JPMorgan Chase traces its modern corporate name to a 2000 merger between J.P. Morgan and Chase Manhattan.
J.P. Morgan and Chase Manhattan announced their merger in 2000, creating the company now known as JPMorgan Chase. The deal united an institution associated with investment banking and corporate finance with a major commercial bank and consumer-finance network.
The firm’s history also includes earlier institutions such as Chemical Bank, Manufacturers Hanover, Bank One, and Washington Mutual’s banking operations. JPMorgan Chase today operates businesses in consumer banking, commercial banking, investment banking, asset management, and payments.
It is one of the largest U.S. banking companies by assets and has frequently ranked among the world’s most valuable financial firms by market capitalization. A bank’s market value is not the same as its assets: assets are resources on its balance sheet, while market capitalization is the value assigned by shareholders.