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JPMorgan Chase is an American multinational banking corporation with a large presence in the United Kingdom. The corporation's European subsidiaries J.P. Morgan Europe Limited, J.P. Morgan International Bank Limited and J.P. Morgan Securities plc are headquartered in London.
J.P. Morgan's founder is J. Pierpont Morgan. His father, Junius Spencer Morgan, was in the merchant banking business in London from 1854 until his death in 1890. In 1873, the Scottish American Investment Trust, a predecessor firm (Robert Fleming & Co. was sold to Chase Manhattan in 2000) was formed. In 1887, Jarvis-Conklin Mortgage Trust Company opened in London and through a series of mergers and reorganizations, this firm became part of Chase Bank. [1]
The bank joined CHAPS during 2010. [2]
The company has provided the Post Office card account since 2006, [3] [4] [5] acquired investment bank Cazenove in 2010 [6] and acquired London based online investment firm Nutmeg in June 2021. [7] JPMorgan Chase launched a retail banking operation in the UK in September 2021 under the Chase brand name.[ citation needed ]
J.P. Morgan Chase does not operate bank branches in the UK but has offices in London (which serves as the headquarters), Bournemouth, Glasgow and Edinburgh. The Bournemouth office is the largest private sector employer in Dorset, while in Glasgow J.P. Morgan is one of the largest technology employers in Scotland. [8]
During December 2010 an announcement was made that the previous headquarters of Lehman Brothers at 25 Bank Street in Canary Wharf would be purchased to function as the company's European head office. [9]
J.P. Morgan Asset Management provides investment solutions[ clarification needed ] to financial institutions, sovereigns, intermediaries and private individuals. It is based in London. [10]
Provides corporate banking services to large corporations, financial institutions and public sector organizations. Services include financing, risk management, working capital, cash management and investments. [11]
The investment bank is one of the largest in the United Kingdom. It offers banking services including M&A advisory, corporate banking, debt capital markets, capital raising and risk management. [12]
J.P. Morgan Cazenove became a wholly owned part of J.P. Morgan in 2010, having originally operated as a joint venture between J.P. Morgan and the UK investment bank Cazenove. Its three core businesses are corporate finance, cash equities and equity research. It is based in London. [13] J.P Morgan Cazenove is a trading name of J.P. Morgan Securities plc.
J.P. Morgan Europe Ltd is currently providing the banking licence and the electronic benefits transfer banking engine for the Post Office card account, since 24 January 2006 having taken over from the previous provider Citibank. [14] [15] [16] The deal of exchange of services was valued at $380,000,000. [17] New applications for a Post Office card account were closed on 11 May 2020, with existing accounts remaining open until November 2022. [18]
The Post Office Card Account (POca) is a cash handling account allowing customers to receive benefit payments. The Card Account cannot be accessed anywhere other than a Post Office Counter or ATM at a post office branch. These accounts can only receive issuances of the DWP benefit payments and HMRC Tax Credits and Child Benefit payments. To open an account, you must be in receipt of benefits and a referral is made via Jobcentre Plus. [19]
A franchise that provides wealth management services to ultra-high-net-worth individuals and families. [20]
Made up of two divisions, Treasury and Worldwide Securities Services. Treasury Services provides cash management products, trade finance and logistics solutions[ clarification needed ], wholesale card products, and short-term liquidity management capabilities to small and mid-sized companies, multinational corporations, financial institutions and government entities [21] while Worldwide Securities Services stores, values, clears and services securities and alternative investments for investors and broker-dealers. [22]
 | |
| Type | Trading division |
|---|---|
| Industry | Banking |
| Founded | 2021 |
| Headquarters | 25 Bank Street, , |
Key people | Sanoke Viswanathan (CEO) |
| Services | Retail banking |
| Owner | JPMorgan Chase |
| Parent | J.P. Morgan Europe Ltd |
| Website | chase |
Chase is a UK-based retail banking brand operating as a division of J.P. Morgan Europe Ltd.
In January 2021, JP Morgan Chase announced that it was to enter the UK retail banking sector, under the Chase brand, later that year, [23] establishing its first non-US retail banking operation in its history. [24] The first Chase branded products in the UK were launched in September 2021. [25] It was named the fastest-growing fintech app in 2022, beating the likes of Starling and Monzo. [26]
In May 2023, Chase announced it had attracted over 1.6 million customers since it launched in the UK, and held £1.5 billion of customer deposits. [27]
In September 2023, Chase announced it would ban all cryptocurrency purchases made from 16 October 2023. [28]
The Chase branded app-based current account and linked savings account was launched in Late September 2021 . [29] The account allows customers to send and receive money via Faster Payments and since March 2022, the option to pay by direct debits. [30] Chase plans to launch further products in the next three to four years including, savings and investment accounts, personal lending and mortgage loans. [31] A savings account was launched in March 2022. [32]
The bank was fined £33,320,000 for failing to protect the money of the clientele of the bank during November 2002 and July 2009. The lack of due consideration was given as resulting from error, [33] [34] and elsewhere as caused by the efforts of ring-fencing . [35]
A senior executive of the bank resigned in April 2012 having been found to have committed a civil crime amounting to market abuse, as defined by the FSA. [36]
The chief officer and others having made errors during May 2012, causing losses to the bank amounting to £1.2 billion, were expected to resign. At the time of the report JP Morgan was stated as considering the closure of the London investment unit. [37]
Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services or research. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket, Middle Market, and boutique market.
Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world.
JPMorgan Chase & Co. is an American multinational financial services firm 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" of capital reserves. The firm is headquartered at 383 Madison Avenue in Midtown Manhattan and is set to move 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.
Banco Bradesco S.A. is a Brazilian financial services company headquartered in Osasco, in the state of São Paulo, Brazil. It is the third largest banking institution in Brazil, as well as the third largest in Latin America, and the seventy-ninth largest bank in the world. It is also one of fifty most valuable banks in the world. The bank is listed at the B3 in São Paulo, where it is part of the Índice Bovespa, in the New York Stock Exchange and in the Madrid Stock Exchange.
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. For 146 years, until 2000, J.P. Morgan specialized in commercial banking, before a merger with Chase Manhattan Bank led to the business line spinning off under the Chase brand.
Schroders plc is a British multinational asset management company headquartered in London, England. Founded in 1804, it employs over 6,000 people worldwide in 38 locations around Europe, America, Asia, Africa and the Middle East. It is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Cazenove was a British stockbroker and investment bank, founded in 1823 by Philip Cazenove. It was one of the UK's last independent investment banks and one of the last to remain a private partnership. The investment banking business entered into a joint venture with JPMorgan Chase in 2004, and the fund management business Cazenove Capital Management spun off in 2005. In 2009, JPMorgan Chase acquired the remainder of the investment banking business. Cazenove Capital Management was acquired by Schroders in 2013.
Sony Bank, Inc. (ソニー銀行株式会社) is a Japanese commercial bank established in April 2001. It operates as a direct bank and has no physical branches or ATMs. It is one of the largest online banks in Japan and a subsidiary of Sony Financial Holdings, the financial business unit of the multinational conglomerate Sony Group Corporation. Its main business is offering online banking with foreign currency deposits, investment trusts, and home loans.
Klaus Diederichs was the Head of European Investment Banking at JP Morgan Chase & Co. from April 2004 to 2014. Mr. Diederichs served as Director of Credit Services of Capital Market, Institutional Restructuring Unit, Risk Management, and Credit Risk at Dresdner Bank Luxembourg S.A. He serves as a Director of JPMorgan Cazenove Limited.
James Bainbridge Lee, Jr. was an American investment banker, notable for his role in the development of the leveraged finance markets in the U.S. in the 1980s. He is widely credited as the architect of the modern-day syndicated loan market. At the time of his death, Lee was vice chairman of JPMorgan Chase & Co. and a member of the bank's executive committee. He was also Co-Chairman of JPMorgan's investment bank.
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 J.P. Morgan Reserve Card, formerly branded and colloquially known as the Palladium Card, is a credit card issued by J.P. Morgan on the Visa network. It is reserved for the wealthiest clients of the firm's global private bank. The card is minted out of a brass alloy, laser-engraved, and plated with metal palladium and 23-karat gold. Eligibility for the card is not fully known as it is invitation-only and at the discretion of J.P. Morgan. The card does not report to credit bureaus or maintain a pre-set credit limit. It is considered a status symbol among the affluent.
William Thomas Winters, CBE is an American banker who is the chief executive (CEO) of Standard Chartered, and was formerly co-head of JPMorgan Chase's investment bank.
Post Office Money is a financial services brand operated by Post Office Ltd which provides credit cards, current accounts, insurance products, mortgages and personal loans to customers in the United Kingdom through Post Office branches, the internet and telephone.
Marianne Lake is a senior British-American banker.
Ian Charles Hannam is a British investment banker, and founder of Hannam & Partners. He was previously Vice-Chairman of JPMorgan, where he became known as the "King of Mining". Hannam has been a principal investor in each of his banking endeavours and of late has been increasingly active as a principal investor outside of banking with a series of investments in the resource and fintech spaces. He remains one of the world's leading brokers of capital investments.
David Lionel Mayhew CBE is a British banker, chairman of JP Morgan Cazenove until 2011.
Jennifer Piepszak is an American financial executive and has been the Chief Financial Officer (CFO) of JPMorgan Chase since May 1, 2019. Her appointment was announced on April 17, 2019. She succeeded Marianne Lake, who was the CFO since 2012. 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.
