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J.P. Morgan & Co. is an American financial institution specialized in investment banking, asset management and private banking founded by financier J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase , one of the largest banking institutions in the world.
JPMorgan Chase was created in 2000 by the merger of New York City banks J.P. Morgan & Co. and Chase Manhattan Company. Through its predecessors, the firm's early history can be traced to 1799, with the founding of what became the Manhattan Company.
As a result, some of the employees of J.P. Morgan & Co., most notably Henry S. Morgan and Harold Stanley, left J.P. Morgan & Co. and joined others from the Drexel partners to form Morgan Stanley. [14] The firm formally opened its doors for business on September 16, 1935, at 2 Wall Street, New York City, just down the street from J.P. Morgan. [15]
Chase branches in the contiguous U.S. in 2020. The company also operates in Hawaii (not shown on the map).. JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank headquartered in New York City that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase.
In 1864, Junius Morgan changed the name of George Peabody and Company to J. S. Morgan and Company. Under his leadership, it became one of the most prominent banking firms in both America and Europe. At the age of 64, J. S. Morgan retired. Perhaps the most prominent member of the family was J. P. Morgan (1837–1913), son of J. S. Morgan.
The Manhattan Company Building at 40 Wall Street. In 1891, the board of directors of the Bank of Manhattan Trust Company elected Stephen Baker vice president. Baker, a son of former U.S. Representative Stephen Baker and protégé of financier John Stewart Kennedy, was the grandson of Stephen Baker, a prominent New York merchant who was one of the original stockholders of the Manhattan Company.
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According to Phil Orbanes, former vice president of Parker Brothers, the Rich Uncle Pennybags of the American version of the board game Monopoly is modeled after J. P. Morgan. [118] The family of the illustrator Daniel Fox, who in 1936 created the mascot for the game, have credited J. P. Morgan as being the inspiration for the character. [119]