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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.
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.
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]
Upon Peabody's retirement in 1864, control was assumed by Morgan who had joined the firm as a partner in 1854. As a consequence the firm was re-styled J. S. Morgan & Co. [2] The firm's New York agency was later to become J.P. Morgan & Co. (under the leadership of Junius' son J. Pierpont Morgan, who had apprenticed as a cashier at Duncan, Sherman & Co.) a predecessor firm of JPMorgan Chase. [3]
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