J.P. Morgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City. JPMorgan Chase is the largest bank in the United States, and is ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018[update], to the amount of $2.535 trillion. It is the world's most valuable bank by market capitalization.As a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. It is one of America's Big Four banks, along with Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase is considered to be a universal bank and a custodian bank. 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. Both the retail and commercial bank and the bank's corporate headquarters are located at 270 Park Avenue in Midtown Manhattan, New York City. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
As of 2017, the bank is one of the largest asset management companies in the world with US$2.789 trillion in assets under management and US$30 trillion in assets under custody. At US$47.7 billion in assets under management, the hedge fund unit of JPMorgan Chase is the fourth largest hedge fund in the United States.
References[change | change source]
- "J.P. Morgan Chase & Co. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "The World's largest banks and banking groups by market cap (as of May 31, 2018)". BanksDaily.com. Retrieved July 12, 2018.
- "Banks Ranked by Total Deposits". Usbanklocations.com. Retrieved November 12, 2017.
- "History of Our Firm". JPMorganChase.
- "Earnings Release Financial Supplement - Fourth Quarter" (PDF). JP Morgan Chase. Retrieved February 25, 2018.
- "RANKED: The 10 biggest hedge funds in the US". Business Insider. Retrieved July 12, 2018.