JPMorgan Chase became the first U.S. bank to surpass US$500 billion in market capitalization.
JPMorgan Chase passed the US$500 billion market-value mark in 2019, making it the first U.S. bank to reach that level. The milestone reflected the scale of its consumer banking, corporate and investment banking, commercial banking, and asset-management operations.
The modern company was created in 2000 through the merger of J.P. Morgan and Chase Manhattan. It later acquired Bank One in 2004 and Bear Stearns and Washington Mutual’s banking operations during the 2008 financial crisis. Jamie Dimon became chief executive in 2005 and later chairman.
The word “bank” can describe very different institutions. JPMorgan Chase is a diversified bank holding company, whereas investment banks such as Goldman Sachs have different business mixes and histories. Market capitalization is the value assigned by public shareholders, not the total value of customer deposits.