Finance · Profile from Finance Research Companion
JPMorgan Chase & Co.
The largest bank in the United States and the most valuable bank in the world. It was assembled from more than a thousand predecessor institutions, most importantly Chemical, Chase Manhattan, J.P. Morgan & Co. and Bank One. Since 2006 Jamie Dimon has run it on the doctrine of a "fortress balance sheet". That doctrine let it buy Bear Stearns and Washington Mutual in 2008 and First Republic in 2023, in each case with government help and at prices that look cheap in hindsight. It also survived its own self-inflicted wounds: the 2012 London Whale loss and the post-crisis mortgage settlements. By 2025–26 it was earning ~$57bn a year with a ~20% return on tangible equity. Its total assets passed $5 trillion in 2026, and it was preparing for the end of the Dimon era.
At a glance
- Founded
- Earliest predecessor the Bank of the Manhattan Company (1799); Drexel, Morgan & Co. (1871, renamed J.P. Morgan & Co. 1895); Chase National Bank (1877); Chemical Bank (1824). JPMorgan Chase & Co. was formed December 31, 2000, when J.P. Morgan & Co. merged into Chase Manhattan
- Builders
- John Pierpont Morgan (J.P. Morgan & Co.); David Rockefeller (Chase Manhattan, 1960s–1981); Walter Shipley (Chemical–Chase 1996); William B. Harrison Jr. (Chase–J.P. Morgan 2000); Jamie Dimon (Bank One 2000–04; JPMorgan CEO from end-2005)
- Headquarters
- 270 Park Avenue, New York (new headquarters tower on the same site, opened 2025, verify)
- Ownership / structure
- Public, NYSE: JPM; financial holding company; main subsidiary JPMorgan Chase Bank, N.A.; the US global systemically important bank (G-SIB) with the highest surcharge
- Leadership (2026)
- Jamie Dimon, chairman and CEO. Doug Petno and Troy Rohrbaugh were named co-presidents in June 2026 and are the leading succession candidates (reported). Jeremy Barnum, CFO. Mary Erdoes, CEO of Asset & Wealth Management. Marianne Lake, long seen as a contender, announced her retirement in June 2026 (reported)
- Segments
- Consumer & Community Banking (Chase retail, cards, auto, home lending); Commercial & Investment Bank (investment banking, markets, payments, securities services, commercial banking; segment formed 2024); Asset & Wealth Management (J.P. Morgan Asset Management, Private Bank, Chase Wealth); Corporate
- Scale
- Total assets ~$5.09tn at September 30, 2026; average deposits ~$2.73tn in Q3 2026; standardized CET1 13.9% (Q3 2026 earnings release); ~4,900 branches in all lower 48 states and D.C. (company, verify); ~318,000 employees (verify)
- Revenue and profit
- 2024: net income ~$58.5bn (record). 2025: reported net revenue ~$182.4bn, net income $57.0bn ($20.02 per share), ROTCE ~20%. Q3 2026: managed revenue $50.9bn (+8%), net income $15.3bn ($5.57 per share), reported ROTCE 20% (company results)
- Government support
- $25bn of TARP preferred (October 2008), repaid June 2009; Fed-funded Maiden Lane vehicle for Bear Stearns assets (2008); FDIC loss-share and a $50bn FDIC purchase-money note in the First Republic deal (2023)
- Signature moves (incl. failures)
- Chase–J.P. Morgan merger (2000); Bank One and Dimon (2004); Bear Stearns rescue and WaMu purchase (2008); London Whale (2012); the $13bn mortgage settlement and litigation era (2013–14); national branch expansion (2018–21); the Frank acquisition fraud (2021); First Republic (2023); taking the Apple Card from Goldman Sachs (2026)
10 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2000
Chase JP Morgan Merger
Merger
2004
Bank One Merger and Dimon
Merger / leadership succession
2008
Bear Stearns Rescue
Acquisition / government-assisted rescue
2008
Washington Mutual Acquisition
Acquisition (failed bank, FDIC purchase and assumption)
2012
London Whale
Failure / regulatory settlement
2013
13bn Mortgage Settlement
Regulatory settlement
2018
National Branch Expansion
Launch / distribution expansion
2021
Frank Acquisition Fraud
Acquisition / failure
2023
First Republic Acquisition
Acquisition (failed bank, FDIC purchase and assumption with loss-share)
2026
Apple Card Portfolio Acquisition
Acquisition (portfolio purchase) / partnership