JPMorgan Chase & Co.

Company2 list appearances

On the wholesale and merchant-banking side, **J. Pierpont Morgan** established Drexel, Morgan & Co. in 1871 (reorganized as **J.P. Morgan & Co.** in 1895), which acted as the de facto lender of last resort during the Panic of 1907, spun off its securities underwriting arm as Morgan Stanley under the Glass-Steagall Act in the 1930s, converted to a public corporation in 1940, and merged with Guaranty Trust Company in 1959. On September 13, 2000, The Chase Manhattan Corporation agreed to acquire J.P. Morgan & Co. Incorporated (~$32 billion pooling-of-interests merger), closing on December 31, 2000 to form **J.P. Morgan Chase & Co.** (stylized without spaces in "JPMorgan" from 2004/2011). Following the July 2004 merger with Chicago-based **Bank One Corporation**, Bank One chief **Jamie Dimon** became President and COO, ascending to CEO at year-end 2005 and Chairman in December 2006. On October 21, 2025, the firm formally opened its new 60-story, 2.5-million-square-foot, all-electric global headquarters skyscraper at **270 Park Avenue** in Midtown Manhattan. **Major Acquisitions (Signing vs. Close Distinguished):** * **Bank One Corporation:** Announced January 14, 2004 as an all-stock merger (~$58 billion equity offer for Bank One, creating a combined ~$130 billion market-cap / ~$1.1 trillion asset institution) and closed July 1, 2004. * **The Bear Stearns Companies Inc.:** Announced March 16, 2008 at an initial emergency rescue signing price of **$2.00 per share** (~$236M) backed by Federal Reserve financing, amended March 24, 2008 to ~**$10.00 per share** in stock (0.21753 JPM shares per Bear share plus purchase of 95 million newly issued shares), and closed May 30, 2008 (~$1.4B–$1.5B total equity value). * **Washington Mutual Bank (Banking Operations):** Signed and closed simultaneously on September 25, 2008 via FDIC receivership for **$1.9 billion** in cash, acquiring WaMu's retail branch footprint, deposits, and credit card/loan portfolios while excluding parent holding-company equity and unsecured debt. * **First Republic Bank (Substantial Majority of Assets):** Signed and closed simultaneously on May 1, 2023 via FDIC receivership, paying **$10.6 billion** to the FDIC to acquire ~$173 billion of loans and ~$30 billion of securities and assume ~$92 billion of deposits and ~$28 billion of FHLB advances (with FDIC loss-share agreements and $50 billion in 5-year fixed-rate FDIC financing, excluding corporate debt and preferred stock). SEC filings and CEO commentary emphasize four primary structural risks: 1. **Macroeconomic, Credit-Cycle & Geopolitical Tail Risks:** CEO Jamie Dimon repeatedly cautions in Q3 2026 disclosures that persistent U.S. fiscal deficits, sticky inflation, elevated asset valuations, interest-rate volatility, and geopolitical conflicts create non-linear credit and market risks; within CCB and Wholesale, Card Services net charge-offs reached **2.91%** in Q3 2026 alongside a $539 million wholesale-driven reserve build

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