DUELS, BOMBINGS AND APPLE: The Incredible Story Behind The Creation Of JPMorgan Chase

JP Morgan

Photo: Wikimedia Commons

Can one institution really have played an indirect role in killing the country’s first Secretary of the Treasury, winning World War I, financing the largest firm in the world, contributing to the 2008 credit crisis, then helping avert an even worse financial disaster? Only on Wall Street.

The history of JPMorgan Chase spans more than 200 years and includes numerous firms who merged to form today’s banking behemoth.

We collected the most important events that tells the story of this legendary firm.

1799: New York Assemblyman Aaron Burr charters The Manhattan Company as a New York City water supplier.

The Manhattan Company would much later merge with Chase Bank--which bought JPMorgan & Co. to form the company it is today.

Source: J.P. Morgan

1804: Disputes between Burr's firm and Alexander Hamilton's Bank of New York eventually led to the infamous duel that killed America's first Treasury secretary.

The pair's guns remain property of J.P. Morgan Chase.

Source: J.P. Morgan

Source: J.P. Morgan

1871: Pierpont and Philadelphia banker Anthony Drexel found Drexel, Morgan & Co., mainly as a brokerage for Europeans investing in the U.S.

The 'JPMorgan' side of things.

Source: J.P. Morgan

1877: Concurrently—John Thompson, a 75-year-old financial news publisher and banker, establishes Chase National Bank. He named it in honour of his friend Salmon P. Chase, former US Supreme Court Justice.

The 'Chase' side of things.

Source: J.P. Morgan

1893: Anthony Drexel dies. Two years later, Morgan, Drexel is renamed J. P. Morgan & Co.

Their main offices were at 23 Wall Street.

Source: J.P. Morgan

1915: J.P. Morgan & Co. provides $500 million loan for Allied war effort in WWI.

Source: J.P. Morgan

1920: An anarchist group claims responsibility for planting a bomb in front of J.P. Morgan & Co. headquarters that killed 38 and injured 400.

Source: Wikipedia

1935: Glass-Steagall Act forces J.P. Morgan & Co. to spin off its investment banking unit, which it calls Morgan Stanley. Henry S. Morgan, Pierpont's grandson, becomes CEO.

Source: Wikipedia

1955: Chase Bank merges with Burr's The Manhattan Company to become Chase Manhattan Bank.

Source: J.P. Morgan

1991: Chemical Bank executes the then largest-ever merger for the banking industry, buying Manufacturers Hanover for $135 billion. It moves to Hanover's 270 Park Avenue offices, now J.P. Morgan & Co.'s world headquarters.

Source: J.P. Morgan

1961 — 1991: Dozens of mergers of regional banks occur that will set the stage for J.P. Morgan's marriage to Chase Manhattan.

One such transaction includes Chase's purchase of Hambrecht & Quist, the firm that handled Apple's 1980 IPO.

Source: Wikipedia

1996: Chase Manhattan is purchased by Chemical Bank, but the name 'Chase Manhattan' is retained because it was more globally recognised.

The purchase was overseen by longtime Chemical Bank chairman Walter V. Shipley.

Source: J.P. Morgan

1999: J.P. Morgan advises Exxon in the merger with Mobil that creates the largest company in the world. The company's ties to Exxon stretch all the way back to advising John D. Rockefeller.

Source: J.P. Morgan

2000: Chase Manhattan purchases J.P. Morgan & Co. for $34 billion.

The company is renamed J.P. Morgan Chase. William B. Harrison becomes CEO.

Source: J.P. Morgan

2004: Chase buys Chicago-based Bank One and moves its retail operations to the Windy City, where they remain today.

Source: J.P. Morgan

2006: Jamie Dimon becomes CEO of J.P. Morgan Chase.

Source: J.P. Morgan

2008: J.P. Morgan Chase acquires the assets of Washington Mutual and Bear Stearns amidst the credit meltdown.

Source: J.P. Morgan

2011: Firm is one of 17 banks named in federal suit alleging mortgage fraud.

Source: FHFA

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.