History Of Jpmorgan Chase

JPMorgan Chase

First glance: Founded in 2000 (predecessor Bank of Manhattan Company, which was established in 1799). JPMorgan Chase is the result of the merger of several banks, including Chase Manhattan Bank, JPMorgan & Co., Bank One, Bear Stearns, and Washington Mutual since 1996. HQ: New York. Revenue: $95.66 billion. Net income: $24.73 billion. Employees: 243,355 (2016 figures).

Services: The operations of JPMorgan Chase include investment banking, asset management, private banking, commercial banking, treasuries and securities services, M&A deals, underwriting, and venture capital.

Work culture: The halls of JPMorgan accommodate the best brains of the investment banking industry. The work atmosphere is demanding, but the bank provides

The corporate settlement, which was the largest ever then, did not cover criminal charges. In 2002, Chase paid fines of $80 million to settle charges that the bank deceived investors with biased research.

Tidbits: J. P. Morgan followed his father into the banking business in 1857. “Morganization” became popular as Morgan took over loss-making companies and put them on the road to recovery. JPMorgan Chase and Co. is the largest bank in the US and the sixth largest in the world by total assets ($2.5 trillion). CEO and Chairman James Dimon, who is already the longest serving Wall Street CEO, is to stay on for five more years, the New York Times reported in January

Although it may not provide the same level of salaries as its giant counterparts, the teamwork and work ethics are often adequate compensation.

Crisis: In 2015, Morgan Stanley fired one of its financial advisors for allegedly posting information about 350,000 of its wealth management clients on a website. The Wall Street called the incident “potentially the largest data theft at a wealth management firm.”

Tidbits: Here’s a heartwarming story from 9/11: As Morgan Stanley Security Director at the Twin Towers, Cyril Richard Rescorla anticipated the attacks and evacuated all but 13 of the bank’s 2,700 employees in the towers. He died while leading evacuees out from the South Tower.

UBS

First glance: Founded in 1862. Originally “Union Bank of Switzerland,” the abbreviation ceased to be representational with the merger of UBS and the Swiss Bank Corporation in 1998. HQ: Zurich. Operating income: $30.41 billion. Employees: 59,387 (2016