Some of the largest national banks in the USA:
JPMorgan Chase & Co. – JPMorgan Chase is the largest bank in the USA by assets and offers a range of services including personal banking, business banking, and investment banking.
Bank of America Corp. – Bank of America is the second-largest bank in the USA and offers a range of services including personal banking, business banking, wealth management, and investment banking.
Wells Fargo & Co. – Wells Fargo is the third-largest bank in the USA and offers a range of services including personal banking, business banking, wealth management, and investment banking.
Citigroup Inc. – Citigroup is the fourth-largest bank in the USA and offers a range of services including personal banking, business banking, wealth management, and investment banking.
U.S. Bancorp – U.S. Bancorp is the fifth-largest bank in the USA and offers a range of services including personal banking, business banking, and wealth management.
Saga of JPMorgan Chase & Co:
JPMorgan Chase & Co. is a multinational banking and financial services holding company headquartered in New York City (383 Madison Avenue in Midtown Manhattan)
Set to JPMorgan Chase & Co. is a multinational banking and financial services holding company headquartered in New York City.
The origins of the company date back to 1799,
when Aaron Burr established the Bank of The Manhattan Company. Since then, the company has grown through a series of mergers
The Manhattan Company is founded: 1799
The New York State legislature granted a charter to provide the city’s expanding population with drinking water that is deemed “pure and wholesome.”
The charter includes a provision that permits The Manhattan Company to utilize any excess capital for the purpose of conducting banking activities.
The New York Manufacturing Company is incorporated : 1812
The New York Manufacturing Company is officially incorporated, marking the beginning of a storied history that would eventually lead to the creation of one of the world’s most
respected financial institutions.
Manufacturers Hanover can trace its origins back to The New York Manufacturing Company, which was established with the aim of manufacturing tools and parts for the textile industry.
The company was also authorized under its charter to engage in banking activities, much like The Manhattan Company. As a result, it founded Phenix Bank in 1817.
Fund to Eric canal: 1817
The Bank of The Manhattan Company played a pivotal role in financing the construction of the Erie Canal, which connected the Hudson River to the Great Lakes upon its completion in 1825.
In the ensuing decades, the bank continued to support the canal’s growth and development by providing funding for interest payments on Erie Canal bonds and facilitating the expansion and modernization of the waterway.
The New York Chemical Manufacturing Company : 1823
The New York Chemical Manufacturing Company was founded by a visionary group of merchants who recognized the potential for producing essential chemical products, including medicines, paints, and dyes, to meet the growing demands of their time. Despite facing initial limitations placed by its charter that forbade banking activities, the company demonstrated impressive adaptability and successfully secured an amendment within a year, allowing it to establish The Chemical Bank, a ground-breaking banking subsidiary that would go on to make history in the world of finance.
Junius Morgan begins business in London :1854
Junius S. Morgan, a distinguished member of the illustrious Morgan banking dynasty, made a strategic move to London where he joined forces with the prestigious private banking firm George Peabody & Co. Their fruitful partnership enabled the firm to ascend to the pinnacle of success as a foremost distributor of American securities across England and Europe, serving as a driving force behind a multitude of significant transactions, including the historic 1858 venture to raise capital for the first transatlantic telegraph cable. The firm was rebranded as J. S. Morgan & Co. in 1864 and remained a vital component of the J.P. Morgan international banking network throughout the ensuing century, solidifying its legacy as a pioneering institution that shaped the global financial landscape.
Most banks suspend but continues to redeem banknotes in gold :1857
Amidst a catastrophic financial crisis that saw the closure of 18 New York City banks in a single day and the onset of a severe economics, Chemical Bank displayed an unwavering commitment to honouring its obligations to redeem banknotes in gold coin.
This steadfastness played a critical role in stabilizing the financial markets, earning the bank the enduring nickname of “Old Bullion.” Chemical Bank’s remarkable resilience and unwavering dedication to its clients in the face of overwhelming adversity remains a testament to its enduring legacy as a trusted and reliable institution.
First National Bank of Chicago:1863
The establishment of the First National Bank of Chicago marked a significant milestone as the eighth bank to be nationally chartered under the newly created National Banking Act. Remarkably, JPMorgan Chase Bank continues to operate to this day under this same charter, serving as a testament to its enduring legacy as a trusted and reliable institution in the banking industry.
Stock market crash:1929
After a decade of exorbitant speculation and escalating prices, the stock market suffered a catastrophic crash on October 29, 1929, signalling the advent of the Great Depression. The banking industry was particularly hard-hit, as credit became scarce and lenders demanded repayment of margin loans that had been utilized for speculative purposes. In this tumultuous climate, concerned depositors frantically withdrew their savings, causing an upsurge in bank runs over the following three years. Despite attempts to obtain additional funding from the Federal Reserve System, hundreds of banks throughout the nation were forced to close their doors.
National Bank of Detroit :1933
Against the backdrop of a severe nationwide financial collapse, the National Bank of Detroit, which later became NBD Bancorp, is founded in Detroit. As a result of a lack of confidence in the solvency of banks, the federal government imposes a bank holiday, temporarily closing all banks to allow the financial system to stabilize. Following the failure of Detroit’s two major banks, Michigan is left with virtually no banking services for six weeks. In a remarkable turnaround, a new National Bank of Detroit is capitalized by the Reconstruction Finance Corporation and General Motors, opening its doors to 562 new accounts on the very first day of its operation.
Goes public J.P. Morgan: 1940
J.P. Morgan & Co., a privately-owned partnership since its establishment, undergoes incorporation and issues shares to the public, transforming into J.P. Morgan & Co. Incorporated. Jack Morgan, the senior partner of the firm, assumes the position of the first chairman of the newly formed corporation.
World War II :1941-1945
After the attack on Pearl Harbor and the United States’ entry into World War II, our predecessor banks were actively involved in supporting the war effort both domestically and overseas. A significant number of bank employees served in the military, while those who remained at home contributed to the war effort through blood drives and the preparation of care packages containing essential supplies for troops stationed abroad. Additionally, our predecessors played a crucial role in purchasing and promoting Treasury securities, sponsoring fundraising drives, and selling war bonds at their branches.
In 1955, the Bank of The Manhattan Company merged with Chase National Bank to form the Chase Manhattan Bank, which became one of the largest banks in the world. In 2000, the merger of Chase Manhattan Bank and J.P. Morgan & Co. created JPMorgan Chase & Co., solidifying its position as a leading financial institution.
The company’s commitment to growth and expansion is evident in its strategic acquisitions of other companies. One of the most significant acquisitions was the purchase of Bear Stearns in 2008, during the height of the financial crisis. The move demonstrated JPMorgan Chase’s ability to make strategic moves in a volatile market and further solidified its position as a leading financial institution.
Today, JPMorgan Chase & Co. is one of the largest financial services companies in the world, w
ith assets of over $660 billion. Its commitment to maintaining a “Fortress Balance Sheet” and liquidity reserves has helped to weather market turbulence and economic downturns.
Since then, JPMorgan Chase & Co. has worked to rebuild its reputation and strengthen its operations. The bank has focused on improving risk management, enhancing compliance and controls, and investing in technology and innovation. Its commitment to innovation is evident in the construction of its new state-of-the-art building, the JPMorgan Chase Building, set to open in 2025.
The new building, located at 270 Park Avenue in Midtown Manhattan, is set to be the tallest building in the world that is solely used as a corporate headquarters. The 70-story building, designed by Foster + Partners, will be a model of sustainable architecture, featuring advanced technology and design features that minimize energy usage and environmental impact.
JPMorgan Chase & Co.’s commitment to sustainability is also reflected in its business practices. The company has set ambitious goals to reduce its carbon footprint and increase the use of renewable energy. It has also made significant investments in clean technology and sustainable infrastructure.
JPMorgan Chase & Co. is also committed to making a positive impact in the communities it serves. The company has a long history of philanthropy and social responsibility, with a focus on supporting education, workforce development, and affordable housing initiatives.
In 2019, JPMorgan Chase & Co. announced a $350 million investment over five years to support workforce development and job training programs in underserved communities. The company has also made significant investments in affordable housing initiatives, partnering with non-profit organizations to create and preserve affordable housing units.
The company’s commitment to social responsibility is also reflected in its diversity and inclusion initiatives. JPMorgan Chase & Co. is committed to building a diverse and inclusive workforce, with a focus on increasing the representation of women and people of color in leadership roles. The company has set ambitious goals to increase diversity and inclusion across its workforce and has made significant investments in training and development programs.