JPMorgan Chase was created in 2000 by the merger of J.P. Morgan and Chase Manhattan Bank.
The merger combined two major American banking traditions. J.P. Morgan traced its roots through firms associated with the Morgan banking dynasty and had strong investment-banking and corporate-finance operations. Chase Manhattan had developed as a major commercial bank and was itself the product of earlier combinations, including Chase National Bank and the Bank of the Manhattan Company.
The transaction created J.P. Morgan Chase & Co., which later acquired Bank One in 2004. That acquisition brought Jamie Dimon into the company as president and chief operating officer; he became chief executive in 2005. The firm subsequently acquired Bear Stearns and Washington Mutual’s banking operations during the 2008 financial crisis.
The name is sometimes shortened to “JPMorgan,” but the legal corporate name is JPMorgan Chase & Co. Its businesses include consumer banking, commercial banking, investment banking, asset management, and payments. The company is headquartered in New York City and is one of the largest banks in the United States.