JPMorgan Chase: Successful Mergers
JPMorgan Chase is a bank born out of many mergers. In fact the bank can trace its roots all the way back to 1823 when the New York Chemical Manufacturing Company was founded and started producing various chemicals. The following year the company amended its charter to perform banking activities and formed the Chemical Bank of New York. After 1851, the bank was separated from its parents and grew organically and through a series of merger.
In its current form JPMorgan Chase came out of the mergers of number of large US banks beginning 1996. This include Chase Manhattan Bank, JP Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further its predecessors include major banking firms such as Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank.
Today JPMorgan Chase & Co. is an American multinational banking and financial services holding company. It is the largest bank in the US with total assets of $2.6 trillion. The company was formed in 2000 when Chase Manhattan Corporation merged with JP Morgan & Co.