Chase Bank

Chase Bank

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More info of Chase Bank

There are several institutions that have played an important role in shaping the largest economy on the planet. This is the case of what is now known as JPMorgan Chase Bank NA, one of the most recognized banking entities in the United States. Below you can learn a little about its current situation and history.

The present of JPMorgan Chase Bank

Chase Bank has undergone several transformations to become the JPMorgan Chase Bank. The most important was the one that gave way to its modernization during the last century, merging of the National Chase Bank with the Bank of the Manhattan Company, resulting in the iconic Chase Manhattan Bank, whose main headquarters are located in this prestigious area of New York.

Listed as one of the 4 most influential institutions in the country, its most recent data indicates that it has just over 250,000 employees and has operations in more than 100 nations around the world.

With an ATM network of at least 16,000 and 5,100 offices, this commercial banking and financial services company, with profits exceeding 32 billion USD in 2018, has had its fair share of change and controversy.

Beginnings of Chase Bank

The original foundation of this bank dates back to the year 1877, when John Thompson created the Chase National Bank in honor of his friend, who was Secretary of the Treasury and Chief Justice under the government of Abraham Lincoln, Salomon P. Chase.

As part of its evolution, this entity acquired other smaller banks during the 1920s through its securities' corporation, such as the Mechanics and Metals National Bank.

This was followed by the purchase of the Equitable Trust Company of New York, making Chase the second-largest bank in the US. In those days, it was a wholesale company doing business with corporate clients, such as General Electric and its subsidiary RCA.

In addition to having John D. Rockefeller II as a shareholder, he had a long relationship with the oil industry and companies such as Exxon Mobile and Standard Oil, of the Rockefeller family.

Manhattan Company Tracking

An important part of the history of Chase Bank is linked to the Manhattan Company, whose beginnings date back to 1799. It was at the hands of former Vice President Aaron Burr and, with the intention of creating a drinking water system in New York, they began their operations.

In fact, the investment of $2 million for the project was too much, which its directors took advantage of to install a discount and deposit office with the surplus.

Opened at 40 Wall Street, in 1808 they sold their treatment plants to dedicate themselves entirely to banking. Through stable growth for the first 100 years, its true expansion was the product of mergers during the 20th century.

The most relevant were: Bank of the Metropolis (1918), Merchants' National Bank of NY (1920) and the International Acceptance Bank (1929), which promoted financing with international currencies.

Interesting facts about JPMorgan Chase Bank

In this historical journey, Chase Bank had 2 other mergers that gave it the presence it has today. After linking up with the Manhattan Company, in 1996 he joined forces with the Chemical Banking Corporation to form the largest banking entity in the USA.

Later came its integration with the investment firm J.P. Morgan & Co., which made it the largest credit card issuer in the nation.

All the companies that make up JPMorgan Chase Bank have influenced American history. We tell you some of its relevant facts:

• The firm Drexel, Morgan & Co. becomes the bankers of the Edison Electric Light Company in 1878. This meant that J. Pierpont Morgan's mansion on Madison Avenue was the first private home to be fully lit with incandescent light bulbs.
• JP Morgan buys out tycoon Andrew Carnegie's company to form US Steel, the first $1 billion corporation and which controlled nearly half of steelmaking in 1901.
• In 1903, the firm JP Morgan & Co. is appointed as fiscal agent for the Republic of Panama. The following year, the Secretary of the Treasury chose this company to transfer $40 million to the French government to obtain territorial rights to the Panama Canal.

As much as we love to reminisce about the past, we prefer to focus on the present. As a comparator/search engine for banking products, at Busconómico we give you more than relevant information about the products offered by this emblematic bank, so that you can compare them with knowledge of the facts.

Versión en español: Información y productos de Chase Bank