JPMorgan Chase & Co. is the largest bank in the United States and the world’s sixth largest bank by total assets. One of the “bulge bracket banks”—so called because they are listed above others in larger font on the public notification of financial transactions or deals—JP Morgan Chase & Co. is considered among the most elite in the world.
Tracing its origins back to the 1799 charter of the Bank of the Manhattan Company—its earliest predecessor—the present-day firm in fact counts more than 1,200 predecessor firms in total. This complicated history is a dizzying compilation of numerous mergers and acquisitions over the past two-plus centuries. Among its multiple major heritage firms was J.P. Morgan & Co., which financed the United States Steel Corporation and the construction of the nation’s railroads. In 2000, J.P. Morgan & Co. merged with Chase Manhattan to become JP Morgan Chase & Co.
Headquartered in New York City, JP Morgan Chase maintains offices in all the major financial centers around the world and employs more than 235,000 people.
JP Morgan Chase is divided into four main business segments. Its asset management division includes both global investment management and global wealth management. Through its commercial banking division it provides commercial term lending, community development banking, corporate client banking, credit markets and treasury services, as well as international, middle market and real estate banking. Its consumer and community banking division provides consumers, small businesses and community organizations with banking services ranging from credit cards to auto financing to mortgages. Finally, its corporate and investment bank division serves as an umbrella for its corporate and investment banking services, as well as its public finance, investor services, treasury and trade services and sales, trading and research groups.
As with other leading banks, prestige, generous compensation and extremely talented, smart co-workers are among the strengths for which JP Morgan Chase is best known. Like other firms on the Street, the bank has also taken steps in recent years to set limits on the hours its junior staff are expected to work in an attempt to offer greater work-life balance.