JPMorgan Chase & Co. (nyse: JPM) is the largest banking institution in the United States by deposits and market capitalization and is one of the oldest operating financial services firms in the world. The company, headquartered in New York City, is a leader in financial services with assets of $2.0 trillion.. The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United States with $34 billion in assets as of 2007. Formed in 2000 when Chase Manhattan Corporation acquired J.P. Morgan & Co., the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and governmental clients.

In 2004, the company merged with Bank One Corp., bringing on board current chairman and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006.

The "Chase" brand name is used for credit card services in the United States and Canada and the bank's retail banking activities in the United States. The JPMorgan brand was used by the Investment Bank as well as the Wealth & Asset Management Group's partially merged Private Bank and Personal Client Services divisions. Fiduciary activity within W&A is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The newly acquired Bear Stearns private client group is currently operating under the name "Bear Stearns Private Client Services, a J.P. Morgan Company" within the Wealth & Asset Management structure.

On September 25, 2008 Washington Mutual Inc.'s subsidiary bank, Washington Mutual Savings Bank was closed by the Office of Thrift Supervision, and placed into the receivership of the Federal Deposit Insurance Corporation, in far the largest failure of a U.S. bank. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day.

Chemical Banking Corporation

In 1996, Chemical acquired the Chase Manhattan Corporation taking the more prominent Chase name. In 2000, the combined company acquired J.P. Morgan & Co. and combined the two names to form what is today JPMorgan Chase & Co. JPMorgan Chase retains Chemical Bank's headquarters at 277 Park Avenue and stock price history.

Chase Manhattan Bank