J.P. Morgan | History

About Us

History

At J.P. Morgan, we have been helping our clients to do first-class business for more than 200 years. Throughout that period, we have taken a long-term approach to client solutions – providing committed, innovative and consistent advice and execution to our clients at all times. We look forward to providing our clients with first-class service over the next 200 years.

As a firm, we have a history of showing leadership, especially during times of financial crisis. We continue to build on that legacy. From our earliest days, we have contributed to business, society and world affairs. Our actions have always been driven by the desire to do the right thing for today and tomorrow.

Explore the timeline by mousing over the images below. Click an image for additional detail. Select photos courtesy of the JPMorgan Chase Archives and JPMorgan Chase Art Program. (Technical requirements: Adobe Flash and Internet Explorer 5 or greater are required. A broadband connection is suggested.)

1799

The Manhattan company is chartered

The Manhattan Company is chartered by the New York State Legislature to supply "pure and wholesome" water to citizens in New York City. This firm is JPMorgan Chase's earliest predecessor institution.
1824

The Chemical Bank is established

The New York Chemical Manufacturing Co. opened a bank in 1824 called The Chemical Bank, which merged with Chase Manhattan Corporation in 1996.
1848

Waterbury Bank opens

Waterbury Bank opens in Connecticut. The bank later evolves into Citytrust Bancorp, which merges with Chase Manhattan Bank in 1991.
1871

Historical partnership

J. Pierpont Morgan and Philadelphia banker Anthony Drexel form a private merchant banking partnership in New York called Drexel, Morgan & Co. This is the earliest partnership that evolves into J.P. Morgan.
1893

J.P. Morgan is primary financier of U.S. railroads

The rise of the Morgan name in American finance comes originally through J. Pierpont Morgan's success in raising capital for American companies, especially as primary financier of U.S. railroads.
1895

J.P. Morgan & Co.

During the last mercantile and credit crisis of the 19th century, J. Pierpont Morgan saves the U.S. government from default, saves the gold standard, and briefly manages to control the flow of gold in and out of the U.S.
1901

World's first billion-dollar corporation

J.P. Morgan creates the world's first billion-dollar corporation by buying out industrialist Andrew Carnegie and combining some 33 companies to create United States Steel.
1904

Building the Panama Canal

J.P. Morgan helped finance the Panama Canal by raising $40 million for the U.S. government to buy land rights from the bankrupt French Panama Canal Co. The purchase, at the time, was the largest real estate transaction in history.
1906

First-class business

J.P. Morgan is central to the creation of U.S. Steel, GE & AT&T.
1907

Rescuing New York City and NYSE

During the financial panic of 1907, J. Pierpont Morgan saves several trust companies and a leading brokerage house from insolvency, bails out New York City, and rescues the New York Stock Exchange.
1915

Largest foreign loan

During WWI, J.P. Morgan arranges the biggest foreign loan in Wall Street history at the time - a $500 million dollar Anglo-French loan.
1927

Pioneering ADRs

Guaranty Trust Company, a predecessor firm of J.P. Morgan, pioneers the concept of American Depositary Receipts (ADRs), which enables Americans to invest in foreign securities directly on U.S. exchanges.
1929

Ohio mergers

Two Ohio banking institutions merge to form City National Bank & Trust, a predecessor of Bank One.
1947

Global gift

John D. Rockefeller presents the United Nations' Secretary General with an $8.5 million gift to purchase the 17-acre property for the organization's Manhattan headquarters.
1955

Chase Manhattan Bank is formed

Chase National Bank merges with The Bank of the Manhattan Company to form Chase Manhattan Bank.
1968

Launching settlement networks

Morgan Guaranty in Brussels launches Euroclear, a system that provides for the orderly settlement of transactions in Eurobonds, a new form of international security.
1973

Building global linkages

Chase opens a representative office in Moscow, the first Russian presence for a U.S. bank since the 1920s; Chase also becomes the first U.S. correspondent to the Bank of China since the 1949 Chinese revolution.
1980

Tech IPOs

Hambrecht & Quist (H&Q), the San Francisco investment bank and a JPMorgan Chase predecessor firm, takes Apple Computer, Inc. public.
1989

Commitment to diversity

J.P. Morgan ranks among Fortune's 50 Best Companies for Minorities. The firm is regularly recognized as a leading employer of women, minorities, and LGBT employees.
1990

Brady Bonds

J.P. Morgan plays an active role in the negotiations with Mexico to restructure nearly $50 billion in medium- and long-term commercial bank debt. A first in the market, the new bonds become known as Brady Bonds.
1996

"Century" bonds for Emerging Markets

J.P. Morgan jointly leads the first "century" bond for a sovereign borrower - a 100-year, $100 million issue for the People's Republic of China.
2000

Historical mergers

J.P. Morgan merges with The Chase Manhattan Corporation and is named JPMorgan Chase and Co. Four years later, the company merges with Bank One, creating a global financial services leader.
2008

Market leader

J.P. Morgan plays an important role in helping manage the credit crisis through the acquisition of Bear Stearns, a global investment banking, securities trading, wealth management and brokerage firm founded in 1923.
2009

Recognized track record

IFR and Financial News both name J.P. Morgan Bank of the Year for 2008. Additionally, Risk magazine names J.P. Morgan the Derivatives House of the Year and Bank Risk Manager of the Year - the magazine's two top awards - for 2008.

Key Moments in J.P. Morgan History

2008:	J.P. Morgan plays an important role in helping manage the credit crisis through the acquisition of Bear Stearns.
1996:	The firm jointly leads the first "century" bond for a sovereign borrower – a 100-year, $100 million issue for the People's Republic of China.
1980:	Predecessor firm Hambrecht & Quist (H&Q) takes Apple Computer public.
1968:	The firm launches Euroclear, a system for the orderly settlement of transactions in Eurobonds.
1955:	Chase National Bank merges with The Bank of the Manhattan Company to form Chase Manhattan Bank.
1947:	The firm gives $8.5 million to the United Nations to purchase the 17-acre property for its headquarters.
1929:	Two Ohio institutions merge to form City National Bank & Trust, a predecessor of Bank One.
1915:	J.P. Morgan arranges the biggest foreign loan in history – a $500 million Anglo/French loan.
1906:	J.P. Morgan is central to the creation of U.S. Steel, GE and AT&T.
1895:	J. Pierpont Morgan, Sr. becomes senior partner. The New York firm is renamed J.P. Morgan & Co.
1893:	J.P. Morgan is primary financier of U.S. railroads.
1848:	The Waterbury Bank opens, a predecessor of the Chase Manhattan Bank.
1824:	The Chemical Bank is established.
1799:	The Manhattan Company, the firm's earliest predecessor institution, is chartered.

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