ipl-logo

Jp Morgan Chase History

414 Words2 Pages

Back ground of organization
JPMorgan Chase & Co has one of the longest histories in the financial banking institutions in the United States. There are a multitude of banking Firms that are associated with the organization to include but is not limited to: J.P. Morgan & Co., The Chase Manhattan Bank, Bank One, Manufacturers Hanover Trust Co., Chemical Bank, The First National Bank of Chicago, National Bank of Detroit, The Bear Stearns Companies Inc., Robert Fleming Holdings, and the Cazenove Group just to name a few of the more reputable organizations. Each of the banking firms, in its own time, was or is closely tied to innovations in finance and the growth of the U.S. and global economies.
History of Organization
JP Morgan Chase traces its roots back to 1799 in New York City as …show more content…

1804 In the now infamous duel, the Manhattan Company founder Aaron Burr shot and killed Alexander Hamilton over personal and political differences.
1823 New York City merchants utilize the New York Chemical Manufacturing company to produce chemicals, medicines, paints and dyes, which is the earliest predecessor in the Chemical Banks corporation tree. In 1824 The Chemical Bank officially opens.
1842 The Manhattan Company halts operations when New York City established municipal water supply.
1859 The Bank of Manhattan Company funds the construction of the Erie Canal through both loans and bonds.
1871 J. Pierpont Morgan, Sr. and Drexel formed private merchant banking partnership in New York, called Drexel, Morgan & Co.
1877 a New York banker named John Thompson formed Chase National Bank, named after former Secretary of the Treasury under President Abraham Lincoln.
1880 Drexel, Morgan & Co finances the completion of the Northern Pacific Railroad.
1883 The Brooklyn Trust Company, a JP Morgan Chase predecessor, finances most all of the $15 million needed in its construction. (JPMorgan Chase &

Show More
Related

  • Jp Morgan Was The Most Influential Man In The 1800s-Early 1900's

    1270 Words  | 6 Pages

    Napoleon of Wall Street J.P. Morgan was the most influential person in mid 1800 - early 1900s. He became the most powerful man in america who was only challenged by Andrew Carnegie and J.D. Rockefeller, together these men are worth 1 trillion dollars in today’s money - that's more than the top 40% combined wealth today. Morgan saved the US government twice - really he saved American business twice. He took the over expanded railroad and made it profitable, took Edison’s D.C. current and Tessa’s A.C. current combining them into General Electric lighting homes across America, bought Andrew Carnegie's steel business making into US Steel hoisting the company profit to 1 billion - for the first time in American history. J. Pierpont Morgan was

    Read More

  • Why The Two Land Ordinances Passed By Congress Under The Articles Of Confederation?

    1374 Words  | 6 Pages

    Being charted for 20 years, it started in Philadelphia with a capital of ten million dollars. I think Hamilton’s plan of a national bank was successful because it helped to stimulate the nation’s economy like it was planned to. It also gave the new nation a good foundation financially. It also was successful because it created a new united currency that was the same throughout the whole Union. When the stock was put up for sale publicly, it was sold out in less than two hours, which also expresses the successfulness of Hamilton’s idea of a national bank even though many people like Thomas Jefferson thought it was

    Read More

  • How Did Robber Barons Affect The Economy

    1329 Words  | 6 Pages

    In 1901 He also merged the Carnegie Steel Company with several other steel and iron businesses to form the United States Steel Corporation -- which became the first billion-dollar corporation in the world. With this monetary success, J.P. Morgan was able to focus on facile aspects of existence: some being book, picture, and other art object collecting. He loaned and gave many of his collected objects to the Metropolitan Museum of Art -- of which he was president and a major force in its establishment. By the turn of the century he had become one of America's most important collectors of gems and had assembled the most important gem

    Read More

  • Andrew Jackson Dbq Essay

    415 Words  | 2 Pages

    Andrew Jackson vetoed the bill re-chartering the Second Bank in July 1832 by arguing that in the form presented to him it was incompatible with “justice,” “sound policy” and the Constitution. The bank’s charter was unfair, Jackson argued in his veto message, because it gave the bank considerable, almost monopolistic, market power, specifically in the markets that moved financial resources around the country and into and out of other nations. That market power increased the bank’s profits and thus its stock price, “which operated as a gratuity of many millions [of dollars] to the stockholders,” who, Jackson claimed, were mostly “foreigners” and “our own opulent citizens.” He then suggested that it would be fairer to most Americans to create a wholly government-owned bank instead, or at least to auction the Second Bank of the US’s monopoly privileges to the highest bidder.

    Read More

  • What Was The Significance Of The 13th Amendment

    1340 Words  | 6 Pages

    The Freedmen's savings and trust Company was created by United States congress officials. The Freedmen's saving and trust company were formed into a legal corporation on March 3, 1865, and was then referred to as the Freedmen's Bank. The Freedman's saving and Trust Company was a private corporation that was run by the U.S government to encourage and guide the economic development of newly freed African American communities. The Corporation was created after a nationwide conspiracy. During the Civil War small banks were established throughout the south to collect deposits from black soldiers and fugitive slaves that were working with the armed forces of the Union.

    Read More

  • What Is Alexander Hamilton Necessary?

    961 Words  | 4 Pages

    So within an hour of the stock in the new bank being put up it was sold out on July 4, 1791. The bank caused a lot of good to come to the new young republic. Hamilton nurtured the hustling, bustling, aspiring spirit that he believed made Americans different from the others, he wanted to ensure that everyone had the opportunity to rise from poverty and have the same availability of success and would always have. The thriving new markets and new industries ensured the fate of the republic (Tindall and

    Read More

  • Aaron Burr Research Paper

    897 Words  | 4 Pages

    The Life of Aaron Burr People say that Aaron Burr was a villain in the history of the American Revolution. He was wrongly perceived this way because of a smear campaign created by his political enemies. He may have killed Alexander Hamilton, but he made many contributions to the United States, most of which go unnoticed by America’s citizens. People of today have repeated these distortions, making Burr appear as the classic bad guy of American history. In reality, Aaron Burr was a particularly interesting man who faced a great number of challenges throughout his life, but still managed to accomplish many feats; both in the army and his career.

    Read More

  • Power Of The Federal Government In The 19th Century

    674 Words  | 3 Pages

    As the country started to grow, the power of the Federal Government had also started to grow. The power that the Federal Government had, started to create conflict between the States ' and the Federal Government. By the 19th century, cases started to appear more frequently that challenged States ' rights against the National Government. Around the early 1800s, the major national concern was finical stability. The charter of the Bank of the United States had expired in 1811 and the Democratic-Republican Madison administration and the Republican Congress had failed to renew it.

    Read More

  • Robber Barons: Andrew Carnegie JP Morgan And John D. Rockefeller

    461 Words  | 2 Pages

    1.The robber barons were Andrew Carnegie JP Morgan and John D. Rockefeller. These individuals were known as robber barons because they were eliminating competition by high pricing and overcharging while managing their monopoly. 2. Trunk lines were four major railroad networks that emerged after the civil war which connected eastern sea ports to western rivers as well as great lakes. The federal government loaned $65 million to western railroads and donated millions of acres.

    Read More

  • Jp Morgan Chase Bank Essay

    923 Words  | 4 Pages

    JPMorgan Chase is a powerhouse bank with an impressive portfolio. Ranked 5th largest in the world by assets and is largest bank by market cap, making it a truly formidable financial

    Read More

  • Examples Of Monopolies In The Gilded Age

    425 Words  | 2 Pages

    The Gilded Age was a time of good and bad economic growth. In America during post civil war times, years 1870 to 1900, the nation was prospering on the surface, but was corrupt underneath; large businesses took control of the economy, changed society, and influenced politics nefariously. By the end of the nineteenth century, monopolies and trusts exercised a significant degree of control over key aspects of the American economy. Carnegie used vertical integration to take over the steel industry. He then set up a mega trust with Rockefeller, who was in the gas and oil industry, JP Morgan, who was a banker, and Vanderbilt, who was high up in the railroad industry.

    Read More

  • Alexander Hamilton Political Influences

    1099 Words  | 5 Pages

    Alexander Hamilton became famous recently due to a man named Lin Manuel Miranda who made a musical about Alexander Hamilton. But there is more to Alex than what is told in the musical. Alexander's life and political career still influence us today. Alexander Hamilton was born January 11, 1757 on St.Croix, a British island in the Caribbean. Hamilton became an orphan at an early age due to his father abandoning the family and divorcing his mother.

    Read More

  • First Bank History

    562 Words  | 3 Pages

    The First Bank of the United States worked commercially making it so businesses and the public could deposit their money and take out loans from the bank. The bank’s notes mainly came into circulation through the process of loans. Do to the fact that the First Bank of United States was back then the biggest financial institution it was able to issue higher amounts of currency and give out more loans than any other bank in the world. The bank was at the time the only one processing different branches and dealt with deposits from the federal government. Even though state banks where not widely known or accepted the First Bank of the United States Banknotes were recognized all over the country.

    Read More

  • Philadelphia Essay

    1351 Words  | 6 Pages

    Philadelphia is often known as being the founding place of our country, but it’s seldom known that Philadelphia is also the birthplace for American finance. Philadelphia played a major role in the evolution of America’s financial integration with being the first home to the Bank of the United States, the U.S. Mint, an active securities exchange, and several banks and insurance companies. Several financial innovations and groups of innovations first emerged in Philadelphia’s center city, many of which persist to the present even as financers move their businesses to New York. In modern times, Philadelphia’s center city is still a flourishing finance hub with housing eighteen commercial banks, large accounting firms, and various investment and

    Read More

  • Ecuador Personal Statement

    772 Words  | 4 Pages

    In 1863, the bank joined the U.S.'s new national banking system and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States, and in 1897, it became the first major U.S. bank to establish a foreign department. My conversations with the first and second year analysts opened my eyes to their daily life and helped me better understand the high standards expected of analysts at Citigroup. More importantly, I was able to meet several risk professionals including Mr. Michael Brickley, a Senior Vice President, who works in Market Risk Management covering North American

    Read More

More about Jp Morgan Chase History

Open Document