In the United States, banking had begun by the 1780s, along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services, such as private banking, asset management, and deposit security.
JPMorgan Chase & Co. is an American multinational finance company headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023. As the largest of Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale have often led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet". The firm is temporarily headquartered at 383 Madison Avenue in Midtown Manhattan and is set to move back across the street into the under-construction JPMorgan Chase Building at 270 Park Avenue in 2025.
JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank headquartered in New York City that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955. The bank merged with Chemical Bank New York in 1996 and later merged with Bank One Corporation in 2004 and in 2008 acquired the deposits and most assets of Washington Mutual. In May 2023, it acquired the assets of First Republic Bank.
The British Bankers' Association (BBA) was a trade association for the UK banking and financial services sector. From 1 July 2017, it was merged into UK Finance.
James Dimon is an American banker and businessman. He has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006.
J.P. Morgan & Co. is an American financial institution specialized in investment banking, asset management and private banking founded by financier J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase, one of the largest banking institutions in the world. The company has been historically referred to as the "House of Morgan" or simply Morgan.
The American Bankers Association (ABA) is an American trade association for the U.S. banking industry, founded in 1875. They lobby for banks of all sizes and bank charters, including community banks, regional and money center banks, Federal savings associations, mutual savings banks, and trust companies. The average member bank has approximately $250 million in assets. ABA is the largest financial trade group in the United States.
The Clearing House Interbank Payments System (CHIPS) is a United States private clearing house for large-value transactions. As of 2023, it settles approximately 500,000 payments totaling US$1.7 trillion per day. Together with the Federal Reserve Banks' Fedwire Funds Service, CHIPS forms the primary U.S. network for large-value domestic and international USD payments where it has a market share of around 96%. CHIPS transfers are governed by Article 4A of Uniform Commercial Code.
Robert Stanley Nichols is an American association executive and former public official. He is currently the president and CEO of the American Bankers Association. He was previously president and CEO of the Financial Services Forum from 2005 to 2015 and an assistant secretary at the U.S. Treasury Department during the George W. Bush administration.
The Business Roundtable (BRT) is a nonprofit lobbyist association based in Washington, D.C. whose members are chief executive officers of major United States companies. Unlike the United States Chamber of Commerce, whose members are entire businesses, BRT members are exclusively CEOs. The BRT lobbies for public policy that is favorable to business interests, such as lowering corporate taxes in the U.S. and internationally, as well as international trade policy like the North American Free Trade Agreement.
The Clearing House is a banking association and payments company owned by the largest commercial banks in the United States. The Clearing House is the parent organization of The Clearing House Payments Company L.L.C., which owns and operates core payments system infrastructure in the United States, including ACH, wire payments, check image clearing, and real-time payments through the RTP network, a modern real-time payment system for the U.S.
Mary Callahan Erdoes is an American investment manager and businesswoman. She is the chief executive officer (CEO) of the asset and wealth management division of J.P. Morgan, serving since 2009. With the firm since 1996, she began her career as a portfolio manager, specializing in fixed income trading. From 2005 to 2009, she served as the CEO of the firm's private bank, advising wealthy families and institutions. Her career has led to her being described as the most powerful woman in American finance. She has been noted as a potential successor to Jamie Dimon, as CEO of JPMorgan Chase.
In April and May 2012, large trading losses occurred at JPMorgan's Chief Investment Office, based on transactions booked through its London branch. The unit was run by Chief Investment Officer Ina Drew, who later stepped down. A series of derivative transactions involving credit default swaps (CDS) were entered, reportedly as part of the bank's "hedging" strategy. Trader Bruno Iksil, nicknamed the London Whale, accumulated outsized CDS positions in the market. An estimated trading loss of $2 billion was announced. However, the loss amounted to more than $6 billion for JPMorgan Chase.
The banking lobby refers to the representatives from various firms and organizations seeking favorable terms from governments for big banks and other financial service companies through lobbying and advocacy groups.
Charles W. Scharf is an American investment banker and business executive who is the chief executive officer and president of Wells Fargo. He was previously the CEO of Visa Inc. and BNY.
Frank J. Bisignano is an American businessman and the president and CEO of Fiserv. He previously was the CEO of First Data, and the COO of JPMorgan Chase.
Marianne Lake is a senior British-American banker.
Jennifer Piepszak is an American financial executive and co-head of J.P. Morgan’s Commercial & Investment Bank. Her appointment was announced on January 25, 2024. Prior to this, Piepszak served as co-Chief Executive Officer (CEO) of Consumer and Community Banking at Chase. Barron's named Piepszak one of the 100 Most Influential Women in U.S. Finance. Crain's New York named Piepszak the No. 2 Most Powerful Women in New York in 2019. American Banker named Piepszak the No. 4 Woman to Watch in 2018. She was ranked 24th on Fortune's list of Most Powerful Women in 2023.
Brian P. Brooks is an American lawyer, banker, entrepreneur, technologist, and former government official. He served as Acting Comptroller of the Currency from May 29, 2020, succeeding the 31st Comptroller of the Currency Joseph Otting, until January 14, 2021. Brooks was nominated twice by President Donald Trump for a five-year term as Comptroller of the Currency, once during the 116th Congress, and once in the 117th Congress.
Greg Baer is an American public policy executive serving as president and CEO of the Bank Policy Institute (BPI). He previously served as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury during the Clinton administration and as Managing Senior Counsel for the Federal Reserve Board of Governors.
