J.P. Morgan Chase & Co. is the largest bank in the United States, which is often called one of the “Big Four Banks” of the United States, which also include Citigroup, Bank of America, and Wells Fargo. It is headquartered in New York City. According to the News, J.P. Morgan Chase & Co. holds about 25% of all U.S. deposits, with an asset of 2.5 trillion US dollars. It is an American full-service securities firm and commercial bank that has business in more than 60 countries and areas, including United Kingdom, Hongkong, Brazil, Beijing and India. Its services include investment banking, financial transaction processing, investment management, commercial financial services, personal banking, etc.

J.P. Morgan Chase & Co.’ story began with Junius Morgan in the 1850s, who was a successful New England Merchant. In 1854, Junius accepted the invitation of George Peabody, an American Banker in London to join his firm. Eventually, Junius took over Peabody’s firm and renamed J.S. Morgan & Company. In 1858, his firm raised enough money for the first transatlantic cable project, which allowed people on both sides of the Atlantic to share accurate information about the availability and pricing of goods in a matter of minutes instead of days. In 1870, J.S. Morgan took a big risk and raised 10 million pound loan to the French government during the Franco-Prussian war. Eventually, the French Government repaid ahead of schedule, which made J.S. Morgan internationally famous.

In 1871, Junius Morgan introduced his son J. Pierpont Morgan to Anthony Drexel, a Philadelphia banker. They formed Drexel, Morgan & Co., a private merchant banking house in New York City, which later renamed J.P. Morgan. J.P. Morgan financed lots of famous projects, such as the New York Central Railroad in 1882, General Electric Company in 1892, United States Steel in 1901, and the Panama Canal Project in 1904.

In 1907, J. Pierpont Morgan had his most marvelous successful story because he took charge to stop The Panic of 1907. In 1907, a year after the great San Francisco earthquake, the U.S. economy was in trouble. Because unemployment was up and the stock market was down, people were panicking and rushing to pull their money of the banks. However, banks did not get enough money for their customers and the U.S. Government had no way to deal with the panic. Eventually, the job of stopping the panic fell to one man: J. Pierpont Morgan. Morgan called together all the bankers on a Saturday night and said they were going to pool their money to restore confidence. Morgan drew up a list and ordered bankers to contribute to a $25 million pool. He locked the door and then said that “we are not leaving until I’ve got all the signatures.” There were still bankers inside until 5 am in the morning and eventually they all signed. Morgan’s plan worked – it ended the panic of 1907. In 1913, J. Pierpont Morgan died while traveling in Rome and his son, J.P. (Jack) Morgan, Jr. became J.P. Morgan & Co.'s senior partner.

In 2000, the Chase Manhattan Bank merged with J.P. Morgan & Co and J.P. Morgan Chase & Co was born. In 2004, it merged with Bank One and its name retained.

As early as 1921, J.P. Morgan Chase & Co opened a branch office in Shanghai, China. As of today, J.P. Morgan has branches in Chinese Mainland such as Beijing Branch, Shanghai Branch, Tianjin Branch, Guangzhou Branch, Shenzhen Branch etc. Its financial services include investment and corporate banking, payments, markets, sales and research, securities services, commercial banking and asset management.

 

On the ranking of “The 2nd Daguan·Keweiwei World Brand Value Top 900” released on January 13, 2022, J.P. Morgan Chase & Co’s brand value was 624.437 billion RMB, ranking the 35th.

作者：杨瑞安

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