Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
Morgan and Company history
Morgan and Company company history timeline
Beginning in 1982, J.P. Morgan, like most of the international banking community, was severely affected by the inability of Third World countries to service and repay their growing debt obligations.
But the most important problem for Chase Manhattan in the 1980s was a series of bad loans that had no equal in quantity or magnitude in the bank's history. It started when Drysdale Government Securities defaulted early in 1982 on $160 million in interest payments to brokerage firms.
In 1984 the bank purchased Nederlandse Credietbank N.V., a Dutch bank headquartered in Amsterdam.
In 1985, the bank bought six Ohio savings and loan institutions.
In 1986, Chase acquired Continental Bancor.
On February 20, 1987 Brazil announced that it would suspend payment on its foreign debt and threw the money-center banks into a panic.
The crisis deepened when Brazil suspended payment of interest on its loans in 1987, and J.P. Morgan placed $1.3 billion of Brazilian debt on a non-accrual basis.
In 1987 the bank acquired Texas Commerce Bankshares in what was at the time the largest interstate banking merger in United States history.
But the most important problem for Chase Manhattan in the 1980s was a series of bad loans that had no equal in quantity or magnitude in the bank's history. As a result, it posted a loss of $894.5 million for 1987--the worst year for American banking since the Great Depression.
It became clear that new solutions to the debt crisis had to be found, and in 1988 J.P. Morgan and the Mexican government offered the first voluntary debt exchange program.
In 1989 Morgan became a leading United States underwriter of corporate debt, and by the end of the 20th century it had become one of the world’s most-respected investment banking houses.
In 1989, the Federal Reserve gave J.P. Morgan Securities permission to underwrite, within a limit of 5% of total revenues, corporate debt securities, and the firm immediately began to trade and deal in corporate bonds.
Pending final approval from the Federal Reserve, which is expected in 1990, J.P. Morgan will also begin to deal in equity securities, allowing the firm to add to the range of financial alternatives it can offer clients worldwide.
In 1990 the Federal Reserve granted J.P. Morgan permission to deal in equity securities in addition to its corporate bonds and traditional commercial banking activities.
When Labrecque--virtually unknown outside of banking circles&mdashøok over as CEO in late 1990, his immediate task was to implement a restructuring plan intended to rein in control of Chase's operations and turn the bank's fortunes around.
Like other banks struggling through those industry-wide difficult years, Chase cut costs, trimmed staff (another 6,000 by the end of 1991), and reduced operations.
Perhaps most importantly, Labrecque and Ryan embarked in 1992 on a program to transform Chase's corporate culture.
Successful consumer lending operations were shorn up through such moves as the 1993 acquisition of consumer mortgage company Troy & Nichols, Inc.
In 1994 Nooyi joined PepsiCo as senior vice president of corporate strategy and development.
The trend reversed, however, in early 1994 when the Federal Reserve raised interest rates, causing risk-averse investors to reduce their involvement in many previously active markets.
Perhaps most importantly, Labrecque and Ryan embarked in 1992 on a program to transform Chase's corporate culture. As a result of these efforts, by 1994 cost-containment efforts had translated into an improvement in the bank's overhead efficiency ratio (noninterest expenses divided by revenues) from 75 percent to 60 percent.
In September 1995, the first round of executive positions was announced with more than half the positions going to Chemical executives.
Trying to make up for this shortfall, J.P. Morgan in 1997 purchased a 45 percent stake in American Century Investments, the fourth largest direct distributor of mutual funds in the United States.
J.P. Morgan said, in an August 28, 1998 press release, that its Russian exposure was approximately $160 million.
Another blow to investors and investment banks was struck in 1998.
In December 1999 Chase acquired San Francisco-based Hambrecht & Quist Group Inc. (H & Q) for about $1.35 billion.
JPMorgan Chase & Co., formerly J.P. Morgan and Company, Inc., American banking and financial services company formed through the December 2000 merger of J.P. Morgan & Co. and The Chase Manhattan Corporation.
In 2001 she was named president and chief financial officer of the company.
Total Assets: $705 billion (2001 est.)
Bank One of Chicago merged with JPMorgan Chase in 2004.
Nooyi assumed the title of CEO in October 2006 and the next year became chairman of the board as well.
In 2008 JPMorgan Chase suffered billions of dollars in losses during the subprime mortgage crisis, a severe contraction of liquidity in credit markets worldwide brought about by the steep devaluation of mortgage-backed securities.
In May 2012 JPMorgan Chase announced that an investment unit of the bank had lost some $2 billion through a complex series of trades in derivatives, including credit-default swaps (CDSs).
The following year it was announced that Nooyi would be stepping down as CEO in October and as chairman of the board in early 2019.
Nooyi’s memoir, My Life in Full: Work, Family, and Our Future, was published in 2021.
Incorporated ." International Directory of Company Histories. . Encyclopedia.com. (June 22, 2022). https://www.encyclopedia.com/books/politics-and-business-magazines/jp-morgan-co-incorporated-0
Rate how well Morgan and Company lives up to its initial vision.
Morgan and Company jobs
Do you work at Morgan and Company?
Does Morgan and Company communicate its history to new hires?
Morgan and Company competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Federal Mine Safety and Health Review Commission | 1977 | $6.0M | 50 | - |
| Johnson & Company | - | $82.1B | 50 | 25 |
| Baldwin County | 1809 | $17.0M | 350 | 16 |
| Willoughby Hills City Hall | - | $4.1M | 125 | - |
| Burnett County | 1865 | $1.8M | 50 | - |
| Adler Co | 1998 | $8.5M | 150 | - |
| Davidson's | 1932 | $2.2M | 50 | 92 |
| O'Brien Energy Company | 1997 | $2.4M | 10 | - |
| Carr | 1831 | $4.8M | 125 | 40 |
| Powell | 2003 | $20.0M | 350 | 100 |
Morgan and Company history FAQs
Zippia gives an in-depth look into the details of Morgan and Company, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Morgan and Company. The employee data is based on information from people who have self-reported their past or current employments at Morgan and Company. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Morgan and Company. The data presented on this page does not represent the view of Morgan and Company and its employees or that of Zippia.
Morgan and Company may also be known as or be related to Morgan & Co., Morgan & Company, Morgan and and Morgan and Company.