JPMorgan Chase - Wikipedia, The Free Encyclopedia

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Type Public

Traded as NYSE: JPM(https://www.nyse.com/quote

/XNYS:JPM)

Dow Jones Industrial Average

Component

S&P 500 Component

Industry Banking, financial services

Predecessor Bank of the Manhattan Company

founded September 1, 1799

Founded December 1, 2000

Headquarters 270 Park Avenue

New York, NY 10017

U.S.Area served Worldwide

Key people Jamie Dimon

(Chairman, CEO & President)[1][2]

Products Asset management, brokerage

services, commercial banking,

commodities, commodity trading,

consumer banking, corporate

banking, credit cards, consumer

finance, equities trading, finance

and insurance, foreign currency

exchange, foreign exchange

trading, futures and options trading,global banking, global wealth

management, insurance, investment

banking, investment management,

money market trading, mortgage

loans, prime brokerage, private

banking, private equity, retail

banking, retail brokerage, risk

management, treasury and security

services, underwriting, wealth

management

Revenue US$96.60 billion (2015)[3]

Operating

income US$30.70 billion (2015)

[3]

Net income US$24.44 billion (2015)[3]

Total assets US$2.35 trillion (2015)[3]

Total equity US$247.5 billion (2015)[3]

Number of

employees

235,678 (2015)[3]

Divisions J.P. Morgan Asset Management

Subsidiaries Chase, J.P. Morgan & Co., J.P.

Morgan Cazenove, One Equity

Partners

JPMorgan Chase & Co.

JPMorgan ChaseFrom Wikipedia, the free encyclopedia

JPMorgan Chase & Co.is an American multinational banking and financial

services holding company headquartered in New York City. It is the largest bank in

the United States, and the world's sixth largest bank by total assets, with total assets

of US$2.6 trillion. Moreover, it is the sixth largest public company in the world

according to the Forbes Global 2000. It is a major provider of financial services,

and according toForbesmagazine is the world's sixth largest public companybased on a composite ranking.[4]The hedge fund unit of JPMorgan Chase is the

second largest hedge fund in the United States.[5]The company was formed in

2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.[6]

The J.P. Morgan brand, historically known as Morgan, is used by the investment

banking, asset management, private banking, private wealth management, and

treasury & securities services divisions. Fiduciary activity within private banking

and private wealth management is done under the aegis of JPMorgan Chase Bank,

N.A.the actual trustee. The Chase brand is used for credit card services in the

United States and Canada, the bank's retail banking activities in the United States,

and commercial banking. The corporate headquarters is located at 270 Park Avenue

in Midtown Manhattan, New York City. The retail and commercial bank is

headquartered in Chase Tower, Chicago Loop, Chicago, Illinois, U.S.[6]JPMorgan

Chase & Co. is considered to be a universal bank.

JPMorgan Chase is one of the Big Four banks of the United States, along with

Bank of America, Citigroup, and Wells Fargo.[7][8][9][10][11][12]According to

Bloomberg, as of October 2011, JPMorgan Chase had surpassed Bank of America

as the largest U.S. bank by assets.[13]

Contents

1 History1.1 Chemical Banking Corporation

1.2 Chase Manhattan Bank

1.3 J.P. Morgan & Company

1.4 Bank One Corporation

1.5 Bear Stearns

1.6 Washington Mutual

1.7 2013 settlement

1.8 Other recent acquisitions

1.9 Acquisition history

1.10 Recent News

2 Structure

2.1 JPMorgan Europe, Ltd.

3 Financial data4 Operations

4.1 History

5 Lobbying

6 Controversies

6.1 Conflicts of interest on investment research

6.2 Enron

6.3 WorldCom

6.4 Jefferson County, Alabama

6.5 Failure to comply with client money rules in the UK

6.6 Mortgage overcharge of active military personnel

6.7 Truth in Lending Act litigation

rgan Chase - Wikipedia, the free encyclopedia https://en.wikipedia.org/wiki/JPMorg

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Website www.jpmorganchase.com

(http://www.jpmorganchase.com/)

The JPMorgan Chase &

Co. headquarters at 270

Park Avenue in Midtown

Manhattan, New York City,

U.S.

The JPMorgan Chase logo

prior to the 2008

rebranding

As of June 2008, the

JPMorgan logo used for the

company's Investment

Banking, Asset

Management, and Treasury

& Securities Services

units.[14]

6.8 Alleged manipulation of energy market

6.9 Criminal investigation into obstruction of justice

6.10 Sanctions violations

6.11 National Mortgage Settlement

6.12 Speculative trading

6.13 Mortgage-backed securities sales

6.14 "Sons and Daughters" hiring program

6.15 Madoff fraud

6.16 Corruption investigation in Asia

6.17 September 2014 cyber-attack7 Offices

8 Credit derivatives

8.1 Multibillion-dollar trading loss

9 Art collection

10 Major sponsorships

11 Notable former employees

11.1 Business

11.2 Politics and public service

11.3 Other

12 See also

12.1 Index products

13 References14 External links

History

JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking

companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns

and Washington Mutual. Going back further, its predecessors include major banking firms among which

are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas

Commerce Bank, Providian Financial and Great Western Bank. Its original predecessor, the Bank of the

Manhattan Company, was the second oldest banking corporation in the United States, and the 31st

oldest bank in the world, having been established on September 1, 1799 by Aaron Burr.

Chemical Banking Corporation

The New York Chemical Manufacturing Company was founded in 1823 as a maker of various

chemicals. In 1824, the company amended its charter to perform banking activities and created the

Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically

and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce

Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first

major bank merger "among equals"). In the 1980s and early 1990s, Chemical emerged as one of the

leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture

Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its

reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices

of pioneering investment banker, Jimmy Lee.[15][16]At many points throughout this history, Chemical Bank was the largest bank inthe United States (either in terms of assets or deposit market share).

In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase

name. To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters at 270

Park Avenue.

Chase Manhattan Bank

The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the

Manhattan Company (established in 1799),[17]the company's oldest predecessor institution. The Bank of the Manhattan Company

was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.


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The logo used by Chasefollowing the merger with

the Manhattan Bank in

1954

The J.P. Morgan & Co.

logo before its merger with

Chase Manhattan Bank in

2000

Influence of J.P. Morgan in

Large Corporations, 1914

The J.P. Morgan

headquarters in New York

City following the

September 16, 1920 bomb

explosion that took the

lives of 38 and injured over

400

According to page 115 ofAn Empire of Wealthby John Steele Gordon, the origin of this strand of

JPMorgan Chase's history runs as follows:

At the turn of the nineteenth century, obtaining a bank charter required an act of the state

legislature. This of course injected a powerful element of politics into the process and invited

what today would be called corruption but then was regarded as business as usual. Hamilton's

political enemyand eventual murdererAaron Burr was able to create a bank by sneaking a

clause into a charter for a company, called the Manhattan Company, to provide clean water to

New York City. The innocuous-looking clause allowed the company to invest surplus capital in

any lawful enterprise. Within six months of the company's creation, and long before it had laid

a single section of water pipe, the company opened a bank, the Bank of the Manhattan

Company. Still in existence, it is today J. P. Morgan Chase, the largest bank in the United

States.

Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking

concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial

services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase

name. Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two

acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion. In April 2000, UK-based Robert Fleming

& Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.

J.P. Morgan & Company

The heritage of the House of Morgan traces its roots to the partnership of Drexel, Morgan & Co., which

in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan). Arguably the most influential

financial institution of its era, J.P. Morgan & Co. financed the formation of the United States Steel

Corporation, which took over the business of Andrew Carnegie and others and was the world's first

billion dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States government with

$62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the

company began to finance the New York, New Haven and Hartford Railroad and led it through a series

of acquisitions that made it the dominant railroad transporter in New England.

Built in 1914, 23 Wall Street was known as the "House of Morgan", and for decades the bank's

headquarters was the most important address in American finance. At noon, on September 16, 1920, aterrorist bomb exploded in front of the bank, injuring 400 and killing 38. Shortly before the bomb went

off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The warning

read: "Remember we will not tolerate any longer. Free the political prisoners or it will be sure death for

all of you. American Anarchists Fighters." While there are many hypotheses regarding who was behind

the bombing and why they did it, after 20 years of investigation the FBI rendered the case inactive

without ever finding the perpetrators.

In August 1914, Henry P. Davison, a Morgan partner, traveled to the UK and made a deal with the Bank

of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France.

The Bank of England became a "fiscal agent" of J.P. Morgan & Co., and vice versa. The company also

invested in the suppliers of war equipment to Britain and France. Thus, the company profited from the

financing and purchasing activities of the two European governments.

In the 1930s, all of J.P. Morgan & Co. along with all integrated banking businesses in the United States,

was required by the provisions of the GlassSteagall Act to separate its investment banking from its

commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank, because at

the time commercial lending was perceived as more profitable and prestigious. Additionally, many

within J.P. Morgan believed that a change in political climate would eventually allow the company to

resume its securities businesses but it would be nearly impossible to reconstitute the bank if it were

disassembled.

In 1935, after being barred from securities business for over a year, the heads of J.P. Morgan spun off its

investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont

Morgan) and Harold Stanley, Morgan Stanley was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock


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The First Chicago Banklogo

The Bear Stearns logo

from J.P. Morgan partners. In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New

York to form the Morgan Guaranty Trust Company. The bank would continue to operate as Morgan Guaranty Trust until the 1980s,

before beginning to migrate back toward the use of the J.P. Morgan brand. In 1984, the group finally purchased the Purdue National

Corporation of Lafayette Indiana, uniting a history between the two figures of Salmon Portland Chase and John Purdue. In 1988, the

company once again began operating exclusively as J.P. Morgan & Co.

Bank One Corporation

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current chairman

and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'ssuccessor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking

on a cost-cutting strategy, and replaced former JPMorgan Chase executives in key positions with Bank One executivesmany of

whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006.

Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two

large banking companies had themselves been created through the merger of many banks. This merger was largely considered a

failure until Dimonrecently ousted as President of Citigrouptook over and reformed the new firm's practicesespecially its

disastrous technology mishmash inherited from the many mergers prior to this one. Dimon effected changes more than sufficient to

make Bank One Corporation a viable merger partner for JPMorgan Chase.

Bank One Corporation traced its roots to First Bancgroup of Ohio, founded as a holding company for

City National Bank of Columbus, Ohio and several other banks in that state, all of which were renamed

"Bank One" when the holding company was renamed Banc One Corporation. With the beginning ofinterstate banking they spread into other states, always renaming acquired banks "Bank One", though

for a long time they resisted combining them into one bank. After the First Chicago NBD merger,

adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had

headed Banc One and predecessors. Dimon was brought in to head the company. JPMorgan Chase completed the acquisition of Bank

One in the third quarter of 2004. The former Bank One and First Chicago headquarters in Chicago serve as the headquarters of Chase

JPMorgan Chase's commercial and retail banking subsidiary.

Bear Stearns

At the end of 2007, Bear Stearns & Co. Inc. was the fifth largest investment bank in the United States

but its market capitalization had deteriorated through the second half of 2007. On Friday, March 14,

2008, Bear Stearns lost 47% of its equity market value to close at $30.00 per share as rumors emerged

that clients were withdrawing capital from the bank. Over the following weekend it emerged that Bear

Stearns might prove insolvent, and on or around March 15, 2008, the Federal Reserve engineered a deal

to prevent a wider systemic crisis from the collapse of Bear Stearns.[18]

On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase

announced that it had plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder

approval scheduled within 90 days. In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process

flows.[19]Two days later on March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million.

The stock swap agreement was signed in the late-night hours of March 18, 2008, with JPMorgan agreeing to exchange 0.05473 of

each of its shares upon closure of the merger for one Bear share, valuing the Bear shares at $2 each.[20]

On March 24, 2008, after considerable public discontent by Bear Stearns shareholders over the low acquisition price threatened the

deal's closure, a revised offer was announced at approximately $10 per share. Under the revised terms, JPMorgan also immediatelyacquired a 39.5% stake in Bear Stearns (using newly issued shares) at the new offer price and gained a commitment from the board

(representing another 10% of the share capital) that its members would vote in favor of the new deal. With sufficient commitments to

ensure a successful shareholder vote, the merger was completed on June 2, 2008.

Washington Mutual

On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the

Federal Deposit Insurance Corporation. That night, the Office of Thrift Supervision, in what was by far the largest bank failure in

American history, had seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt

obligations and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day. As a result of the

takeover, Washington Mutual shareholders lost all their equity.[21]


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The Washington Mutual

logo prior to its 2008

acquisition by JPMorgan

Chase

JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on

deposits and branches of Washington Mutual.[22]Through the acquisition, JPMorgan now owns the

former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company

announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009.

Chief executive Alan H. Fishman received a $7.5 million sign-on bonus and cash severance of

$11.6 million after being CEO for 17 days.[23]

2013 settlement

On November 19, 2013, the Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into

its business practices pertaining to mortgage-backed securities.[24]Of that, $9 billion was penalties and fines and the remaining $4

billion was consumer relief. This was the largest corporate settlement to date. Much of the alleged wrongdoing stemmed from its

2008 acquisitions of Bear Sterns and Washington Mutual. The agreement did not settle criminal charges.[25]

Other recent acquisitions

In 2006, JPMorgan Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for

$663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[26]

In April 2006, JPMorgan Chase acquired The Bank of New York Co.'s retail and small business banking network. The acquisition

gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, and Connecticut.

In March 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.[27]

In November 2009, JPMorgan announced it would acquire the balance of JPMorgan Cazenove, an advisory and underwriting joint

venture established in 2004 with the Cazenove Group, for GBP1 billion.[28]

In January 2013, JPMorgan acquired Bloomspot, a San Francisco-based startup in the "deals" space for $35 million. Shortly after the

acquisition, the service was shut down and Bloomspot's talent was left unused.[29][30]

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a

comprehensive list):

JPMorgan Chase & Co. JPMorgan Chase(merged 2000)

Chase Manhattan Bank

(merged 1996)[31]Chemical Bank

(merged 1991)

Chemical Bank(reorganized 1988)

The

Chemical

Bank

of New

York

(est. 1823)

Citizens

National

Bank

(est. 1851,

acq. 1920)

Corn

Exchange

Bank

(est. 1852,

acq. 1954)

New York

Trust


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Company

(acq. 1959)

Texas

Commerce

Bank

(est. 1866,

acq.

1986)[32]

Manufacturers Hanover(merged 1961)

Manufacturers

Trust

Company

(est. 1905)[33]

Hanover Bank

(est. 1873)

Chase Manhattan Bank(merged 1955)

Bank of the

Manhattan Company

(est. 1799)

Chase National Bank

of the City of New York

(est. 1877)[34]

J.P. Morgan & Co.(formerly Morgan Guaranty Trust)

(merged 1959)

Guaranty Trust Company

of New York

(est. 1866)

J.P. Morgan & Co.

("The House of Morgan")[35]

(est. 1895)[36]

Bank One

(acq. 2004)

Banc One Corp.[37]

(merged 1968)

City National Bank

& Trust Company

Farmers Saving

& Trust Company

First Chicago NBD

(merged 1995)

First Chicago Corp.

(est. 1863)

NBD Bancorp.

(formerlyNational Bank of Detroit)

(est. 1933)

Louisianas First

Commerce Corp.

Bear Stearns(est. 1923;

acq. 2008)[38]

Washington Mutual

(acq. 2008)[39] Washington Mutual


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(founded 1889)

Great Western Bank

(acq. 1997)

H. F. Ahmanson & Co.

(acq. 1998)

Bank United of Texas(acq. 2001)

Dime Bancorp, Inc.

(acq. 2002)

Providian Financial

(acq. 2005)

Recent News

In October 2014, JP Morgan sold its commodities trader unit to Mercuria for $800 million - a quarter of the initial valuation of $3.5billion, as the transaction excluded some oil and metal stockpiles and other assets.[40]

Structure

JPMorgan Chase & Co. owns five bank subsidiaries in the United States:[41] JPMorgan Chase Bank, National Association; Chase

Bank USA, National Association; Custodial Trust Company; JPMorgan Chase Bank, Dearborn; and J.P. Morgan Bank and Trust

Company, National Association.

For management reporting purposes, JPMorgan Chase's activities are organized into a corporate/private equity segment and four

business segments; consumer and community banking, corporate and investment bank, commercial banking, and asset

management.[42]The investment banking division at J.P. Morgan is divided by teams: industry, M&A and capital markets. Industry

teams include consumer and retail, healthcare, diversified industries and transportation, natural resources, financial institutions,metals and mining, real estate and technology, media and telecommunications.

JPMorgan Europe, Ltd.

The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968.[43][44]

In August 2008, the bank announced plans to construct a new European headquarters, based at Canary Wharf, London.[45]These

plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at 25

Bank Street for use as the European headquarters of its investment bank.[46]25 Bank Street had originally been designated as the

European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International (Europe).

The regional office is in London with offices in Bournemouth, Glasgow, and Edinburgh for asset management, private banking, and

investment.[47]

Financial data


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Financial data in $ millions [48]

Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Revenue 43,097 53,748 61,437 71,372 67,252 100,434 102,694 97,234 97,031 96 606 94,205

Net Income 4,466 8,483 14,444 15,365 5,605 11,728 17,37 21,284 21,284 17,923 21,762

Assets 1 157 1 199 1 352 1 562 2 175 2 032 2 118 2 359 2 359 2 416 2 573

Employees 160 968 168 847 174 360 180 667 224 961 222 316 239 831 260 157 258 965 251 196 241 359

Asset & Liability Asset/Liability

Ratio

Net Income

JPMorgan Chase[49]was the biggest bank at the end of 2008 as an individual bank. (not including subsidiaries)

Operations

Earlier in 2011 the company announced that by the use of supercomputers, the time taken to assess risk had been greatly reduced,

from arriving at a conclusion within hours to what is now minutes. The banking corporation uses for this calculation Field-

Programmable Gate Array technology.[50]

History

The Bank began operations in Japan in 1924,[51]in Australia during the later part of the nineteenth century,[52]and in Indonesia

during the early 1920s.[53]An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a

branch in China in 1921 and Chase National Bank was established there in 1923.[54]The bank has operated in Saudi Arabia[55]and

India[56]since the 1930s. Chase Manhattan Bank opened an office in Korea in 1967.[57]The firm's presence in Greece dates to

1968.[58]An office of JPMorgan was opened in Taiwan in 1970,[59]in Russia (Soviet Union) in 1973,[60]and Nordic operations

began during the same year.[61]Operations in Poland began in 1995.[58]

Lobbying

JP Morgan Chase's PAC and its employees contributed $2.6 million to federal campaigns in 2014 and financed its lobbying team with

$4.7 million in the first three quarters of 2014. JP Morgans giving has been focused on Republicans, with 62 percent of its donations

going to GOP recipients in 2014. Still, 78 House Democrats received campaign cash from JPMorgans PAC in the 2014 cycle at an

average of $5,200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgans PAC in

2014. JP Morgan Chase's PAC made maximum donations to the Democratic Congressional Campaign Committee and the leadership

PACs of Steny Hoyer and Jim Himes in 2014.[62]

Controversies

Conflicts of interest on investment research

In December 2002, Chase paid fines totaling $80 million, with the amount split between the states and the federal government. The

fines were part of a settlement involving charges that ten banks, including Chase, deceived investors with biased research. The total

settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and

ban any allocation of IPO shares.[63]

Enron


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Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation with aiding and abetting

Enron Corp.'s securities fraud, which collapsed amid a financial scandal in 2001.[64]In 2003, Chase paid $160 million in fines and

penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorneys office. In 2005, Chase

paid $2.2 billion to settle a lawsuit filed by investors in Enron.[65]

WorldCom

JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in March 2005 to pay $2 billion; that was 46

percent, or $630 million, more than it would have paid had it accepted an investor offer in May 2004 of $1.37 billion. J.P. Morgan

was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in 2004

by Citigroup.[66]In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[67][68]

Jefferson County, Alabama

In November 2009, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission

to end a probe into sales of derivatives that helped push Alabamas most populous county to the brink of bankruptcy. The settlement

came a week after Birmingham, Alabama Mayor Larry Langford was convicted on 60 counts of bribery, money laundering, and tax

evasion related to bond swaps for Jefferson County, Alabama. The SEC alleged that J.P. Morgan, which had been chosen by the

county commissioners to underwrite the floating-rate sewer bond deals and provide interest-rate swaps, had made undisclosed

payments to close friends of the commissioners in exchange for the deal. J.P. Morgan then allegedly made up for the costs by

charging higher interest rates on the swaps.[69]

Failure to comply with client money rules in the UK

In June 2010, J.P. Morgan Securities was fined a record 33.32 million ($49.12 million) by the UK Financial Services Authority

(FSA) for failing to protect an average of 5.5 billion of clients' money from 2002 to 2009.[70][71]FSA requires financial firms to

keep clients' funds in separate accounts to protect the clients in case such firm becomes insolvent. The firm had failed to properly

segregate client funds from corporate funds following the merger of Chase and J.P. Morgan, resulting in a violation of FSA

regulations but no losses to clients. The clients' funds would have been at risk had the firm become insolvent during this period.[72]

J.P. Morgan Securities reported the incident to the FSA, corrected the errors, and cooperated in the ensuing investigation, resulting in

the fine being reduced 30% from an original amount of 47.6 million.[71]

Mortgage overcharge of active military personnel

In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages,

including active duty personnel in Afghanistan. The bank also admitted it improperly foreclosed on more than a dozen military

families; both actions were in clear violation of the Servicemembers Civil Relief Act which automatically lowers mortgage rates to 6

percent, and bars foreclosure proceedings of active duty personnel. The overcharges may have never come to light were it not for

legal action taken by Captain Jonathan Rowles. Both Captain Rowles and his spouse Julia accused Chase of violating the law and

harassing the couple for nonpayment. An official stated that the situation was "grim", and Chase initially stated it would be refunding

up to $2,000,000 to those who were overcharged, and that families improperly foreclosed on have gotten or will get their homes

back.[73]Chase has acknowledged that as many as 6,000 active duty military personnel were illegally overcharged, and more than 18

military families homes were wrongly foreclosed. In April, Chase agreed to pay a total of $27 million in compensation to settle the

class-action suit.[74]At the company's 2011 shareholders' meeting, Dimon apologized for the error and said the bank would forgive

the loans of any active-duty personnel whose property had been foreclosed. In June 2011, lending chief Dave Lowman was forced out

over the scandal.

[75][76]

Truth in Lending Act litigation

In 2008 and 2009, 14 lawsuits were filed against JPMorgan Chase in various district courts on behalf of Chase credit card holders

claiming the bank violated the Truth in Lending Act, breached its contract with the consumers and committed a breach of implied

covenant of good faith and fair dealing. The consumers contended that Chase, with little or no notice, increased minimum monthly

payments from 2% to 5% on loan balances that were transferred to consumers' credit cards based on the promise of a fixed interest

rate. In May 2011, the United States District Court for the Northern District of California certified the class action lawsuit. On July

23, 2012, Chase agreed to pay $100 million to settle the claim.[77]

Alleged manipulation of energy market


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In July 2013, The Federal Energy Regulatory Commission (FERC) approved a stipulation and consent agreement under which

JPMorgan Ventures Energy Corporation (JPMVEC), a subsidiary of JPMorgan Chase & Co., agreed to pay $410 million in penalties

and disgorgement to ratepayers for allegations of market manipulation stemming from the companys bidding activities in electricity

markets in California and the Midwest from September 2010 through November 2012. JPMVEC agreed to pay a civil penalty of $285

million to the U.S. Treasury and to disgorge $125 million in unjust profits. JPMVEC admitted the facts set forth in the agreement, but

neither admitted nor denied the violations.[78]

The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVECs bidding practices.

FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power

plants that were usually out of the money in the marketplace. In each of them, the company made bids designed to create artificialconditions that forced California and Midcontinent Independent System Operators (ISOs) to pay JPMVEC outside the market at

premium rates.[78]

FERC investigators further determined that JPMVEC knew that the California ISO and Midcontinent ISO received no benefit from

making inflated payments to the company, thereby defrauding the ISOs by obtaining payments for benefits that the company did not

deliver beyond the routine provision of energy. FERC investigators also determined that JPMVEC's bids displaced other generation

and altered day ahead and real-time prices from the prices that would have resulted had the company not submitted the bids.[78]

Under the Energy Policy Act of 2005, Congress directed FERC to detect, prevent and appropriately sanction the gaming of energy

markets. According to FERC, the Commission approved the settlement as in the public interest.[78]

Criminal investigation into obstruction of justice

FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by

employees of JPMorgan Chase.[79]Various newspapers reported in September 2013 that the Federal Bureau of Investigation (FBI)

and US Attorney's Office in Manhattan were investigating whether employees withheld information or made false statements during

the FERC investigation.[79]The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and

Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation.[79]At the

time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase

employees impeded the FERC investigation.[79] Reuters reported that JPMorgan Chase was facing over a dozen investigations at the

time.[79]

Sanctions violations

On August 25, 2011, JPMorgan Chase agreed to settle fines with regard to violations of the sanctions under the Office of Foreign

Assets Control (OFAC) regime. The U.S. Department of Treasury released the following civil penalties information under the

heading: "JPMorgan Chase Bank N.A. Settles Apparent Violations of Multiple Sanctions Programs":

JPMorgan Chase Bank, N.A, New York, NY ("JPMC") has agreed to remit $88,300,000 to settle potential civil liability for

apparent violations of: the Cuban Assets Control Regulations ("CACR"), 31 C.F.R. part 515; the Weapons of Mass

Destruction Proliferators Sanctions Regulations ("WMDPSR"), 31 C.F.R. part 544; Executive Order 13382, "Blocking

Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations

("GTSR"), 31 C.F.R. part 594; the Iranian Transactions Regulations ("ITR"), 31 C.F.R. part 560; the Sudanese Sanctions

Regulations ("SSR"), 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations

("FLRCTSR"), 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations ("RPPR"), 31 C.F.R. part 501,

that occurred between December 15, 2005, and March 1, 2011.

U.S. Department of the Treasury Resource Center, OFAC Recent Actions. Retrieved June 18, 2013.[80]

National Mortgage Settlement

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan

Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[81]The settlement, known as the

National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in

direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in

U.S. history, only trailing the Tobacco Master Settlement Agreement.[82]The five banks were also required to comply with 305 new

mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.


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Speculative trading

In 2012, JPMorgan Chase & Co was charged for misrepresenting and failing to disclose that the CIO had engaged in extremely risky

and speculative trades that exposed JPMorgan to significant losses.[83]

Mortgage-backed securities sales

In August 2013, JPMorgan Chase announced that it is being investigated by the United States Department of Justice over its offerings

of mortgage-backed securities leading up to the financial crisis of 200708. The company said that the Department of Justice had

preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage

securities during the period 2005 to 2007.[84]

"Sons and Daughters" hiring program

In 2013, the SEC began an investigation of the bank's hiring practices in China. The bank allegedly made a practice of hiring the

children of the Chinese ruling elite. Spreadsheets kept a record of how the hires led to business deals. The bank viewed this as a

gateway to doing deals with state-owned companies.[85]The practice is felt to be widespread in the banking industry.[86]

Madoff fraud

Bernie Madoff opened a business account at Chemical Bank in 1986 and maintained it until 2008, long after Chemical acquired

Chase.

In 2010, Irving Picard, the SIPC receiver appointed to liquidate Madoff's company, alleged that JPMorgan failed to prevent Madoff

from defrauding his customers. According to the suit, Chase "knew or should have known" that Madoff's wealth management

business was a fraud. However, Chase did not report its concerns to regulators or law enforcement until October 2008, when it

notified the UK Serious Organised Crime Agency. Picard argued that even after Morgan investment bankers reported its concerns

about Madoff's performance to UK officials, Chase's retail banking division did not put any restrictions on Madoff's banking activities

until his arrest two months later.[87]The receiver's suit against J.P. Morgan was dismissed by the Court for failing to set forth any

legally cognizable claim for damages.[88]

In the fall of 2013, JPMorgan began talks with prosecutors and regulators regarding compliance with anti-money-laundering and

know-your-customer banking regulations in connection with Madoff. On January 7, 2014, JPMorgan agreed to pay a total of $2.05

billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal. The government filed a

two-count criminal information charging JPMorgan with Bank Secrecy Act violations, but the charges will be dismissed within twoyears provided that JPMorgan reforms its anti-money laundering procedures and cooperates with the government in its investigation.

The bank agreed to forfeit $1.7 billion.

JPMorgan also agreed to pay a $350 million fine to the Office of the Comptroller of the Currency and settle the suit filed against it by

Picard for $543 million.[89][90][91][92]

Corruption investigation in Asia

On March 26, 2014, the Hong Kong Independent Commission Against Corruption seized computer records and documents after

searching the office of Fang, the companys outgoing chief executive officer for China investment banking.[93]

September 2014 cyber-attack

A cyber-attack, disclosed in September 2014, compromised the JPMorgan Chase accounts of over 83 million customers. The attack

was discovered by the bank's security team in late July 2014, but not completely halted until the middle of August.[94][95]

Offices

Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza in downtown Manhattan, the

current world headquarters for JPMorgan Chase & Co. are located at 270 Park Avenue, Chemical Bank's former headquarters.

The bulk of North American operations take place in four buildings located adjacent to each other on Park Avenue in New York City:

the former Union Carbide Building at 270 Park Avenue, the hub of sales and trading operations, and the original Chemical Bank


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building at 277 Park Avenue, where most investment banking activity took place. Asset and wealth management groups are located at

245 Park Avenue and 345 Park Avenue. Other groups are located in the former Bear Stearns building at 383 Madison Avenue.

Chase, the U.S. and Canada, retail, commercial, and credit card bank is headquartered in Chicago at the Chase Tower, Chicago,

Illinois.[6]

The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House.

Approximately 11,050 employees are located in Columbus at the McCoy Center, the former Bank One offices.

The bank moved some of its operations to the JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank.

JPMorgan Chase Tower

270 Park Avenue

New York City, New York

277 Park Avenue


383 Madison Avenue


One Chase Manhattan

Plaza


Chase Tower

Rochester, New York

Chase Tower

Phoenix, Arizona

Chase Tower

Chicago, Illinois

Chase Tower

Indianapolis, Indiana

Chase Tower

Dallas, Texas

JPMorgan Chase Tower

Houston, Texas

JPMorgan Chase

Metro Manila, Philippines

25 Bank Street

London, United Kingdom

The Global Corporate Bank leverages the wider firm's operations in 100 countries to provide corporate banking solutions to clients in

the locations in which they operate. The main headquarters are in London, with regional headquarters in Hong Kong, New York and

Sao Paulo.[96]

The Card Services division has its headquarters in Wilmington, Delaware, with Card Services offices in Elgin, Illinois; Springfield,Missouri; San Antonio, Texas; Mumbai, India; and Cebu, Philippines.

Additional large operation centers are located in Phoenix, Arizona; Los Angeles, California, Newark, Delaware; Orlando, Florida;

Tampa, Florida; Indianapolis, Indiana; Louisville, Kentucky; Brooklyn, New York; Rochester, New York; Columbus, Ohio; Dallas,

Texas; Fort Worth, Texas; and Milwaukee, Wisconsin.

Operation centers in Canada are located in Burlington, Ontario; and Toronto, Ontario.

Operations centers in the United Kingdom are located in Bournemouth, Glasgow, London, Liverpool, and Swindon. The London

location also serves as the European headquarters.

Additional offices and technology operations are located in Manila, Philippines; Cebu, Philippines; Mumbai, India; Bangalore, India;


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Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; Sao Paulo, Brazil; Mexico City, Mexico, and Jerusalem, Israel.

Credit derivatives

The derivatives team at JPMorgan (including Blythe Masters) was a pioneer in the invention of credit derivatives such as the credit

default swap. The first CDS was created to allow Exxon to borrow money from JPMorgan while JPMorgan transferred the risk to the

European Bank of Reconstruction and Development. JPMorgan's team later created the 'BISTRO', a bundle of credit default swaps

that was the progenitor of the Synthetic CDO.[97][98]JPMorgan currently has the largest credit default swap and credit derivatives

portfolio by total notional amount of any US bank.[99][100]

Multibillion-dollar trading loss

In April 2012, hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities

of Bruno Iksil, a trader for J.P. Morgan Chase & Co., referred to as "the London whale" in reference to the huge positions he was

taking. Heavy opposing bets to his positions are known to have been made by traders, including another branch of J.P. Morgan, who

purchased the derivatives offered by J.P. Morgan in such high volume.[101][102]Early reports were denied and minimized by the firm

in an attempt to minimize exposure.[103]Major losses, $2 billion, were reported by the firm in May 2012, in relation to these trades

and updated to $4.4 billion on July 13, 2012.[104]The disclosure, which resulted in headlines in the media, did not disclose the exact

nature of the trading involved, which remains in progress and as of June 28, 2012, was continuing to produce losses which could total

as much as $9 billion under worst-case scenarios.[105][106]The item traded, possibly related to CDX IG 9, an index based on the

default risk of major U.S. corporations,[107][108]

has been described as a "derivative of a derivative".[109][110]

On the company'semergency conference call, JPMorgan Chase CEO Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly

executed, and poorly monitored".[111]The episode is being investigated by the Federal Reserve, the SEC, and the FBI.[112]

Fines levied regarding the 2012 JPMorgan Chase trading loss[113]

Regulator Nation Fine

Office of the Comptroller of the Currency

US

$300m

Securities and Exchange Commission $200m

Federal Reserve $200m

Financial Conduct Authority UK 138m ($221m US)

On September 18, 2013, JPMorgan Chase agreed to pay a total of $920 million in fines and penalties to American and UK regulatorsfor violations related to the trading loss and other incidents. The fine was part of a multiagency and multinational settlement with the

Federal Reserve, Office of the Comptroller of the Currency and the Securities and Exchange Commission in the United States and the

Financial Conduct Authority in the UK. The company also admitted breaking American securities law.[114]The fines amounted to the

third biggest banking fine levied by US regulators, and the second largest by UK authorities.[113]As of September 19, 2013, two

traders face criminal proceedings.[113]It is also the first time in several years that a major American financial institution has publicly

admitted breaking the securities laws.[115]

A report by the SEC was critical of the level of oversight from senior management on traders, and the FCA said the incident

demonstrated "flaws permeating all levels of the firm: from portfolio level right up to senior management."[113]

On the day of the fine, the BBC reported from the New York Stock Exchange that the fines "barely registered" with traders there, the

news having been an expected development and the company having prepared for the financial hit.[113]

Art collection

The collection was begun in 1959 by David Rockefeller,[116]and comprises over 30,000 objects, of which over 6,000 are

photographic-based,[117]as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[118]The

One Chase Manhattan Plaza building was the original location at the start of collection by the Chase Manhattan Bank, the current

collection containing both this and also those works that the First National Bank of Chicago had acquired prior to assimilation into

the JPMorgan Chase organization.[119]L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[120]whose art

program staff is completed by an additional three full-time members and one registrar.[121]The advisory committee at the time of the

Rockefeller initiation included A. H. Barr, and D. Miller, and also J. J. Sweeney, R. Hale, P. Rathbone and G. Bunshaft.[122]


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Major sponsorships

Chase Field, (formerly Bank One Ballpark) Phoenix, Arizona, Arizona Diamondbacks, MLB.

Major League Soccer

Chase Auditorium (formerly Bank One Auditorium) in Chicago.

The JPMorgan Chase Corporate Challenge, owned and operated by JPMorgan Chase, is the largest corporate road racing series in

the world with over 200,000 participants in 12 cities in six countries on five continents. It has been held annually since 1977 and

the races range in size from 4,000 entrants to more than 60,000.

JPMorgan Chase is the official sponsor of the US Open.

J.P. Morgan Asset Management is the Principal Sponsor of the English Premiership Rugby 7s Series.

Notable former employees

Business

Winthrop Aldrich son of the late Senator Nelson Aldrich

Andrew Crockett former general manager of the Bank for International Settlements (19942003)

Pierre Danon chairman of Eircom

Dina Dublon member of the board of directors of Microsoft, Accenture and PepsiCo and former Executive Vice President and

Chief Financial Officer of JPMorgan Chase

Maria Elena Lagomasino member of the board of directors of The Coca-Cola Company and former CEO of JPMorgan Private

Bank

Jacob A. Frenkel Governor of the Bank of Israel

Thomas W. Lamont acting head of J.P. Morgan & Co. on Black Tuesday

Robert I. Lipp former CEO of The Travelers Companies

Marjorie Magner chairman of Gannett Company[123]

Henry S. Morgan co-founder of Morgan Stanley, son of J. P. Morgan, Jr. and grandson of financier J. P. Morgan

Lewis Reford Canadian political candidate

David Rockefeller patriarch of the Rockefeller family

Harold Stanley former JPMorgan partner, co-founder of Morgan Stanley

Jan Stenbeck former owner of Investment AB Kinnevik

Politics and public service

Tony Blair Prime Minister of the United Kingdom (19972007)[124]

William M. Daley U.S. Secretary of Commerce (19972000), U.S. White House Chief of Staff (20112012)

Michael Forsyth, Baron Forsyth of Drumlean Secretary of State for Scotland (199597)

Thomas S. Gates, Jr. U.S. Secretary of Defense (195961)

David Laws UK Chief Secretary to the Treasury (May 2010) Minister of State for Schools

Rick Lazio member of the U.S. House of Representatives (19932001)

Antony Leung Financial Secretary of Hong Kong (200103)

Frederick Ma Hong Kong Secretary for Commerce and Economic Development (200708)

Dwight Morrow U.S. Senator (193031)

Margaret Ng member of the Hong Kong Legislative Council

George P. Shultz U.S. Secretary of Labor (196970), U.S. Secretary of Treasury (197274), U.S. Secretary of State (198289)

Other

R. Gordon Wasson ethnomycologist and former JPMorgan vice president[125][126]

See also

Credit default swap: History

2012 JPMorgan Chase trading loss

Palladium Card

Alayne Fleischmann


18 2/28/2016


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Index products

JPMorgan EMBI

JPMorgan GBI-EM Index

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2008 - High Beam Research (Cengage Learning) (http://www.highbeam.com/doc/1G1-173747578.html) firstly sourced at Apollo Magazine, 22

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h=300&w=400&sz=47&tbnid=BDuWXO8XbbsRyM:&tbnh=96&tbnw=128&

prev=/search%3Fq%3Dlisa%2Bk%2Berf%26tbm%3Disch%26tbo%3Du&zoom=1&q=lisa+k+erf&docid=yxQoczR9n2xJdM&hl=en&

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External links

Official website (http://www.jpmorganchase.com/)

Business data for JPMorgan Chase & Co.: Hoover's (http://www.hoovers.com/company-

information/cs/company-profile.JPMorgan_Chase__Co.847754f4ce985207.html) Reuters

(http://www.reuters.com/finance/stocks/overview?symbol=JPM) SEC filings (https://www.sec.gov

/cgi-bin/browse-edgar?action=getcompany&CIK=19617)

Retrieved from "https://en.wikipedia.org/w/index.php?title=JPMorgan_Chase&oldid=707312926"

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