J.P. Morgan Chase & Co. History

Company Perspectives:

Chase's Vision: We provide financial services that contribute to the success of individuals, businesses, communities and countries around the world. By creating solutions for our customers, opportunities for our employees and superior returns for our shareholders, we help each to achieve their goals. Key Dates:

Key Dates:

1799:

The Bank of Manhattan Company is founded.

1824:

Chemical Bank is established.

1838:

George Peabody forms a merchant bank in London.

1851:

Hanover Bank begins business.

1853:

Manufacturers National Bank is founded.

1854:

Junius S. Morgan becomes a partner of Peabody in the London merchant bank and soon takes it over.

1861:

Junius's son, J.P. Morgan, founds a New York sales and distribution office called J.P. Morgan & Co.

1864:

J.S. Morgan renames the London merchant bank J.S. Morgan & Co.

1877:

Chase National Bank is formed.

1895:

J.P. Morgan consolidates his father's businesses under J.P. Morgan & Co.

1914:

Manufacturers mergers with Citizens Trust Company and subsequently changes its name to Manufacturers Trust Company.

1929:

Hanover merges with Central Trust Company to form the Central Hanover Bank and Trust Company.

1930:

Chase acquires Equitable Trust Company, owned by John D. Rockefeller.

1933:

The Glass-Steagall Act separates commercial and investment banking.

1935:

J.P. Morgan spins off its investment banking arm as Morgan Stanley.

1954:

Chemical merges with Corn Exchange Bank and Trust Company.

1955:

Bank of Manhattan and Chase National merge to form Chase Manhattan Bank.

1959:

J.P. Morgan merges with Guaranty Trust Company to form Morgan Guaranty Trust Company of New York.

1961:

Manufacturers and Hanover merge to form Manufacturers Hanover Trust Company.

1968:

Chemical New York Corporation is established as a bank holding company for Chemical Bank.

1969:

Chase Manhattan Corporation is formed as a bank holding company, with Chase Manhattan Bank, N.A. becoming its main subsidiary; Manufacturers Hanover Corporation is created as a bank holding company, with Manufacturers Hanover Trust as its subsidiary; J.P. Morgan & Co. Incorporated is formed as a bank holding company, with Morgan Guaranty Trust as its principal subsidiary.

1987:

Chemical acquires Texas Commerce Bankshares.

1989:

The Federal Reserve grants J.P. Morgan permission to underwrite corporate debt securities, marking the firm's return to the U.S. investment banking sector.

1991:

Chemical merges with Manufacturers Hanover, creating Chemical Banking Corporation.

1996:

Chemical Banking acquires Chase Manhattan and adopts the Chase name.

1997:

J.P. Morgan purchases 45 percent stake in American Century Investments.

1999:

Chase acquires Hambrecht & Quist Group Inc.

2000:

Chase acquires Robert Fleming Holdings Ltd.; Chase merges with J.P. Morgan to form J.P. Morgan Chase & Co.

Company History:

Further Reading:

• Bennett, Robert A., 'Chase's Ambitious Agenda,' U.S. Banker, April 2000, pp. 38--40, 42.
• 'Chase's Battle to Catch Up: A Shaken Superpower Seeks Its Role in Banking's New World,' Business Week, April 9, 1984, pp. 74+.
• Frank, Stephen E., 'Chase Dithers While Other Banks Move,' Wall Street Journal, September 25, 1997, p. C1.
• ------, 'Chase Gives Its Two Top Officers Shared Power,' Wall Street Journal, December 17, 1997, p. A3.
• Gilbert, Alorie, 'Chase.com's Agenda,' Information Week, May 15, 2000, pp. 42--44+.
• Hansell, Saul, 'After Chemical Merger, Chase Promotes Itself As a Nimble Bank Giant,' New York Times, September 3, 1996, p. D3.
• ------, 'Chemical Wins Most Top Posts in Chase Merger,' New York Times, September 29, 1995, p. C1, C6.
• ------, 'A New Chase Tries to Lead: Will the Merged Bank Be Greater Than Its Parts?,' New York Times, March 29, 1996, p. D1.
• Harrison, William B., Jr., 'Chase Manhattan Names a New Chief Executive,' New York Times, March 25, 1999, p. C1.
• Holland, Kelley, 'A Chastened Chase: The Humbled Bank Starts to Revive--by Transforming Its Culture,' Business Week, pp. 106--09.
• Lipin, Steven, 'Joining Fortunes: Chemical and Chase Set $10 Billion Merger, Forming Biggest Bank,' Wall Street Journal, August 28, 1995, pp. A1, A4.
• Lipin, Steven, and E.S. Browning, 'Is New Chase the Bank of the Future?,' Wall Street Journal, September 14, 2000, pp. C1, C4.
• Lipin, Steven, et al., 'Blending Legends: Chase Agrees to Buy J.P. Morgan & Co. in a Historic Linkup,' Wall Street Journal, September 13, 2000, pp. A1, A18.
• Loomis, Carol J., 'It's a Stronger Bank That David Rockefeller Is Passing to His Successor,' Fortune, January 14, 1980, p. 38.
• ------, 'The Three Year Deadline at `David's Bank,' Fortune, July 1977, p. 70.
• McGeehan, Patrick, and Saul Hansell, 'Chase Hopes Deal for Morgan Will Bring It Prestige,' New York Times, September 14, 2000, p. C1.
• McLean, Bethany, 'Chasing J.P. Morgan's Assets and Prestige,' Fortune, October 2, 2000, p. 48.
• Meehan, John, and Leah J. Nathans, 'Agony at Chase Manhattan: Can Incoming CEO Labrecque Keep the Bank Independent?,' Business Week, October 8, 1990, pp. 32--36.
• O'Brien, Timothy L., 'Chase Manhattan Planning to Lay Off 8.5% to 17% of Work Force by Early '96,' Wall Street Journal, June 27, 1995, p. A3.
• ------, 'The Friendly Merger Banker: At Chase, the Chairman Tries to Make All Sides Winners,' New York Times, June 22, 1999, p. C1.
• ------, 'Intuit to Unveil On-Line Pact with 20 Firms,' Wall Street Journal, July 14, 1995, pp. A2, A5.
• O'Brien, Timothy L., and Steven Lipin, 'In Latest Round of Banking Mergers, Even Big Institutions Become Targets,' Wall Street Journal, July 14, 1995, pp. A3--A4.
• Radigan, Joseph, 'Can the New Chase Dominate?,' U.S. Banker, July 1997, pp. 42--44+.
• Rea, Alison, and Lisa Sanders, 'Big Bank, Grand Ambition,' Business Week, March 3, 1997, p. 79.
• Rogers, David, The Future of American Banking: Managing for Change, New York: McGraw-Hill, 1993, 346 p.
• Sapsford, Jathon, 'J.P. Morgan, Chase to Form Bank Behemoth,' Wall Street Journal, September 14, 2000, pp. C1, C21.
• Sapsford, Jathon, and Gregory Zuckerman, 'Chase Accord Leaves Investors Unconvinced: Hambrecht's Size Provokes Doubts About Potential,' Wall Street Journal, September 29, 1999, p. C1.
• Schifrin, Matthew, 'Chase Manhattan's Unsung Turnaround,' Forbes, October 25, 1993, pp. 141--46.
• Silverman, Gary, and Louise Lee, 'Chase: Building `Brick by Brick,' Business Week, October 11, 1999, pp. 148--50.
• Sorkin, Andrew Ross, 'Chase Will Pay $7.7 Billion in Cash and Stock for Fleming,' New York Times, April 12, 2000, p. C4.
• Timmons, Heather, et al., 'The Chase to Become a Financial Supermarket,' Business Week, September 25, 2000, pp. 42--44.
• Wilson, John Donald, The Chase: The Chase Manhattan Bank, N.A., 1945-1985, Boston: Harvard Business School Press, 1986, 432 p.

Source: International Directory of Company Histories, Vol. 38. St. James Press, 2001.