Chase Bank

Last updated
J.P. Morgan Chase Bank, N.A.
Chase Bank
Subsidiary
Industry Banking
Predecessor The Manhattan Company
Founded1877
December 1, 2000;18 years ago (2000-12-01)
Headquarters 270 Park Avenue, ,
USA
Key people
Jamie Dimon (CEO)
Products Financial services
ServicesRetail Financial Services
Card Services
Commercial Banking
RevenueUS$109.029 billion [1]  (2018)
US$32.474 billion [1]  (2018)
Total assets US$2.623 trillion [1]  (2018)
Number of employees
189,315 (2016)
Parent JPMorgan Chase
Website www.chase.com
Chase branches in the U.S. in 2010 JPMorgan Chase footprint 2010-03.png
Chase branches in the U.S. in 2010

J.P. Morgan Chase Bank, N.A., doing business as Chase Bank, is a national bank headquartered in Manhattan, 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. [2] Chase Manhattan Bank was formed by the merger of the Chase National Bank and The Manhattan Company in 1955. [3] The bank merged with Bank One Corporation in 2004 [4] and later acquired the deposits and most assets of The Washington Mutual.

In banking, the term national bank carries several meanings:

Manhattan Borough in New York City and county in New York, United States

Manhattan, , is the most densely populated of the five boroughs of New York City and its economic and administrative center, cultural identifier, and historical birthplace. The borough is coextensive with New York County, one of the original counties of the U.S. state of New York. The borough consists mostly of Manhattan Island, bounded by the Hudson, East, and Harlem rivers; several small adjacent islands; and Marble Hill, a small neighborhood now on the U.S. mainland, physically connected to the Bronx and separated from the rest of Manhattan by the Harlem River. Manhattan Island is divided into three informally bounded components, each aligned with the borough's long axis: Lower, Midtown, and Upper Manhattan.

New York City Largest city in the United States

The City of New York, usually called either New York City (NYC) or simply New York (NY), is the most populous city in the United States. With an estimated 2018 population of 8,398,748 distributed over a land area of about 302.6 square miles (784 km2), New York is also the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 19,979,477 people in its 2018 Metropolitan Statistical Area and 22,679,948 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural, financial, and media capital of the world, and exerts a significant impact upon commerce, entertainment, research, technology, education, politics, tourism, art, fashion, and sports. The city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.

Contents

Chase offers more than 5,100 branches and 16,000 ATMs nationwide. JPMorgan Chase & Co. has 250,355 employees (as of 2016) and operates in more than 100 countries. JPMorgan Chase & Co. had their assets of $2.49 trillion in 2016.

JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States. [5] [6]

History

AaronBurr.jpg
Aaron Burr, 3rd Vice President of the United States and founder of The Manhattan Company.
John D. Rockefeller, Jr. (1915).jpg
John D. Rockefeller, Jr. and the Rockefeller family were the largest shareholders of Chase National Bank.

From September 1, 1799, to 1955, it was called The Bank of The Manhattan Company (New York); after a 1955 merger with the Chase National Bank (which existed separately from 1877 to 1954) it was called The Chase Manhattan Bank. [7]

Chase's southwest regional headquarters in Phoenix, Arizona. Chase Tower, Downtown PHX.jpg
Chase's southwest regional headquarters in Phoenix, Arizona.

The Manhattan Company

Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street: [2]

Aaron Burr American Vice President and politician

Aaron Burr Jr. was an American politician and lawyer. He was the third vice president of the United States (1801–1805), serving during President Thomas Jefferson's first term.

After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, Aaron Burr established the Manhattan Company, with the ostensible aim of bringing clean water to the city from the Bronx River but in fact designed as a front for the creation of New York's second bank, rivaling Alexander Hamilton's Bank of New York.

Bronx River river in the United States of America

The Bronx River, approximately 24 miles (39 km) long, flows through southeast New York in the United States and drains an area of 38.4 square miles (99 km2). It is named after colonial settler Jonas Bronck. The Bronx River is the only fresh water river in New York City.

Alexander Hamilton first Secretary of the Treasury and Founding Father of the United States

Alexander Hamilton was an American statesman, politician, legal scholar, military commander, lawyer, banker and economist. He was one of the Founding Fathers of the United States. He was an influential interpreter and promoter of the U.S. Constitution, as well as the founder of the nation's financial system, the Federalist Party, the United States Coast Guard, and the New York Post newspaper. As the first Secretary of the Treasury, Hamilton was the main author of the economic policies of George Washington's administration. He took the lead in the Federal government's funding of the states' debts, as well as establishing a national bank, a system of tariffs, and friendly trade relations with Britain. His vision included a strong central government led by a vigorous executive branch, a strong commercial economy, a national bank and support for manufacturing, and a strong military. Thomas Jefferson was his leading opponent, arguing for agrarianism and smaller government.

In 2006, the modern-day Chase bought the retail banking division of the Bank of New York, which then only months later merged with Pittsburgh-based Mellon Financial to form the present-day BNY Mellon.

Chase National Bank

Chase National Bank was formed in 1877 by John Thompson. [2] It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase, [3] although Chase did not have a connection with the bank. [2]

The Chase National Bank acquired a number of smaller banks in the 1920s, through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank.

Specimen Stock Certificate The Chase National Bank of the City of New York, Specimen Stock Certificate.jpg
Specimen Stock Certificate

However, its most significant acquisition was the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr. [9] This made Chase the largest bank in America and indeed, in the world.

Chase was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients, such as General Electric, which had, through its RCA subsidiary, leased prominent space and become a crucial first tenant of Rockefeller Center, rescuing that major project in 1930. The bank is also closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil, especially ExxonMobil, which are also Rockefeller holdings.

Merger as Chase Manhattan Bank

The September 1, 1799-1877 logo Bank of the New York Company.png
The September 1, 1799-1877 logo
The 1877-1955 logo Chase National Bank.png
The 1877-1955 logo
The 1955-1961 logo Chase logo pre historical.jpg
The 1955–1961 logo
The 1961-1976 logo Chase 1962 logo.png
The 1961–1976 logo

In 1955, Chase National Bank and The Manhattan Company merged to create The Chase Manhattan Bank. [2] As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken over. The deal was therefore structured as a merger by the Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders.

For Chase Manhattan Bank's new logo, Chermayeff & Geismar designed a stylized octagon in 1961, which remains part of the bank's logo today. [10] The Chase logo is a stylized representation of the primitive water pipes laid by the Manhattan Company, which were made by nailing together wooden planks. [11] The bank included an asset management business called the Chase Investors Management Corporation.

Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller, the bank became part of a bank holding company, the Chase Manhattan Corporation. [3]

Mergers with Chemical, J.P. Morgan

The 1976-2005 logo Chase logo pre merger.png
The 1976–2005 logo

In August 1995, Chemical Bank of New York and Chase Manhattan Bank announced plans to merge. [12] The merger was completed in August 1996. [13] Chemical's previous acquisitions included Manufacturers Hanover Corporation, in 1991, and Texas Commerce Bank, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since it was better known (particularly outside the United States).

In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co. in one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the United States. JPMorgan Chase added Bear Stearns and Washington Mutual to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition. [14] [15] According to data from SNL Financial (data as of June 30, 2008), this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches. In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market. [16] The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008.

Chase branch located in Athens, Ohio Chase Bank Athens OH USA.JPG
Chase branch located in Athens, Ohio
Chase bank in Chinatown, Manhattan ChaseBankChinatownManhattan.jpg
Chase bank in Chinatown, Manhattan
Chase offices and branch in One Utah Center tower in Salt Lake City Slc utah one center.jpg
Chase offices and branch in One Utah Center tower in Salt Lake City

The following is an illustration of the company's major mergers and acquisitions and historical predecessors to 1995 (this is not a comprehensive list):

Chase Manhattan Bank
(merged 1995)
Chemical Bank
(merged 1991)
Chemical Bank
(merged 1986)

The Chemical Bank
of New York

(est. 1823)

Texas Commerce Bank
(Formerly Texas National Bank of Commerce)
(merged 1864)

Manufacturers Hanover
(merged 1961)

Manufacturers
Trust Company

(est. 1905)

Hanover Bank
(est. 1873)

Chase Manhattan Bank
(merged 1955)

Bank of the
Manhattan Company

(est. 1799)

Chase National Bank
of the City of New York

(est. 1877)

Bank One Corporation

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board its 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 after Harrison's resignation. [17]

Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in New York. [18] [ failed verification ]

The following is an illustration of Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

Bank One
(merged 1998)
Banc One Corp
(merged 1968)

City National Bank
& Trust Company (Columbus, Ohio)

Farmers Saving
& Trust Company

First Chicago  NBD
(merged 1995)

First Chicago Corp
(est. 1863)

NBD Bancorp
(Formerly National Bank of Detroit)
(est. 1933)

 

Louisiana's First
Commerce Corp.

Washington Mutual

On September 25, 2008, JPMorgan Chase bought most banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation (FDIC). That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase Bank, NA for $1.888 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity. [19] Through the acquisition, JPMorgan became owner of the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed the rebranding of Washington Mutual branches to Chase in late 2009.

Other recent acquisitions

In the first-quarter of 2006, Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance. [20]

In April of that same year (2006), Chase acquired the Bank of New York Co.'s retail and small business banking network. This gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, Connecticut, and Indiana.

Controversies

Purchase of Nazi Germany's Reichsmarks during WWII

A press release from the National Archives and Records Administration (NARA) in 2004 announced that many of the new Federal Bureau of Investigation (FBI) files had become declassified. This declassification enabled the discovery that before and during the early years of World War II, the German government sold a special kind of Reichsmark, known as Rückwanderer [returnee] Marks, to American citizens of German descent. Chase National Bank, along with other businesses, were involved in these transactions. Through Chase, this allowed Nazi sympathizers to purchase Marks with dollars at a discounted rate. Specifically, "The financial houses understood that the German government paid the commissions (to its agents, including Chase) through the sale of discounted, blocked Marks that came mainly from Jews who had fled Germany." In other words, Nazi Germany was able to offer these Marks below face-value because they had been stolen from emigrés fleeing the Nazi regime. Between 1936 and 1941, the Nazis amassed over $20 million, and the businesses enabling these transactions earned $1.2 million in commissions. Of these commissions, over $500,000 went to Chase National Bank and its subagents.

These facts were discovered when the FBI began its investigation in October 1940. The purpose of the investigation was to follow German-Americans who had bought the Marks. However, Chase National Bank's executives were never federally prosecuted because Chase's lead attorney threatened to reveal FBI, Army, and Navy "sources and methods" in court (needs reference). Publicly naming the sources and methods could have posed security risks and threatened future intelligence gathering. To avoid such revelations, the executives' violations of the Johnson Act, the Espionage Act, and the Foreign Agents Registration Act were never prosecuted. [21] [22] [23]

Release of funds for Nazi Germany during WWII

Besides the controversial Rückwanderer Mark Scheme, NARA records also revealed another controversy during the occupation of France by the Nazis. From the late 1930s until June 14, 1941, when President Franklin D. Roosevelt (FDR) issued an Executive Order freezing German assets, Chase National Bank worked with the Nazi government. The order blocking any access to French accounts in the U.S. by anyone, but especially by the Nazis was issued by Secretary of the Treasury, Henry Morgenthau Jr., with the approval of FDR. Within hours of the order, Chase unblocked the accounts and the funds were transferred through South America to Nazi Germany. [23]

Refusal to release funds belonging to Jews in Occupied France

US Treasury officials wanted an investigation of French subsidiaries of American banks, such as Chase Bank, J.P. Morgan & Co, National City Corporation, Guaranty Bank, Bankers Trust, and American Express. Of these banks, only Chase and Morgan remained open in France during the Nazi occupation. The Chase branch chief in Paris, France, Carlos Niedermann, told his supervisor in New York that there had been an "expansion of deposits". Also, Niedermann was, "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree with retroactive provisions prohibiting such release might be published in the near future by the occupying Nazi authorities".

In 1998, Chase general counsel William McDavid said that Chase did not have control over Niedermann. Whether that claim was true or not, Chase Manhattan Bank acknowledged seizing about 100 accounts during the Vichy regime. Kenneth McCallion, an attorney, led a lawsuit against Barclays Bank for the illegal seizure of assets during WWII and has since turned his attention toward Chase. The World Jewish Congress (WJC), entered into discussions with Chase and a spokesperson for the WJC said, "Nobody at Chase today is guilty. They were not involved in whatever happened, but they do accept that they have an institutional responsibility." A Chase spokesman said, "This is a moral issue that we take very seriously." Chase general counsel McDavid added, "that Chase intends to compensate Jewish account holders whose assets were illegally plundered". In 1999, the French government formed a commission to report findings to Prime Minister Lionel Jospin. Claire Andrieu, a commission member and history professor at the Sorbonne, said that under the Vichy regime, French banks received visits from Nazi officials but U.S. banks did not. At that time, they did not have to report Jewish accounts, but they did just as the French banks did. She goes on to say that an American ambassador protected the U.S. subsidiaries. [24] [25] [26] [27]

Recent controversies

JPMorgan Chase has paid $16 billion in fines, settlements and other litigation expenses from 2011 to 2013. Of the $16 billion JPMorgan Chase has paid, about $8.5 billion were for fines and settlements resulting from illegal actions taken by bank executives, according to Richard Eskow at the Campaign for America's Future, who cited a new report from Joshua Rosner of Graham Fisher & Co.

The $16 billion total does not include a recent settlement that calls for JPMorgan Chase to pay $100 million to waive $417 million in claims it had made against clients of the firm MF Global.

The U.S. Treasury's Office of Foreign Assets Control found that JPMorgan had illegally aided dictatorships in Cuba, Sudan, Liberia and Iran, including transferring 32,000 ounces of gold bullion (valued at approximately $20,560,000) to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose the Iranian matter to OFAC. [28]

Among its other transgressions, JPMorgan has been found to have: [29] [30] [31] [32] [33]

Targeted account closures

During 2013 and 2014, Chase and other banks received media attention for the practice of canceling the personal and business accounts of hundreds of legal sex workers, citing in some instances the "morality clause" of their account agreement. [34] [35] Later it was discovered that this practice included mortgage accounts and business loans. [36] Chase canceled the mortgage refinancing process for one individual, that the bank had initiated, whose production company made soft core films like those broadcast on Cinemax. [37] This resulted in a lawsuit [38] which cited evasive dealings and misleading statements by several Chase executives including Securities Vice President Adam Gelcich, Legal Fair Lending Department Vice President Deb Vincent, and an unnamed executive director and assistant general counsel. [39]

Chase Bank in Rye, New York Chase bank922.jpg
Chase Bank in Rye, New York

In addition to closing accounts for sex workers, the bank has also been using its "morality clause" to disassociate from other types of businesses. [40] Some of these other businesses include medical marijuana dispensaries and any that are "gun related". [40] Another was a woman-owned condom manufacturing company called Lovability Condoms. Company founder Tiffany Gaines was rejected by Chase Paymentech services "as processing sales for adult-oriented products is a prohibited vertical" and was told that it was a "reputational risk" to process payment for condoms. [40] Gaines then started a petition to ask Chase to review and change its policy of classifying condoms as an "adult oriented product". The bank later reversed its decision and invited Gaines to submit an application citing that was already doing business with a "wide variety of merchants, including grocers and drug stores, that sell similar products". [41]

In 2019 the bank faced growing criticism for its alleged practice of arbitrarily targeting the personal accounts of outspoken online personalities such as Martina Markota and Proud Boys chairman Enrique Tarrio. Although the specific motives behind the closures were not officially disclosed the assumption among many on the right was that they were political in nature. [42]

Dakota Access Pipeline

Financial documents [43] from Energy Transfer Partners, the pipeline builder for the Dakota Access Pipeline, lists a number of large banking institutions that have provided credit for the project, including JP Morgan Chase. Because of these financial ties, Chase and other banks have been a target [44] of the Dakota Access Pipeline protests during 2016 and 2017.

Parental leave policy

JPMorgan Chase agreed to pay $5 million to compensate their male employees who did not receive the same paid parental leave as women from 2011 to 2017. [45] In December 2017, the bank "clarified its policy to ensure equal access to men and women looking to be their new child's main caregiver". [46] According to the involved attorneys, this is the biggest recorded settlement in a U.S. parental leave discrimination case. JPMorgan agreed to train and monitor to ensure equal parental leave benefits and stated that "its policy was always intended to be gender-neutral". [47]

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JPMorgan Chase American multinational banking and financial services holding company

JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City. JPMorgan Chase is the largest bank in the United States, and is ranked by S&P Global as the third largest bank in the world by total assets as of 2018, to the amount of $2.623 trillion. It is the world's most valuable bank by market capitalization.

Jamie Dimon American banking executive

Jamie Dimon is an American business executive. He is Chairman and CEO of JPMorgan Chase, the largest of the big four American banks, and previously served on the board of directors of the Federal Reserve Bank of New York. Dimon was included in Time magazine's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people.

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Mary Callahan Erdoes American banker

Mary Callahan Erdoes is Chief Executive Officer of J.P. Morgan Asset & Wealth Management, a global leader in investment management and private banking with $2.8 trillion in client assets. She is also a member of JPMorgan Chase & Co.'s Operating Committee.

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Frank J. Bisignano is an American businessman, and the Chairman and CEO of First Data. Based in New York City, Bisignano started his career as VP of both Shearson Lehman Brothers and First Fidelity Bank. Starting in 1994 he held a number of executive positions at Citigroup, with American Banker writing that "he got his payments industry bona fides at Citi by running its massive global transaction services unit." In 2004 the publication Treasury and Risk named him one of the "100 most influential people in finance."

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Further reading