J. P. Morgan

John Pierpont "J.P." Morgan (April 17, 1837 – March 31, 1913) was an American financier and banker who dominated corporate finance and industrial consolidation during his time. In 1892, Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. He was instrumental in the creation of the United States Steel Corporation.

At the height of Morgan's career during the early 1900s, he and his partners had financial investments in many large corporations and had significant influence over the nation's high finance and United States Congress members. He directed the banking coalition that stopped the Panic of 1907. He was the leading financier of the Progressive Era, and his dedication to efficiency and modernization helped transform American business.

Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan, Jr.

Childhood and education

Morgan was born into the influential Morgan family to Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884) in Hartford, Connecticut, and was raised there. Pierpont, as he preferred to be known, had a varied education due in part to the plans of his father. In the fall of 1848, Pierpont transferred to the Hartford Public School and then to the Episcopal Academy in Cheshire, Connecticut (now called Cheshire Academy), boarding with the principal. In September 1851, Morgan passed the entrance exam for The English High School of Boston, a school specializing in mathematics to prepare young men for careers in commerce. In the spring of 1852, an illness struck which was to become more common as his life progressed. Rheumatic fever left him in so much pain that he could not walk, and Junius sent him to the Azores to recover.

JPMorgan Chase

JPMorgan Chase & Co. is an American multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, and the world's sixth largest bank by total assets, with total assets of US$2.6 trillion. Moreover, it is the sixth largest public company in the world according to the Forbes Global 2000. It is a major provider of financial services, and according to Forbes magazine is the world's sixth largest public company based on a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.

The J.P. Morgan brand, historically known as Morgan, is used by the investment banking, 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 is located at 270 Park Avenue in Midtown Manhattan, New York City. The retail and commercial bank is headquartered in Chase Tower, Chicago Loop, Chicago, Illinois, U.S. JPMorgan Chase & Co. is considered to be a universal bank.

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Investment banking

An investment bank is a financial institution that assists individuals, corporations, and governments in raising financial capital by underwriting or acting as the client's agent in the issuance of 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, and FICC services (fixed income instruments, currencies, and commodities).

Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, the United States maintained a separation between investment banking and commercial banks. Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act of 2010), the Volcker Rule asserts full institutional separation of investment banking services from commercial banking.