**Historical Background and Evolution**:
– J.P. Morgan & Co. traces back to 1854 when Junius S. Morgan joined George Peabody & Co.
– J.S. Morgan & Co. was established in 1864 by Junius, later renamed J.P. Morgan & Company.
– J. Pierpont Morgan founded his firm in 1864, initially trading in government bonds and foreign exchange.
– Drexel, Morgan & Co. was formed in 1871, aiding U.S. industrial firms in acquiring British financial capital.
– After Junius’s death in 1890, J.P. Morgan took over J.S. Morgan and Company.
– The company played a significant role in financing the United States Steel Corporation and the New York, New Haven, and Hartford Railroad.
– In 1933, the Glass–Steagall Act mandated the separation of J.P. Morgan & Co.’s investment banking from commercial banking.
– J.P. Morgan merged with Guaranty Trust Company in 1959 to form Morgan Guaranty Trust Company.
– In 2000, J.P. Morgan merged with Chase Manhattan Bank to form JPMorgan Chase & Co.
**Financial Contributions and Global Influence**:
– J.P. Morgan & Co. became the sole underwriter of war bonds for Great Britain and France during World War I.
– The company loaned approximately $1.5 billion to the Allies to combat Germany.
– J.P. Morgan & Co. profited from investments in war equipment suppliers to Britain and France.
– The company promoted banks in the southern hemisphere and was involved with the Bank of Central and South America.
– JPMorgan Chase acknowledged its predecessor banks’ involvement in slavery in 2005 and paid $5 million in reparations.
**Corporate Restructuring and Spin-offs**:
– Post the 1929 stock market crash, J.P. Morgan & Co. chose to operate as a commercial bank.
– The company spun off its investment banking operations, leading to the founding of Morgan Stanley in 1935.
– J.P. Morgan transitioned back to using the J.P. Morgan brand in the 1980s and expanded product offerings towards investment banking.
– In 1988, the company exclusively operated as J.P. Morgan & Co.
– J.P. Morgan Cazenove is the UK investment banking arm of JPMorgan Chase.
**Leadership and Governance**:
– John Pierpont J. P. Morgan was the highest executive authority of J.P. Morgan & Co. from its formation in 1871.
– Jack Morgan Jr. succeeded his father as the leader in 1913.
– Various executives led J.P. Morgan & Co. before its merger with Chase Manhattan Bank.
– Notable Chairmen included J.P. Morgan Jr., Thomas W. Lamont, Russell C. Leffingwell, and George Whitney.
– Henry C. Alexander, Thomas S. Gates Jr., and John Meyer Jr. served as Chairman and CEO at different times.
**Notable Figures and Acquisitions**:
– Notable figures associated with J.P. Morgan & Co. include Daniel E. Pinto, Gordon A. Smith, and Marianne Lake.
– Historical figures linked to the company include George Peabody, David Rockefeller, and J. P. Morgan Jr.
– Former executives include William B. Harrison Jr., John B. McCoy, and Walter V. Shipley.
– Acquisitions and mergers by J.P. Morgan & Co. involved Bank One, Bear Stearns, and Chase Manhattan Bank.
– Affiliated banks included Banca Commerciale Italiana Trust Co., Bank United of Texas, and First USA.
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.
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| Company type | Subsidiary |
|---|---|
| Industry | Investment banking Asset management Private banking |
| Founded | 1871 |
| Founder | J. P. Morgan |
| Headquarters | |
Number of employees | 26,314 (2010) |
| Parent | JPMorgan Chase |
| Website | www |