JPMorgan Chase Bank, NA , doing business as Chase Bank , is a national bank headquartered in Manhattan, New York City, which is a commercial and consumer banking subsidiary of US multinationals. the parent company of banking and financial services, JPMorgan Chase & amp; Co Bank is known as Chase Manhattan Bank until it joins J.P. Morgan & amp; Co. in 2000. Chase Manhattan Bank was formed by merging Chase National Bank and The Manhattan Company in 1955. The bank is headquartered in Columbus, Ohio since its merger with Bank One Corporation in 2004. The Bank acquired deposits and most of Washington Mutual's assets.
Chase offers more than 5,100 branches and 16,000 national ATMs. JPMorgan Chase & amp; Co has 250,355 employees (per 2016) and operates in over 100 countries. JPMorgan Chase & amp; Co has assets of US $ 2.49 trillion by 2016.
JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks in the United States.
Video Chase Bank
History
From September 1, 1799, until 1955, it was called The Bank of The Manhattan Company (New York); after the merger of 1955 with Chase National Bank (which existed separately from 1877 to 1954) was called The Chase Manhattan Bank.
Company Manhattan
Chase traced its history back to The Manhattan Company's establishment by Aaron Burr on September 1, 1799, in a house on Wall Street 40:
After the epidemic of yellow fever in 1798, where the coffins had been sold by peddlers on the street corners, Aaron Burr founded the Manhattan Company, with the real intention of bringing clean water to the city from the Bronx River but actually designed as a front for the creation of the second New York bank , rivaling the Bank of New York, Alexander Hamilton.
In 2006, modern Chase bought the Bank of New York retail banking division, which then only a few months later joined the Pittsburgh-based Mellon Financial to form the current BNY Mellon.
Chase National Bank
Chase National Bank was formed in 1877 by John Thompson. It was named after former US Treasury Secretary and Supreme Court Justice Salmon P. Chase, although Chase has no relationship with the bank.
Chase National Bank acquired smaller banks in 1920, through Chase Securities Corporation. In 1926, for example, he obtained Mechanics and Metal National Bank.
However, the most significant acquisition was the Equitable Trust Company in New York in 1930, the largest shareholder of which was John D. Rockefeller, Jr. This makes Chase the largest bank in America and indeed, in the world.
Chase is basically a wholesale bank, dealing with other leading financial institutions and large corporate clients, such as General Electric, which, through its RCA subsidiary, leases the main hall and becomes an important first tenant at Rockefeller Center, saving the big project in 1930 Bank is also closely linked with and has financed the oil industry, has a longstanding relationship with its board of directors with Standard Oil's successor, particularly ExxonMobil, who is also a Rockefeller shareholder.
Merger as Chase Manhattan Bank
In 1955, Chase National Bank and The Manhattan Company merged to create The Chase Manhattan Bank. Since Chase is a much bigger bank, it is primarily intended that Chase acquired "Bank of Manhattan", as it was dubbed, but it was revealed that Burr's original charter for the Manhattan Company not only included a clause enabling it to start the bank. with excess funds, but others require the unanimous approval of shareholders for the bank to be acquired. Therefore the deal was drawn up as an acquisition by the Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chair of the merged entity. This avoids the need for unanimous approval by shareholders.
For the new logo of Chase Manhattan Bank, Chermayeff & amp; Geismar designed a stylish octagon in 1961, which remains part of the bank's logo today. The Chase logo is a primitive water-style pipe representation laid by the Manhattan Company, made with wooden nailing. The bank includes an asset management business called Chase Investors Management Corporation.
Under his successor McCloy, George Champion, the bank unleashed an ancient 1799 state charter for the modern. In 1969, under the leadership of David Rockefeller, the bank became part of the parent company of the bank, Chase Manhattan Corporation.
Merger with Chemistry, J.P. Morgan
In July 1996, Chemical Bank of New York purchased Chase Manhattan Bank. Previous chemical acquisitions included the Hanover Corporation Manufacturer, in 1991, and Texas Commerce Bank, in 1987. Although Chemical is a nominal offering, the combined company retains the Chase name as it is better known (especially outside the United States).
In December 2000, a joint Chase Manhattan completed the acquisition of J.P. Morgan & amp; Co in one of the largest banking mergers today. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the United States. JPMorgan Chase adds Bear Stearns & amp; Co. and Washington Mutual for acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of less than 10% of its total, Chase will have approximately 5,410 branches in 23 states on the date of acquisition closure. According to data from SNL Financial (data as of June 30, 2008), this puts Chase third behind Wells Fargo and Bank of America in terms of the total branches of US retail banks. In October 2010, Chase was named in two lawsuits stating the manipulation of the silver market. The lawsuit alleges that by managing giant positions in silver futures and options, banks affected the silver price on the Comex Exchange New York Stock Exchange since early 2008.
The following is an illustration of major mergers and acquisitions of companies and historical predecessors until 1995 (this is not an exhaustive list):
Bank One Corporation
In 2004, JPMorgan Chase joined the Chicago-based Bank One Corp., bringing current chairman and CEO Jamie Dimon as president and COO and appointing him as CEO of William B. Harrison, jr. Substitute. Dimon payments are set at 90% of Harrison. Dimon quickly made an impact by starting a cost-cutting strategy and replacing former JPMorgan Chase executive in key positions with Bank One executive - many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006 following Harrison's resignation.
Bank One Corporation was formed in a 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. The two big banking companies themselves are created through the merging of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase means that the company's headquarters are now in New York City while Chase's retail banking operations are consolidated in New York.
The following is an illustration of major mergers and acquisitions and historical predecessors of Bank One (this is not an exhaustive list):
Washington Mutual
On September 25, 2008, JPMorgan Chase purchased most of Washington Mutual's banking operations from the Federal Deposit Insurance Corporation (FDIC) curator. That night, the Treasury Office, in what is by far the biggest bank failure in American history, seized the Washington Mutual Bank and placed it on the curator. FDIC sells bank assets, secures its debt and deposit obligations to JPMorgan Chase Bank, NA for $ 1.888 billion, which reopens the bank the next day. As a result of the takeover, Washington Mutual shareholders lost all their equity. Through the acquisition, JPMorgan became the owner of previous accounts of Providian Financial, the credit card issuer WaMu acquired in 2005. The company completed the rebranding of the Washington Mutual branches to Chase at the end of 2009.
More recent acquisitions
In the first quarter of 2006, Chase bought Collegiate Funding Services, a private equity portfolio company, Lightyear Capital, for $ 663 million. CFS is used as a foundation for Chase Student Loans, formerly known as Chase Education Finance.
In April of the same year (2006), Chase acquired the retail banking and retail banking network of Bank of New York Co. This gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, Connecticut and Indiana.
Maps Chase Bank
Controversy
The purchase of German Nazi Reichsmarks during World War II
A press release from the National Archives and Archive Administration (NARA) in 2004 announced that many new Federal Bureau of Investigation (FBI) files have been declassified. This declassification made possible the discovery that before and during the early years of World War II, the German government sold a special type of Reichsmark, known as RÃÆ'¼ckwanderer [returnee] Marks, for German Americans. Chase National Bank, along with other businesses, is involved in this transaction. Through Chase, this allows Nazi sympathizers to buy Marks with dollars at a discount. In particular, "Financial houses understand that the German government pays a commission (to its agents, including Chase) through the sale of discounted and blocked Marks, mostly from Jews who fled Germany." In other words, Nazi Germany was able to offer this Mark below face value because they had been stolen from emigrants who fled the Nazi regime. Between 1936 and 1941, the Nazis garnered more than $ 20 million, and the business that enabled this transaction generated $ 1.2 million in commissions. From this commission, more than $ 500,000 goes to Chase National Bank and its subagencies.
These facts were discovered when the FBI began its investigation in October 1940. The purpose of the investigation was to follow the German-Americans who had bought Marks. However, Chase National Bank executives have never been federalized as Chase's lawyers threatened to reveal the FBI, Army and Navy "sources and methods" in court. Publicly mentioning sources and methods may pose a security risk and threaten future intelligence gathering. To avoid such revelations, executive offenses against Johnson's Law, Spying Act, and Foreign Agent Registration Law are never prosecuted.
Release of funds for Nazi Germany during World War II
In addition to the controversial RÃÆ'¼ckwanderer Mark Scheme, NARA's record also reveals another controversy during the French occupation by the Nazis. From the late 1930s to June 14, 1941, when President Franklin D. Roosevelt (FDR) issued an Executive Order that froze German assets, Chase National Bank worked with the Nazi government. The order blocked all access to French accounts in the US by anyone, but mainly by the Nazis issued by the Minister of Finance, Henry Morgenthau Jr., with FDR approval. Within hours of the order, Chase canceled account blocking and funds were transferred through South America to Nazi Germany.
Refusal to remove Jewish funds in Occupied France
US Treasury officials want an investigation of French subsidiaries of American banks, such as Chase Bank, J.P. Morgan & amp; Co., National City Corporation, Guaranty Bank, Bankers Trust, and American Express. Of these banks, only Chase and Morgan remained open in France during the Nazi occupation. Chase's Chase head in Paris, France, Carlos Niedermann, told his boss in New York that there was a "expansion of deposits". Also, Niedermann was "very strong in imposing restrictions on Jewish property, even going so far as to refuse to dispose of Jewish property in anticipation that a retroactive decision prohibiting the release may be published in the near future by the Nazis occupying the authority of".
In 1998, Chase general adviser William McDavid, said that Chase has no control over Niedermann. Whether the claim was true or not, Chase Manhattan Bank admitted to seizing about 100 accounts during the Vichy regime. Kenneth McCallion, a lawyer, led a lawsuit against Barclays Bank for the seizure of illegal assets during World War II and has since turned his attention to Chase. The World Jewish Congress (WJC), holding talks with Chase and a spokesman for the WJC said, "No one at Chase today is guilty, they are not involved in anything that happens, but they accept that they have institutional responsibility." A spokesman for Chase said, "This is a moral issue that we take very seriously." Chase, general counsel, McDavid added, "Chase intends to compensate Jewish account holders whose assets are illegally robbed." In 1999, the French government established a commission to report its findings to Prime Minister Lionel Jospin. Claire Andrieu, a member of the commission and professor of history at the Sorbonne, said that under the Vichy regime, French banks receive visits from Nazi officials but US banks do not. At that time, they did not have to report Jewish accounts, but they did as did the French banks. He went on to say that the American ambassador protects US subsidiaries.
Recent controversy
JPMorgan Chase has paid other penalties, settlements and other $ 16 billion litigation expenses from 2011 to 2013. Of the $ 16 billion JPMorgan Chase has paid, approximately $ 8.5 billion is for fines and settlements resulting from illegal acts taken by bank executives, according to Richard Eskow at the Campaign for the Future of America, citing new reports from Joshua Rosner of Graham Fisher & Together.
The $ 16 billion total does not include a recent settlement calling for JPMorgan Chase to pay $ 100 million to waive $ 417 million in claims made against its corporate client MF Global.
The US Office of Foreign Assets Supervision found that JPMorgan has illegally-assisted dictatorships in Cuba, Sudan, Liberia and Iran, including the transfer of 32,000 ounces of gold bars (worth about $ 20.56 million) to banks in Iran. JPMorgan did not voluntarily disclose Iran's own affairs to OFAC.
Among other violations, JPMorgan has been found to have:
- Misleading Investor
- Engage in fictitious trading
- Collect illegal flood insurance commissions
- Incorrectly closed to the army; charge hidden fees to veterans for refinancing
- Violate the Federal Trade Commission Act by making false statements to people looking for car loans
- Illegally increase collection of overdraft costs by processing large transactions before smaller
- Help drive Jefferson County, Alabama, into bankruptcy by transferring its fixed interest rate debt to a variable
- The infringing antitrust provisions of the Sherman Act relating to bid fraud
Closing the target account
During 2013 and 2014, Chase and other banks received media attention for the practice of canceling personal and business accounts from hundreds of legitimate sex workers, citing in some cases the "morality clause" of their account agreements. It later became known that this practice included mortgage accounts and business loans. Chase canceled the mortgage refinancing process for one individual, which had been started by the bank, whose production company made the soft core film as it was broadcast in Cinemax. This resulted in a lawsuit stating evasive deals and misleading statements by several Chase executives including Vice President of Securities Adam Gelcich, Vice President of Deb Vincent Law Enforcement Lecture, and an unnamed executive director and assistant general advisor.
In addition to closing accounts for sex workers, banks have also used a "morality clause" to separate themselves from other types of businesses. Some of these other businesses include medical marijuana pharmacies and anything else "related to weapons". The other is a women's condom manufacturing company called Lovability Condoms. The company founder Tiffany Gaines was denied by the Chase Paymentech service "because processing sales for adult-oriented products is forbidden verticals" and was told that it was a "reputation risk" to process payments for condoms. Gaines then initiated a petition to ask Chase to review and change his policy of classifying condoms as "adult-oriented products". The bank subsequently reversed its decision and invited Gaines to file an appeal on the grounds that it had been doing business with "various merchants, including wholesalers and drugstores, selling similar products".
Dakota Access Channel
Financial documents from Energy Transfer Partners, a pipeline builder for Dakota Access Pipeline, list a number of major banking institutions that have granted credit for the project, including JP Morgan Chase. Because of this financial relationship, Chase and other banks have been subjected to Dakota Access Pipeline protests during 2016 and 2017.
Other Extreme Fossil Fuel Financing
Financing Tar of sand increased 111% in 2017 during 2016 to $ 98 billion, a move led by Royal Bank of Canada, Toronto Dominion and JPMorgan Chase. Tar sand financing is the largest single driver of overall increase in extreme fossil fuel investments by 2017. Funding for ultra-deepwater oil totaled $ 52 billion, led by JPMorgan Chase, HSBC, and Bank of America.
References
Further reading
- Bird, Kai (1992). Chairman: John J. McCloy, Establishment of American Establishment . New York: Simon & amp; Schuster. ISBN 978-0-671-45415-9. OCLCÃ, 25026508.
- Koeppel, Gerard T. (2000). Water for Gotham: A History . Princeton, NJ: Princeton Univ. Press. ISBN 978-0-691-01139-4. OCLCÃ, 247735191.
- Rockefeller, David (2002). Memoirs . New York: Random House. ISBN 978-0-679-40588-7. OCLC: 231967677.
- Wilson, John Donald (1986). The Chase: The Chase Manhattan Bank, N.A., 1945-1985 . Boston, Massa: Harvard Business School Press. ISBN 978-0-87584-134-2. OCLCÃ, 13581810.
External links
- Official website
- Pursue mobile banking
- The Evolutionary View of Internationalization: Chase Manhattan Bank, 1917 to 1996. A Financial Institutional Center study (PDF) was completed in 2002.
- About J.P. Morgan Chase
Source of the article : Wikipedia
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