JPMorgan Chase became the largest U.S. bank by assets after acquiring Washington Mutual in 2008.
JPMorgan Chase & Co. is a global financial-services company headquartered in New York City. Its businesses include consumer banking, commercial banking, investment banking, asset management, and payments. It is also regularly listed among the world's largest public companies by market capitalization.
The modern company combines the histories of J.P. Morgan, Chase Manhattan, Bank One, Washington Mutual, and several earlier institutions. JPMorgan Chase was created in 2000 through the merger of J.P. Morgan and Chase Manhattan. In 2004, it merged with Bank One, bringing Jamie Dimon into the company's leadership.
During the 2008 financial crisis, JPMorgan Chase acquired the banking operations of Washington Mutual after regulators seized the failed thrift. This was distinct from the earlier acquisition of Bear Stearns, whose deal was negotiated with government assistance. Bank size, assets, and market capitalization are separate measures and should not be treated as synonyms.