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JPMorgan Chase & Co. history
JPMorgan Chase & Co. company history timeline
Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation with aiding and abetting Enron Corp.'s securities fraud, which collapsed amid a financial scandal in 2001.
In December 2002, Chase paid fines totaling $80 million, with the amount split between the states and the federal government.
In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office.
In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current chairman and CEO Jamie Dimon as president and COO. He succeeded former CEO William B. Harrison, Jr.
In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.
In April 2006, JPMorgan Chase acquired Bank of New York Mellon's retail and small business banking network.
In 2006, JPMorgan Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million.
At the end of 2007, Bear Stearns was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year.
On Friday, March 14, 2008, Bear Stearns lost 47% of its equity market value as rumors emerged that clients were withdrawing capital from the bank.
In August 2008, the bank announced plans to construct a new European headquarters at Canary Wharf, London.
On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation.
The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009.
In 2010, the firm acquired the successful British investment bank, Cazenove.
On August 25, 2011, JPMorgan Chase agreed to settle fines with regard to violations of the sanctions under the Office of Foreign Assets Control (OFAC) regime.
Earlier in 2011, the company announced that by the use of supercomputers, the time taken to assess risk had been greatly reduced, from arriving at a conclusion within hours to what is now minutes.
In April 2012, hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities of Bruno Iksil, a trader for JPMorgan Chase & Co., referred to as "the London whale" in reference to the huge positions he was taking.
On September 18, 2013, JPMorgan Chase agreed to pay a total of $920 million in fines and penalties to American and UK regulators for violations related to the trading loss and other incidents.
In 2013, JPMorgan acquired Bloomspot, a San Francisco-based startup.
In the fall of 2013, JPMorgan began talks with prosecutors and regulators regarding compliance with anti-money-laundering and know-your-customer banking regulations in connection with Madoff.
On January 7, 2014, JPMorgan agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal.
In December 2016, 14 former executives of the Wendel investment company faced trial for tax fraud while JP Morgan Chase was to be pursued for complicity.
In June 2017, Matt Zames, the now-former COO of the bank decided to leave the firm.
In February 2019, JP Morgan announced the launch of JPM Coin, a digital token that will be used to settle transactions between clients of its wholesale payments business.
On April 19, 2021, JP Morgan pledged $5 billion towards the European Super League. a controversial breakaway group of football clubs seeking to create a monopolistic structure where the founding members would be guaranteed entry to the competition in perpetuity.
In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand.
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JPMorgan Chase & Co. competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Bank of America | 1998 | $85.5B | 200,000 | 5,701 |
| Citi | 1812 | $74.3B | 210,000 | 1,256 |
| Wells Fargo | 1852 | $2.4B | 268,531 | 1,514 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 1,212 |
| Goldman Sachs | 1869 | $434.4M | 40,500 | 534 |
| Capital One | 1994 | $26.0B | 51,985 | 5,545 |
| SunTrust | 1891 | $300.1M | 22,899 | - |
| U.S. Bank | 1863 | $202.1M | 70,000 | 2,235 |
| J.P. Morgan | 1985 | $2.0B | 6,000 | - |
| Fifth Third Bank | 1858 | $7.7T | 19,846 | 1,071 |
JPMorgan Chase & Co. history FAQs
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