JPMorgan Chase & Co. is an American multinational banking and financial services holding company, and the largest bank in the United States by assets. It is a major provider of financial services, and according to Forbes magazine is the world's second 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. It 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 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.JPMorgan Chase & Co. is considered to be a universal bank.
JPMorgan Chase is one of the Big Four banks of the United States with Bank of America, Citigroup and Wells Fargo. According to Bloomberg, as of October 2011 JPMorgan Chase surpassed Bank of America as the largest U.S. bank by assets. Its predecessor, the Bank of the Manhattan Company, was the 22nd oldest bank in the world.
JPMorgan Chase & Co. owns five bank subsidiaries in the United States: 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 five business segments: corporate & investment bank, card services and consumer lending, commercial banking; personal and business banking, home lending, asset management, corporate; including private equity (One Equity Partners) and treasury and corporate functions. The investment banking division at J.P. Morgan is divided by teams: industry, M&A and capital markets. Industry teams include consumer and retail, healthcare, diversified industries and transportation, natural resources, financial institutions, metals and mining, real estate and technology, media and telecommunications.
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. 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.