JPMorgan Chase (NYSE: JPM) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1.6 trillion, JPMorgan Chase is currently the third largest banking institution in the United States, behind Bank of America and Citigroup. The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United States with $34 billion in assets as of 2007. Formed in 2000 when Chase Manhattan Corporation acquired J.P. Morgan & Co., the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and governmental clients.
In 2004, the company acquired Bank One of Chicago, bringing on board Bank One CEO Jamie Dimon as president and COO of the merged firm and designating him as CEO William B. Harrison, Jr.'s future successor. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and placing some former Bank One executives in key ranks at the new company. Dimon became CEO in January 2006, and also became chairman in December 2006.
JPMorgan Chase operates as the brand for the holding company. Chase is used as the brand for credit card services in the United States and Canada and the bank's retail banking activities in the United States.