Who owns jp morgan

Most notably, the American railroad. As track after track was laid and dollar after dollar made, the Morgan name gained even more prominence internationally. After Pierpont's death in , his son, Jack, took over J.

Morgan just before the start of World War I. Jack received personal letters of thanks from the prime minister and King of England for his efforts. Prime Minister: I wish to express, on behalf of His Majesty's government, our warmest and most sincere thanks for the invaluable assistance you have rendered to this country during the war. Virginia: The British connections were more than just business. Jack developed a warm relationship with the royal family, hosting them aboard his yacht and at his lodge in Scotland every summer.

Throughout the 20th century, the firm's ties to London deepened as it became more physically present in the city. This expanded the bank's presence throughout the city. In , the firm acquired the successful British investment bank, Cazenove. Soon after, it chose London as its European headquarters opening in England's financial center, Canary Wharf.

For over years, London has, and will continue to be, a city at the core of the JPMorgan Chase identity. Rachel: From colonial America to the pioneer West, paper currency fueled the growth of the nation. Everything from building cities and towns to facilitating the exchange of goods and services depended on an accepted means of payment.

But you might be surprised to learn that the US government didn't issue money in the early s. Instead banks printed their own bank notes. Many banks worked with specialized firms, like the American Bank Note Company, to assist in the design and printing of these notes. The notes were exceptionally beautiful, with elaborate ornamentation depicting portraits of public figures, scenes from everyday life, and allegorical images.

With little government regulation and no standard template, the size, shape, and color of bank notes varied widely. Every note was a work of five or more artists, each a specialist in portraiture, landscapes, lettering, or borders.

Such division of labor was a form of security to hinder counterfeiting. The designs were engraved on metal plates, a process which could take an artist several months to complete. Notes were printed on hand-operated presses, creating four notes from a single printing plate.

Sometimes, single note plates were made, like those for our predecessor, the Waterbury Bank. As America's market economy extended nationwide, bank notes began drifting farther from their issuing institutions. With more than 1, banks in operation by , and more than 7, different notes in circulation, counterfeiting had become a serious problem. The resulting chaos was a paradise for counterfeiters, like Jim the Penman, who became one of the most notorious forgers in the country.

To combat this, counterfeit detectors were published which included signatures from authentic bank notes to help bankers identify fraudulent bills. They were hugely popular and boasted a circulation of more than , by As the ability to judge the veracity of bank notes deteriorated, the US government recognized the need for a more stable form of currency. In , the federal government began printing its own paper money, marking an historic shift in the young nation's monetary system.

Nancy: Did you know that the US dollar didn't always look the way it does today? American banks used to print their own paper money. And because there was no standard template, the look of these notes varied widely from bank to bank. With 1, banks, including many JPMorgan Chase predecessors issuing their own money, the system was chaotic and in need of change. In , to address this situation and also to finance the Civil War, Salmon P.

This gave the US government the ability to establish a uniform national currency. Unlike the notes still printed by banks, the government printed their bills on both sides using green ink on the back to prevent counterfeits. These notes were nicknamed greenbacks and became the primary currency of the Union.

And JPMorgan Chase owns the very first bill of that series. Unfortunately, these greenbacks didn't solve the country's currency problem because they were backed only by government credit and banks continued to issue their own notes, backed by gold and silver. To improve the system and standardize the look and feel of bank notes, a uniform template was adopted and the Bureau of Engraving and Printing in Washington DC took over the job of printing all notes issued by banks.

Proofreaders, generally women, were hired to examine the notes for inconsistencies. It took until the s to fully replace bank notes with Federal Reserve notes, the national currency in use today. Nancy: Did you know that the core values and business principles of JPMorgan Chase today were established over years ago by three generations of Morgan men? The story begins with Junius Morgan, a New England businessman who established the Morgan name in the world's financial markets while working as a merchant banker in London in the s.

With Junius' guidance, his son, J. Pierpont Morgan, entered the banking business. In , Pierpont joined forces with Anthony Drexel, a prominent Philadelphia-based banker, and established a new merchant bank in New York City. It didn't take long, though, for it to become the preeminent private bank in the US. Under Pierpont's leadership the firm, later renamed J.

Morgan and Company, was largely responsible for financing and organizing the railroads, steel, and utility companies that established the United States as a modern industrial power. Pierpont also played a critical role in times of financial crises, stemming international panics in both and He became known for his integrity and judgment, the same standards by which he measured his colleagues and clients.

In a statement to the Senate Banking Committee in , Pierpont noted that, 'the first thing is character,' before money or anything else'. After Pierpont's death in , his son, J. Morgan Jr, better known as Jack, took over as senior partner of the firm. Jack left his own mark on J. Morgan through a series of landmark deals, leading the firm for three decades. Like his father, Jack embodied the same values of honesty and integrity, stating that, 'the idea of doing only first class business, and that in a first class way, has been before our minds.

Morgan reorganized from a private partnership to a public company, with Jack as its first chairman. Over the next 60 years, the firm remained an innovative leader in the financial industry, and in , merged with Chase Manhattan to form JPMorgan Chase. Nancy: What was J. Pierpont Morgan's role in stopping the Panic of and how did it shape the US economy? In the fall of , the world is on the verge of economic collapse.

US and international markets had been wildly unsettled for months. Six months earlier, the American stock market had crashed despite record corporate earnings. And stocks also plummeted on several foreign exchanges. Surprising as it may seem, the US had no central bank to deal with the financial crisis and no money in reserve. As panic increased, customers rushed to their banks to withdraw whatever money remained. People sat overnight in camp chairs, bringing food and waiting for the banks to open in the morning.

Banks took unconventional measures to deal with the crisis. Tellers slowly counted out money to limit withdrawals, and some banks prominently displayed piles of cash in order to reassure worried customers. To stem the panic, it was critical that someone with influence and insight come to the rescue. And the person who stepped in, was J. Pierpont Morgan. More importantly, Morgan had experience with similar financial crises, having rescued the US Treasury during the Panic of He'd become the lender of last resort.

For two weeks, he led a team raising capital for the failing markets, contributing large sums of his own money, and functioning as the country's de facto central bank. Although the actual panic lasted only a few weeks, its aftermath brought on an economic decline that destroyed banks and other businesses and created mass unemployment. Financial experts consider Morgan's impressive handling of the panic as the work of a bold financier who clearly understood the big picture and took decisive action.

In , Congress passed a currency act allowing banks to form reserve associations that could issue money temporarily, in economic emergencies. And in , shortly after Morgan's death, the US established its much-needed central bank, the Federal Reserve.

Elizabeth : saw the start of a war like no one had ever seen before. It was unprecedented in scale. It demanded vast numbers of people and resources and was incredibly expensive. It was known as a total war because it affected every facet of society, including banking. How did a series of bold moves by banks and their employees help the Allied cause? In , U. At the time, it was the largest foreign loan in Wall Street history.

As fighting waged across continents, tensions in the Unites States were mounting. After nearly three years of declared neutrality, in April , U. Congress declared war. Elizabeth : The transition was swift and JPMorgan Chase predecessor banks were quick to respond at home and overseas. Banks organized Liberty Loan drives imploring patriotic citizens to lend money to the government for the war effort. These war bonds gave many Americans their first taste of investing in financial securities.

Many bank executives also stepped in to lead various wartime committees like the Red Cross and the Council of National Defense. Banks were equally supportive on the front lines.

Guaranty Trust Company raised money for an ambulance and sent an armored mobile bank to service soldiers in France. Thousands of bank employees enlisted to fight in the war and sent home dramatic tales from the field that made their way into bank newsletters.

Soldier 2 : "We saw shrapnel from the defense guns. It was bursting high in the air. Soldier 3 : "The mines upset and ruined the tanks. It was a masterly defense, one of the best military feats of the war. Elizabeth : Women stepped in to fill vacant jobs as tellers, clerks and loan officers.

In addition to their bank duties, these women were instrumental in fundraising and relief work. Partnering with the Red Cross, they knitted socks and sweaters and packaged surgical dressings for soldiers overseas.

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A broad overview As you can see in the following chart, the majority of JPMorgan's nearly 3. Company insiders, including board members and corporate executives, own a further 0. Institutional investors Digging in a big further, the largest institutional stake holders in JPMorgan are asset managers. The largest buyers have been Spectrum Asset Management and T. Rowe Price, which have recently acquired Meanwhile, the two largest sellers of late have been Columbia Management Investment Advisers and Winslow Capital Management, which have disposed of 9.

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