In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc. WM -0.54% and struck a deal to sell the bulk of its operations to J.P. Morgan Chase JPM -4.18% & Co.
JPMorgan appointed Goldman in February as the top risk official in its chief investment office while the unit was managing trades that later spiraled into what Chief Executive Officer Jamie Dimon called “egregious,” self-inflicted mistakes
Irvin Goldman, who oversaw risks in the JPMorgan Chase & Co. (JPM) (JPM) unit that suffered more than $2 billion in trading losses, was fired by another Wall Street firm in 2007 for money-losing bets that prompted a regulatory sanction at the firm, Cantor Fitzgerald LP, three people with direct knowledge of the matter said.
Chase is the product of two megadeals that came earlier, its mergers with Manufacturers Hanover and Chemical. J.P. Morgan, part of the venerable House of Morgan, was traditionally a commercial bank, but has aggressively entered the investment banking business. After flirting with other merger partners from Europe and elsewhere, it finally offered its famous name and blue-chip client roster to its fellow New Yorker for about $36 billion in stock.
1955: Chase Bank merges with Burr's The Manhattan Company to become Chase Manhattan Bank.
1935: Glass-Steagall Act forces J.P. Morgan & Co. to spin off its investment banking unit, which it calls Morgan Stanley. Henry S. Morgan, Pierpont's grandson, becomes CEO.
Chase Manhattan Corp., the No. 2 U.S. bank, won approval from the Federal Reserve Board to buy rival J.P. Morgan & Co., a $28.6-billion acquisition that would unite two of the oldest U.S. banks.
Today, JP Morgan Chase caters to various consumers in the United States, as well as various institutions and government agencies in other parts of the world. Currently, JP Morgan Chase’s assets amount to $1.6 trillion, which makes it the third largest banking firm in the United States. It also is considered to have the largest hedge fund in the United States, with assets totaling to more than $30 billion.
JP Morgan & Co. was founded in 1895 and financed the establishment of the United States Steel Corporation, which eventually became the world’s first billion-dollar company.
J.P. Morgan plays an important role in helping manage the credit crisis through the acquisition of Bear Stearns.
J.P. Morgan is a leader in financial services, offering innovative and intelligent solutions to clients, with one of the most comprehensive global product platforms available. We have been helping our clients to do business and manage their wealth for more than 200 years and we keep their interests foremost in our minds at all times. This combination of product strength, intellectual capital and character sets us apart as an industry leader.