Instruct: Given a question, retrieve relevant documents that can help answer the question.
Query: When was JP Morgan Chase established?
JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799, by Aaron Burr.
In 1984, Murray became part of the credit analyst training program at Manufacturers Hanover Corporation. In 1989, he joined MH Equity Corporation, which combined Manufacturers Hanover's private equity group with its leveraged finance unit. Manufacturers Hanovers was purchased by Chemical Bank in 1991, and MH Equity merged with Chemical Venture Partners. Chemical Bank merged with Chase Manhattan Corporation in 1996 and Chemical Venture Partners became Chase Capital Partners. In 2005, Murray became head of buyout business at JP Morgan Partners. Murray co-founded CCMP Capital, a spinout of JP Morgan Chase which contained the buyout and growth equity team of its private equity group, in August 2006. In 2007, he was named CEO of CCMP.
In recent years the town has attracted a high number of jobs in financial services, with JP Morgan Chase, Liverpool Victoria, Abbey Life and Portman Building Society all opening major offices. JP Morgan Chase has a large campus style office on the outskirts of the town in the Littledown area supplemented by further offices in the town centre, and employs over 4,000 people in the town. The financial sector is in fact the biggest source of income for Bournemouth, although a general misbelief is that the tourism sector is responsible for this.
Lagomasino received her B.A from Manhattanville College and her M.B.A from Fordham University. Before 1983, Lagomasino was a vice president at Citibank, then joined Chase in 1983 as vice president, in charge of Latin America. In 1989, she was named head of the private bank for the Western Hemisphere, then became managing director in charge of its Global Private Banking Group in 1997. She was chairman and chief executive officer of JP Morgan Private Bank, a unit of JP Morgan Chase from 2001 to 2003, when she became a director of The Coca-Cola Company. She left Morgan to become CEO of Asset Management Advisors (AMA), an affiliate of SunTrust Banks, in November 2005. She sits on the board of directors of The Coca-Cola Company (where she was voted director in 2008), Avon Products, and the Lincoln Center for the Performing Arts. Ms. Lagomasino has been a Director of The Walt Disney Company since 2015.
JP Morgan Chase's PAC and its employees contributed $2.6 million to federal campaigns in 2014 and financed its lobbying team with $4.7 million in the first three quarters of 2014. JP Morgan's giving has been focused on Republicans, with 62 percent of its donations going to GOP recipients in 2014. Still, 78 House Democrats received campaign cash from JPMorgan's PAC in the 2014 cycle at an average of $5,200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgan's PAC in 2014. JP Morgan Chase's PAC made maximum donations to the Democratic Congressional Campaign Committee and the leadership PACs of Steny Hoyer and Jim Himes in 2014.[77]
JP Morgan Partners announced the spinout in March 2005 and completed the separation from JPMorgan Chase effective July 31, 2006. The new firm adopted the CCMP acronym in reference to its predecessor entities (i.e., Chemical and Chase and JP Morgan Partners). In April 2006, JPMorgan Chase completed the sale of a $925 million interest in JP Morgan Partners Global Fund to a consortium of secondary investors.
Through a series of mergers and acquisitions Chemical Bank bought Chase Manhattan Bank and then JP Morgan finally changed Texas Commerce to JPMorgan Chase & Co.
Bush responded to the early signs of economic problems with lump-sum tax rebates and other stimulative measures in the Economic Stimulus Act of 2008. In March 2008, Bear Stearns, a major US investment bank heavily invested in subprime mortgage derivatives, began to go under. Rumors of low cash reserves dragged Bear's stock price down while lenders to Bear began to withdraw their cash. The Federal Reserve funneled an emergency loan to Bear through JP Morgan Chase. (As an investment bank, Bear could not borrow from the Fed but JP Morgan Chase, a commercial bank, could).
In November 2008, JP Morgan Property Exchange (JPEX) from JP Morgan Chase.
Keiser has labeled JPMorgan Chase "the biggest financial terrorist on Wall Street" in relation to their alleged manipulation of the price of silver. Keiser created a campaign called "Crash JP Morgan—buy silver", whereby people buy silver bullion, thus raising its price and leaving JP Morgan with a huge short position to cover, the margin of which are collateralized by JPMorgan's own stock price, bankrupting itself. The campaign was introduced on the Alex Jones Radio show in November 2010. Writing in "The Guardian" in December 2010, Keiser suggested that the text "crash jp morgan buy silver" should be used as a googlebomb to virally promote the campaign.
Following Chemical's acquisition of Chase Manhattan Bank in 1996, Chemical adopted the Chase name and Chemical Venture Partners changed its name to Chase Capital Partners. Similarly, following the 2000 acquisition of J.P. Morgan & Co. and the formation of JPMorgan Chase, the group changed its name yet again to JP Morgan Partners. Over this time, the platform grew through its integration of the private equity organizations of Manufacturers Hanover, Chase Manhattan, Hambrecht & Quist, Robert Fleming & Co., The Beacon Group and J.P. Morgan & Co.
Before PNC, Demchak held a variety of key executive positions at JP Morgan Chase. This includes: Global Head of Structured Finance and Credit Portfolio, involved in strategic agenda (before the JP Morgan-Chase Manhattan merger), member of the board of directors. He says JPMorgan Chase “wasn’t a terribly enjoyable place to work.” He was also a director of Hilliard Lyons Research Advisors.
Upon the bank's founding in 2001, JP Morgan Chase owned a 4% stake in the company. JP Morgan had hoped to expand its asset and wealth management services in Japan. The company reduced its ownership to 3.2% by 2005. It sold off its entire stake in 2005, claiming to have discussed the move with Sony in advance.
CCMP Capital is an American private equity investment firm that focuses on leveraged buyout and growth capital transactions. Formerly known as JP Morgan Partners, the investment professionals of JP Morgan Partners separated from JPMorgan Chase on July 31, 2006. CCMP has invested approximately $12 billion in leveraged buyout and growth capital transactions since inception. In 2007, CCMP was ranked #17 among World's largest private equity funds.
The bank continued to operate under the Chase brand until its acquisition of J.P. Morgan & Co. in December 2000 to form JPMorgan Chase & Co. Throughout all of these acquisitions, Chemical's original management team, led by Walter V. Shipley, remained in charge of the bank. When the combined bank purchased J.P. Morgan & Co., William B. Harrison, Jr., who had been a longtime Chemical executive, was named CEO of the combined firm. Additionally, many of Chemical's businesses remained intact through the various mergers. Chemical's private equity group for example, was renamed multiple times, ultimately becoming JP Morgan Partners before completing a spin-out from the bank, as CCMP Capital, after the bank's 2004 merger with Bank One. Additionally, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's old headquarters at 270 Park Avenue.
Steven "Steve" D. Black is the former Vice-Chairman of JP Morgan Chase & Co.. He previously served as the Co-Chief Executive Officer of JP Morgan, the investment banking subsidiary of JP Morgan Chase. He is a 1974 graduate of Duke University, and has served on the New York Development Council. In October 2009 he was succeeded by Jes Staley.
Bear Stearns was the first CSE Holding Company to collapse. It was "saved" through an "arranged" merger with JP Morgan Chase & Co. ("JP Morgan") announced on March 17, 2008, in connection with which the Federal Reserve Bank of New York ("FRBNY") made a $29 billion loan to a special purpose entity (Maiden Lane LLC) that took ownership of various assets of Bear Stearns with a quoted market value of $30 billion as of March 14, 2008.
Gayle Jennings-O'Byrne worked for Sun Microsystems in Northern California. She moved to New York and spent seventeen years with JP Morgan Chase. She left JP Morgan Chase and founded Harriet Capital and the Harriet Fund, an investment management firm that aims to fund startups led by women of color.
No advance notice is given to the public when a bank fails. Under ideal circumstances, a bank failure can occur without customers losing access to their funds at any point. For example, in the 2008 failure of Washington Mutual the FDIC was able to broker a deal in which JP Morgan Chase bought the assets of Washington Mutual for $1.9 billion. Existing customers were immediately turned into JP Morgan Chase customers, without disruption in their ability to use their ATM cards or do banking at branches. Such policies are designed to discourage bank runs that might cause economic damage on a wider scale.
In 2007, JP Morgan Chase renewed its sponsorship of the US Open and, as part of the arrangement, the replay system was renamed to "Chase Review" on in-stadium video and television.
UBS's main competitors in this division are Bank of America, Credit Suisse, Morgan Stanley, JP Morgan Chase, Wells Fargo and Charles Schwab.
In April 2010, Andrew Maguire, a former Goldman Sachs trader, went public with assertions of market manipulation by JPMorgan Chase and HSBC of the gold and silver markets, prompting a number of lawsuits. In response to allegations of market manipulation from silver investors such as Max Keiser, Blythe Masters, Head of Global Commodities for JP Morgan, told CNBC in April 2012 "often when customers have metal stored in their facility, they hedge it through JP Morgan on a forward basis who in turn hedges itself in the commodity markets. If you see only the hedges and our activity in the futures market, but you aren't aware of the underlying client position that we're hedging then it would suggest inaccurately that we are running a large directional position."
Upon the bank's founding in 2001, Sony owned 80% of the company. By 2005, its stake had risen to 84.2%. When JP Morgan Chase sold its stake, Sony increased its ownership to 87.4%.
JP Morgan European Smaller Companies Trust (), formerly the JP Morgan European Fledgling Investment Trust, is a large British investment trust dedicated to investments in European companies. It was established in 1990. The Chairman is Liz Airey.
Hambrecht & Quist was acquired by Chase Manhattan Bank in 1999 and was named Chase Securities West and is now a part of JP Morgan Chase following the merger of Chase Manhattan Bank with J.P. Morgan & Co. in 2000.