JPMorgan Chase & Co.

Type	Public company
Traded as	NYSE: JPM BMV: JPM FWB: CMC TYO: 8634 Dow Jones Component S&P 500 Component
Industry	Banking, Financial services
Predecessor(s)	Chase Manhattan Corporation J.P. Morgan & Co.
Founded	2000 (2000)
Headquarters	270 Park Avenue, Manhattan, New York City, New York, U.S.
Area served	Worldwide
Key people	Jamie Dimon (Chairman, President & CEO)[1]
Products	Asset management, consumer banking, corporate banking, credit cards, investment banking, mortgage loans, private banking, wealth management
Revenue	US$ 89.660 billion (2011)[2]
Operating income	US$ 026.749 billion (2011)[2]
Net income	US$ 018.976 billion (2011)[2]
Total assets	US$ 002.265 trillion (2011)[2]
Total equity	US$ 183.573 billion (2011)[2]
Employees	260,095 (Dec 2011)[2]
Divisions	J.P. Morgan Asset Management
Subsidiaries	Chase, J.P. Morgan & Co., J.P. Morgan Cazenove, One Equity Partners
Website	JPMorganChase.com

JPMorgan Chase & Co. headquarters in Manhattan, New York City, New York, U.S.

JPMorgan Chase & Co. (NYSE: JPM) is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.^[3] It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is the world's largest public company based on a composite ranking.^[4] The hedge fund unit of JPMorgan Chase is one of the largest hedge funds in the United States.^[5] It was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.^[6]

The J.P. Morgan brand is used by the investment banking as well as the asset management, private banking, private wealth management and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. The corporate headquarters are in 270 Park Avenue, Midtown, Manhattan, New York City, New York, and the retail and commercial bank is headquartered in Chase Tower, Chicago Loop, Chicago, Illinois, United States.^[6]

JPMorgan Chase is one of the Big Four banks of the United States with Bank of America, Citigroup and Wells Fargo.^{[7][8][9][10][11][12]} According to Bloomberg, as of October 2011 JPMorgan Chase surpassed Bank of America as the largest U.S. bank by assets.^[13]

History[link]

JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies over the last decade including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank.

The current J.P.Morgan logo used for the company's Investment Banking, Asset Management, and Treasury & Securities Services units, as of June 2008.^[14]

Chemical Banking Corporation[link]

The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first major bank merger "among equals"). In the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee.^[15][16] At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share).

In 1996, Chemical Bank acquired the Chase Manhattan Corporation taking the more prominent Chase name. In 2000, the combined company acquired J.P. Morgan & Co. and combined the two names to form what is today JPMorgan Chase & Co. JPMorgan Chase retains Chemical Bank's headquarters at 270 Park Avenue and stock price history.

Chase Manhattan Bank[link]

The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799),^[17] the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.

Led by David Rockefeller during the 1970s and the 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996 retaining the prominent Chase name. Prior to its notable merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion. In April 2000, UK-based Robert Fleming & Co. was sold to the new Chase Manhattan Bank for $7.7 billion.

According to page 114 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:

At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today J.P.Morgan Chase, the second largest bank in the United States.

J.P. Morgan & Company[link]

J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank in 2000

The heritage of the House of Morgan traces its roots to the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan). Arguably the most influential financial institution of its era, J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion-dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England. Although his name was big, Morgan owned only 19% of Morgan assets. The rest was owned by the Rothschild family following a series of bailouts and rescues attributed by some to Morgan's stubborn will and seemingly "non-existent" investment savvy.

September 16, 1920: a bomb exploded in front of the headquarters of J.P. Morgan Inc. at 23 Wall Street, injuring 400 and killing 38 people.

Built in 1914, 23 Wall Street was known as the "House of Morgan", and for decades the bank's headquarters was the most important address in American finance. At noon, on September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38. Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The warning read: "Remember we will not tolerate any longer. Free the political prisoners or it will be sure death for all of you. American Anarchists Fighters." While there are many hypotheses regarding who was behind the bombing and why they did it, after 20 years of investigation the FBI rendered the case inactive without ever finding the perpetrators.

In August 1914, Henry P. Davison, a Morgan partner, traveled to the UK and made a deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France. The Bank of England became a "fiscal agent" of J.P. Morgan & Co., and vice-versa. The company also invested in the suppliers of war equipment to Britain and France. Thus, the company profited from the financing and purchasing activities of the two European governments.

In the 1930s, all of J.P. Morgan & Co. along with all integrated banking businesses in the United States, was required by the provisions of the Glass–Steagall Act to separate its investment banking from its commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank, because at the time commercial lending was perceived as more profitable and prestigious. Additionally, many within J.P. Morgan believed that a change in political climate would eventually allow the company to resume its securities businesses but it would be nearly impossible to reconstitute the bank if it were disassembled.

In 1935, after being barred from securities business for over a year, the heads of J.P. Morgan spun off its investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont Morgan) and Harold Stanley, Morgan Stanley was founded on September 16, 1935 with $6.6 million of nonvoting preferred stock from J.P. Morgan partners. In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company. The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before beginning to migrate back toward the use of the J.P. Morgan brand. In 1984, the group finally purchased the Purdue National Corporation of Lafayette Indiana, uniting a history between the two figures of Salmon Portland Chase and John Purdue. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.

Bank One Corporation[link]

In 2004, JPMorgan Chase merged with Chicago based Bank One Corp., bringing on board 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.

Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies had themselves been created through the merger of many banks. This merger was largely considered a failure until Dimon—recently ousted as President of Citigroup—took over and reformed the new firm's practices—especially its disastrous technology mishmash inherited from the many mergers prior to this one. Dimon effected more than sufficient changes to make Bank One Corporation a viable merger partner for JPMorgan Chase.

Bank One Corporation traced its roots to First Bancgroup of Ohio, founded as a holding company for City National Bank of Columbus, Ohio and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamed Banc One Corporation. With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One", though for a long time they resisted combining them into one bank. After the First Chicago NBD merger, adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. Dimon was brought in to head the company. JPMorgan Chase completed the acquisition of Bank One in the third quarter of 2004. The former Bank One and First Chicago headquarters in Chicago serve as the headquarters of Chase, JPMorgan Chase's commercial and retail banking subsidiary.

Bear Stearns[link]

Bear Stearns logo

At the end of 2007, Bear Stearns & Co. Inc. was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of 2007. On Friday, March 14, 2008 Bear Stearns lost 47% of its equity market value to close at $30.00 per share as rumors emerged that clients were withdrawing capital from the bank. Over the following weekend it emerged that Bear Stearns might prove insolvent and on or around March 15, 2008 the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns.

On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced that it had plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder approval scheduled within 90 days. In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows.^[18] Two days later, on March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million. The stock swap agreement was signed in the late-night hours of March 18, 2008, with JPMorgan agreeing to exchange 0.05473 of each of its shares upon closure of the merger for one Bear share, valuing the Bear shares at $2 each. ^[19]

On March 24, 2008, after considerable public discontent by Bear Stearns shareholders over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share. Under the revised terms, JPMorgan also immediately acquired a 39.5% stake in Bear Stearns (using newly issued shares) at the new offer price and gained a commitment from the board (representing another 10% of the share capital) that its members would vote in favor of the new deal. With sufficient commitments thus in hand to ensure a successful shareholder vote, the merger was completed on June 2, 2008.

Washington Mutual[link]

On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation. That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, had seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.^[20]

JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual.^[21] Through the acquisition, JPMorgan now owns the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009.

Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5 million sign-on bonus and cash severance of $11.6 million after being CEO for 17 days.

Other recent acquisitions[link]

In 2006, JPMorgan 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.^[22]

In April 2006, JPMorgan Chase announced it would swap its corporate trust unit for The Bank of New York Co.'s retail and small business banking network. The swap valued The Bank of New York business at $3.1 billion and JPMorgan's trust unit at $2.8 billion and gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, and Indiana.

In March 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.^[23]

In November 2009, JPMorgan announced it would acquire the balance of JPMorgan Cazenove, an advisory and underwriting joint venture established in 2004 with the Cazenove Group, for GBP1 billion.^[24]

Acquisition history[link]

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

Structure and financial data[link]

JPMorgan Chase & Co. owns five bank subsidiaries in the United States:^[34] JPMorgan Chase Bank, National Association; Chase Bank USA, National Association; Custodial Trust Company; JPMorgan Chase Bank, Dearborn; and J.P. Morgan Bank and Trust Company, National Association.

JPMorgan Chase's activities are organized, for management reporting purposes, into six business segments:^[35] investment banking, card services and consumer lending, commercial banking; personal and business banking, home lending, treasury & securities services, asset management, corporate; including private equity (One Equity Partners) and treasury and corporate functions.^{[citation needed]} The investment banking division at J.P. Morgan is divided by teams: industry, M&A and capital markets. Industry teams include consumer health care and retail, diversified industries and transportation, natural resources, financial institutions, metals and mining, real estate and technology, media and telecommunications.

• 

  Asset & Liability

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  Asset/Liability Ratio

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  Net Income

^[39] JPMorgan Chase was the biggest bank at the end of 2008 as an individual bank. (not including subsidiaries)

Controversies[link]

Conflicts of interest on investment research[link]

In December 2002, Chase paid fines totaling $80 million, with the amount split between the states and the federal government. The fines were part of a settlement involving charges that ten banks, including Chase, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.^[40]

Enron[link]

Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation, which collapsed amid a financial scandal in 2001. 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 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.^[41]

WorldCom[link]

JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in March 2005 to pay $2 billion; that was 46 percent, or $630 million, more than it would have paid had it accepted an investor offer in May 2004 of $1.37 billion. J.P. Morgan was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in 2004 by Citigroup.^[42] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.^[43][44]

Jefferson County, Alabama[link]

In November 2009, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into sales of *derivatives that helped push Alabama’s most populous county to the brink of bankruptcy. The settlement came a week after Birmingham, Alabama Mayor Larry Langford was convicted on 60 counts of bribery, money laundering, and tax evasion related to bond swaps for Jefferson County, Alabama. The SEC alleged that J.P. Morgan, which had been chosen by the county commissioners to underwrite the floating-rate sewer bond deals and provide interest-rate swaps, had made undisclosed payments to close friends of the commissioners in exchange for the deal. J.P. Morgan then allegedly made up for the costs by charging higher interest rates on the swaps.^[45]

Failure to comply with client money rules in the UK[link]

In June 2010, J.P. Morgan Securities was fined a record £33.32 million ($49.12 million) by the UK Financial Services Authority (FSA) for failing to protect an average of £5.5 billion of clients' money from 2002 to 2009.^[46][47] FSA requires financial firms to keep clients' funds in separate accounts to protect the clients in case such firm becomes insolvent. The firm had failed to properly segregate client funds from corporate funds following the merger of Chase and J.P. Morgan, resulting in a violation of FSA regulations but no losses to clients. However, these clients' funds would have been at risk had the firm become insolvent during this period.^[48] J.P. Morgan Securities reported the incident to the FSA, corrected the errors, and cooperated in the ensuing investigation, resulting in the fine being reduced 30% from an original amount of £47.6 million.^[47]

Mortgage overcharge of active military personnel[link]

In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages, including active duty personnel in Afghanistan. The bank also admitted it improperly foreclosed on more than a dozen military families; both actions were in clear violation of the Servicemembers Civil Relief Act which automatically lowers mortgage rates to 6 percent, and bars foreclosure proceedings of active duty personnel. The overcharges may have never come to light were it not for legal action taken by Marine Capt. Jonathan Rowles, a fighter pilot. Both Capt. Rowles and his spouse Julia accused Chase of violating the law and harassing the couple for nonpayment. An official stated that the situation was "grim", and Chase initially stated it would be refunding up to $2,000,000 to those who were overcharged, and that families improperly foreclosed on have gotten or will get their homes back.^[49] Chase has acknowledged that as many as 6,000 active duty military personnel were illegally overcharged, and more than 18 military families homes were wrongly foreclosed. In April, Chase agreed to pay a total of $27 million in compensation to settle the class-action suit.^[50] At the company's 2011 shareholders' meeting, Dimon apologized for the error and said the bank would forgive the loans of any active-duty personnel whose property had been foreclosed. In June 2011, lending chief Dave Lowman was forced out over the scandal.^[51][52]

Offices[link]

Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza in downtown Manhattan, the current world headquarters for JPMorgan Chase & Co. are located at 270 Park Avenue.

The bulk of North American operations take place in four buildings located adjacent to each other on Park Avenue in New York City: the former Union Carbide Building at 270 Park Avenue, the hub of sales and trading operations, and the original Chemical Bank building at 277 Park Avenue, where most investment banking activity took place. Asset and wealth management groups are located at 245 Park Avenue and 345 Park Avenue. Other groups are located in the former Bear Stearns building at 383 Madison Avenue.

Chase, the U.S. and Canada, retail, commercial, and credit card bank is headquartered in Chicago at the Chase Tower, Chicago.^[6]

The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House.

Approximately 11,050 employees are located in Columbus at the McCoy Center, the former Bank One offices.

The bank moved some of its operations to the JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank.

In August 2008, the bank announced plans to construct a new European headquarters, based at Canary Wharf, London.^[53] These plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at 25 Bank Street for use as the European headquarters of its investment bank.^[54] 25 Bank Street had originally been designated as the European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International (Europe).

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  JPMorgan Chase Tower at 270 Park Avenue, New York City

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  Former Bear Stearns headquarters at 383 Madison Avenue, New York City

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  277 Park Avenue, New York City

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  One Chase Manhattan Plaza, New York City

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  Chase Tower, Chicago Loop, Chicago

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  JPMorgan Chase Tower, Houston

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  Chase Tower, Phoenix, Arizona

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  Chase Tower, Rochester, New York

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  J.P. Morgan International Plaza, Dallas

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  Chase Tower, Indianapolis

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  25 Bank Street, Canary Wharf, London, United Kingdom

The Global Corporate Bank leverages the wider firm's operations in more than 60 countries to provide corporate banking solutions to clients in the locations in which they operate. The main headquarters are in London, with regional headquarters in Hong Kong, New York and Sao Paulo.^[55]

The Card Services division has its headquarters in Wilmington, Delaware, with Card Services offices in Elgin, Illinois; Springfield, Missouri; San Antonio; Mumbai and Cebu, Phillippines. There are also large operations centers in Brooklyn; Columbus; Dallas; Indianapolis; Milwaukee; Toronto; Rochester, New York; Fort Worth, Texas; Tampa, Florida; Orlando, Florida; Louisville, Kentucky; Newark, Delaware; Phoenix, Arizona; Burlington, Ontario; and Los Angeles, California. Operations centers in the United Kingdom are located in Bournemouth, Glasgow, London, Liverpool and Swindon of which London hosts the European headquarters.

There are also backoffice and technology operations offices based in Manila, Cebu, Philippines, Mumbai, Bangalore, Hyderabad, New Delhi, Buenos Aires, Sao Paulo, and Mexico City.

There are offices in London, Bournemouth, Glasgow and Edinburgh in the United Kingdom for asset management, private banking and the investment bank.

Credit derivatives[link]

The derivatives team at JP Morgan, (including Blythe Masters), was a pioneer in the invention of credit derivatives such as the credit default swap. The first CDS was created to allow Exxon to borrow money from JP Morgan while JP Morgan transferred the risk to the European Bank of Reconstruction and Development. JP Morgan's team later created the 'BISTRO', a bundle of credit default swaps that was the progenitor of the Synthetic CDO.^[56][57]

Multibillion-dollar trading loss[link]

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 J.P. Morgan Chase & Co., referred to as "the London whale" in reference to the huge positions he was taking. Heavy opposing bets to his positions are known to have been made by traders, including another branch of J.P. Morgan, who purchased the derivatives offered by J.P. Morgan in such high volume^[58][59] Early reports were denied and minimized by the firm in an attempt to minimize exposure.^[60] Major losses, $2 billion, were reported by the firm in May, 2012 in relationship to these trades. The disclosure, which resulted in headlines in the media, did not disclose the exact nature of the trading involved, which remains in progress and as of May 16, 2012 was continuing to produce losses.^[61] The item traded, possibly related to CDX IG 9, an index based on the default risk of major U.S. corporations,^{[62] [63]} has been described as a "derivative of a derivative".^{[64] [65]} On the company's emergency conference call, JPMorgan Chase CEO Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".^[66] The episode is being investigated by the Federal Reserve, the SEC, and the FBI.^[67]

Art collection[link]

The collection was begun in 1959 by David Rockefeller,^[68] and comprises over 30,000 objects of which over 6,000 are photographic based,^[69] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.^[70] One Chase Manhattan Plaza building was the original location at the start of collection by the Chase Manhattan Bank, the current collection containing both this and also those works that the First National Bank of Chicago had acquired prior to assimilation into the J.P.Morgan Chase organisation.^[71] The person known as L.K.Erf has been the director of acquisitions of works since 2004 for the bank,^[72] whose art program staff is completed by an additional three full-time members and one registrar.^[73] The advisory committee at the time of the Rockefeller initiation included A.J. Barr, and D. Miller, and also J.J.Sweeney, R.Hale, P.Rathbone and G.Bunshaft.^[74]

Major sponsorships[link]

• Chase Field, Phoenix, Arizona, – Arizona Diamondbacks, MLB.
• Major League Soccer
• Chase Auditorium (formerly Bank One Auditorium) in Chicago.
• The JPMorgan Chase Corporate Challenge, owned and operated by JPMorgan Chase, is the largest corporate road racing series in the world with over 200,000 participants in 12 cities in six countries on five continents. It has been held annually since 1977 and the races range in size from 4,000 entrants to more than 60,000.
• JPMorgan Chase is the official sponsor of the US Open.
• J.P. Morgan Asset Management is the Principal Sponsor of the English Premiership Rugby 7s Series.

Notable former employees[link]

This unreferenced section requires citations to ensure verifiability.

Business[link]

• Andrew Crockett – former General Manager of the Bank for International Settlements (1994–2003)
• Pierre Danon – Chairman of Eircom
• Dina Dublon – member of the Board of Directors of Microsoft, Accenture and PepsiCo and former Executive Vice President and Chief Financial Officer of JPMorgan Chase
• Maria Elena Lagomasino – member of the Board of Directors of The Coca-Cola Company and former CEO of JPMorgan Private Bank
• Thomas W. Lamont – acting head of J.P. Morgan & Co. on Black Tuesday
• Lewis Reford – Canadian political candidate
• Jan Stenbeck – former owner of Investment AB Kinnevik
• David Rockefeller – patriarch of the Rockefeller Family
• Winthrop Aldrich – son of the late Senator Nelson Aldrich
• Henry S. Morgan – son of J. Pierpont Morgan, co-founder of Morgan Stanley
• Harold Stanley – former JPMorgan Partner, co-founder of Morgan Stanley
• Robert I. Lipp – Former CEO of The Travelers Companies

Politics and public service[link]

• Tony Blair – Prime Minister of the United Kingdom (1997–2007)^[75]
• William M. Daley – U.S. Secretary of Commerce (1997–2000), U.S. White House Chief of Staff (2011–2012)
• Michael Forsyth, Baron Forsyth of Drumlean – Secretary of State for Scotland (1995–97)
• Thomas S. Gates, Jr. – U.S. Secretary of Defense (1959–61)
• Rick Lazio – member of the U.S. House of Representatives (1993–2001)
• Antony Leung – Financial Secretary of Hong Kong (2001–03)
• Frederick Ma – Hong Kong Secretary for Commerce and Economic Development (2007–08)
• Dwight Morrow – U.S. Senator (1930–31)
• Margaret Ng – member of the Hong Kong Legislative Council
• George P. Shultz – U.S. Secretary of Labor (1969–70), U.S. Secretary of Treasury (1972–74), U.S. Secretary of State (1982–89)
• David Laws – UK Chief Secretary to the Treasury (May 2010)

Other[link]

• R. Gordon Wasson – ethnomycologist and former JPMorgan vice president^[76][77]

See also[link]

	New York City portal
	Companies portal

• Credit default swap: History
• JPMorgan Chase Multibillion-dollar Trading Loss May, 2012

Index products[link]

• JPMorgan EMBI
• JPMorgan GBI-EM Index

References[link]