1863, the company launched an indemnity firm operating under the name, The New York Guaranty & Indemnity Company. In 1868, the company extends to Paris. And in the year 1877, Chase National Bank whose name is part of the company’s brand name today opens for business. Finally, in 1895, the company’s co-founder, Morgan, extends the sale of the U.S. treasury gold reserves to Europeans. 

1900s – 1990s 

In 1901,  JPMorgan Chase & Co., organizes the United States Steel company, becoming the world’s first multi-billion dollar company. In the year 1913, J. Perrpont Morgan dies. In 1914, the apex office was mounted at 23 Wall Street, New York City, NY. In 1923, the company launched a mutual savings program tagged Washinton Mutual School Savings Program. In the year 1955, the company merges with Chase Manhattan, forming the name, Chase Manhattan Bank. 1959, the company established Morgan Guaranty. In the year 1961, the company welcomes the electronic banking system into the financial industry. In 1980, the company develops at-home banking. 

In the year 1985, the company extended beyond the scope of its shore, introducing interstate banking. In the same year, the company introduced a networked ATM, tagged with the name, NYCE (New York Cash Exchange). In the year 1995, the company introduced the internet and online baking. 

 2000s  – till date 

In the year 2000, The Chase Manhattan Corporation is officially merged with J.PMorgan  Co. To form  JPMorgan Chase & Co. In 2004,  JPMorgan Chase & Co. acquired Bank One. In 2010, the company introduced Mobile Banking, and in the same year, the company financed General Motors to create the world’s first largest IPO at a goal. In the year 2011, the company supports Veterans. In the year 2018, the company replaces its apex building with a mighty edifice skyscraper in NYC. In the year 2019, the company stepped into a social philanthropic course, and partnered with Advancing Black Pathways; the two entities focused on wealth, a career as well as education.     

JPMorgan Chase & Co., Divisions and Business Segments 

The company’s business segments include: 

Community & Consumer Banking 

Wealth Management & Asset 

Commercial Banking 

Investment Banking & Corporate Banking  

 JPMorgan Chase & Co. Products & Service Offerings 

The company’s products and service offerings include: 

• Banking 
• Commodity Trading 
• Credit Cards 
• Stock Trading  
• Insurance Services 
• Investment Management 
• Mortgage Loans 
• Mutual Funds 
• Private Equity 
• Risk & Property Management 
• Wealth and Asset Management 
• Investment Management 

JPMorgan Chase & Co. Subsidiaries 

The company’s subsidiaries include: 

• Bank One
• WePay
• The Chase Manhattan Bank
• InstaMed
• Bear Stearns
• Washington Mutual Bank

Key Financials 

Revenue:  $124.5 Billion USD (2022) 

Operating Income: 59.56 Billion USD (2021) 

Net Income (Profit): 42.1 Billion USD (2022) 

Total Assets: $4 Trillion USD (Forbes 2022) 

Total Equity: $294.127 Billion USD (2021) 

Market Value: $336.469 Billion USD (2022) 

AUM (Assets Under Management): $3.11 Trillion (2021) 

Employee Review

According to reviews by employees on Glassdoor and Indeed.com, including an objective review of the company, below are the outlined pros and cons of JPMorgan Chase & Co.

Variety of Brands and Products: Having a vast and comprehensive list of brands as well as products in its archive, the vast brand nature of JPMorgan Chase & Co. is literally one of the pros of the company as it avails customers a pool of brands and products to choose from based on their individual needs.   

Adequate Industrial Experience: Although the company was launched officially in the year 2000, nonetheless, the parent company of the corporation has been in existence since 1799. Thus, due to this broad year of accumulated industry experience, JPMorgan Chase & Co. prides itself as a company with a saturated level of industrial and global expertise.   

Pro

Great Place to Work for Employees: According to a research-based review on Glassdoor, most employees commented that JPMorgan Chase & Co. is a great place to work.  

Sustainability Development Commitment: Committed to the service of humanity, JPMorgan Chase & Co. support and foster environmental and innovative program in its communities so as to fulfil its corporate social responsibility as a firm.   

Values Diversity: Employees also commented positively on JPMorgan Chase & Co.’s policy that it values diversity and cultural differences.  

Staff Welfarism: Employee welfarism is another merit of JPMorgan Chase & Co. as it strives to provide perks like insurance, health, and hazard allowances for its staff.  

Cons 

No substantive cons available for this corporation

Conclusion 

JPMorgan Chase & Co. has been in the industry for quite a long time and its root could be traced to The Bank of the Manhattan Company founded in the year 1799 until its recent restructuring as JPMorgan Chase & Co. in the year 2000.  However, despite that, the corporation leverages its parent corporation’s experience to increase its growth exponentially from its inception in 2000 hitherto this day. The secret to this is, not quite far-fetched, it is, however, the company’s commitment to exceptional and innovative service offerings while helping customers and employees derive value in their respective pursuits. Finally, with all being said in the foregoing sections of this piece, I hope your expectation, as promised in the introductory part of this piece has been met, and that you have adequately absorbed all there is to know about this ever-expanding company, JPMorgan Chase & Co.