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Interactive chart of JPMorgan Chase (JPM) annual worldwide employee count from 2006 to 2021.

  • JPMorgan Chase total number of employees in 2020 was 255,351, a 0.63% decline from 2019.
  • JPMorgan Chase total number of employees in 2019 was 256,981, a 0.34% increase from 2018.
  • JPMorgan Chase total number of employees in 2018 was 256,105, a 1.41% increase from 2017.
  • JPMorgan Chase total number of employees in 2017 was 252,539, a 3.77% increase from 2016.

JPMorgan Chase Annual Number of Employees
2020 255,351
2019 256,981
2018 256,105
2017 252,539
2016 243,355
2015 234,598
2014 241,359
2013 251,196
2012 258,965
2011 260,157
2010 239,831
2009 222,316
2008 224,961
2007 180,667
2006 174,360
2005 168,847
Sector Industry Market Cap Revenue
Finance Banks - Major Regional 4.745B 9.503B
JPMorgan Chase & Co. is a financial services firm. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. It offers various investment banking products and services, including advising on corporate strategy and structure, capital-raising in equity and debt markets, risk management, market-making in cash securities and derivative instruments, prime brokerage. It also offers consumer and business, and mortgage banking products and services that include checking and savings accounts, mortgages, home equity and business loans, and investments. JPMorgan Chase & Co. is headquartered in New York.
16-12-2021
National bank headquartered in Manhattan, New York City
For the buildings, see Chase Tower (Chicago) and Bank of the Manhattan Company Building.
Chase logo 2007.svg
JPMorgan Chase Bank, N.A.
The current logo, in use since 2005
Trade name
Chase BankTypeSubsidiaryIndustryBankingPredecessorThe Manhattan CompanyFoundedSeptember 1, 1799; 222 years ago (1799-09-01)Headquarters
New York City, New York
,
USA
Number of locations
5,100 branches
16,000 ATMs nationwide
100 countries (2016)
Area served
United States
Key people
Jamie Dimon
(Chairman and CEO)ProductsFinancial servicesServicesRetail Financial Services
Card Services
Commercial BankingRevenueUS5.627 billion (2019)
Net income
US.474 billion (2018)Total assetsUS.386 trillion (2020)
Number of employees
189,315 (2016)ParentJPMorgan ChaseWebsitewww.chase.comFootnotes / references
[1]
Chase branches in the U.S. in 2020

JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in Manhattan, New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000.[2] Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955.[3] The bank merged with Bank One Corporation in 2004[4] and later acquired the deposits and most assets of Washington Mutual.

Chase offers more than 5,100 branches and 17,000 ATMs nationwide.[5] JPMorgan Chase & Co. has 250,355 employees (as of 2016) and operates in more than 100 countries. JPMorgan Chase & Co. had their assets of .49 trillion in 2016.

JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States.[6][7]

History

Aaron Burr, 3rd Vice President of the United States and founder of The Manhattan Company.
John D. Rockefeller, Jr. and the Rockefeller family were the largest shareholders of Chase National Bank.

From September 1, 1799, to 1955, it was called The Bank of The Manhattan Company (New York); after a 1955 merger with the Chase National Bank (which existed separately from 1877 to 1954) it was called The Chase Manhattan Bank.[8][9]

Chase's southwest regional headquarters in Phoenix, Arizona.

The Manhattan Company

Main article: Bank of the Manhattan Company

Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street:[2]

After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, Aaron Burr established the Manhattan Company, with the ostensible aim of bringing clean water to the city from the Bronx River but in fact, designed as a front for the creation of New York's second bank, rivaling Alexander Hamilton's Bank of New York.

— The Economist[10]

In 2006, the modern-day Chase bought the retail banking division of the Bank of New York, which then only months later merged with Pittsburgh-based Mellon Financial to form the present-day BNY Mellon.[11][12]: 23–26 

Chase National Bank

Chase National Bank was formed in 1877 by John Thompson.[2] It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase,[3] although Chase did not have a connection with the bank.[2]

The Chase National Bank acquired a number of smaller banks in the 1920s through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank.

Specimen Stock Certificate

However, its most significant acquisition was that of the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr.[13] This made Chase the largest bank in the US and indeed, in the world.

Chase was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients, such as General Electric,[14]: 450  which had, through its RCA subsidiary, leased prominent space and become a crucial first tenant of Rockefeller Center, rescuing that major project in 1930. The bank is also closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil, especially ExxonMobil, which are also Rockefeller holdings.

Merger as Chase Manhattan Bank

Manhattan Company (1799-1955) letterhead c. 1922
Chase National Bank (1877-1955) letterhead c. 1921
The 1955–1961 logo
The 1961–1976 logo

In 1955, Chase National Bank and The Manhattan Company merged to create the Chase Manhattan Bank.[2] As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken over. The deal was therefore structured as an acquisition by the Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders.

For Chase Manhattan Bank's new logo, Chermayeff & Geismar designed a stylized octagon in 1961, which remains part of the bank's logo today.[15] It has been reported that the Chase logo was a stylized representation of the primitive water pipes laid by the Manhattan Company,[16] but this story was refuted in 2007 by Ivan Chermayeff himself. According to Chermayeff, the Chase logo was merely intended to be distinctive and geometric, and was not intended at all to resemble a cross-section of a wooden water pipe.[17] According to Chase, the sides of the octagon represent forward motion, while the blank space in the middle suggests progress originates from the center; and is a single unit made up of separate parts, like the bank.[18] The bank included an asset management business called the Chase Investors Management Corporation. Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller, the bank became part of a bank holding company, the Chase Manhattan Corporation.[3]

The mergers and acquisitions during this period allowed Chase Manhattan to expand its influence over many non-financial corporations. A 1979 study titled "The Significance of Bank Control over Large Corporations"[19] found that: "The Rockefeller-controlled Chase Manhattan Bank tops the list, controlling 16 companies." In 1985, Chase Manhattan expanded into Arizona by acquiring Continental Bank.[20] In 1991, Chase Manhattan expanded into Connecticut by acquiring two insolvent banks.[21]

Mergers with Chemical, J.P. Morgan

The 1976–2005 logo

In August 1995, Chemical Bank of New York and Chase Manhattan Bank announced plans to merge.[22] The merger was completed in August 1996.[23] Chemical's previous acquisitions included Manufacturers Hanover Corporation, in 1991, and Texas Commerce Bank, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since not only was it was better known (particularly outside the United States), but the original charter of Chase required that the name be retained in any future business ventures. Hence, even today, it is known as JPMorgan Chase.

In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co. in one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the United States. JPMorgan Chase added Bear Stearns and Washington Mutual to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition.[24][25] According to data from SNL Financial (data as of June 30, 2008), this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches.

In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market.[26] The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008.

Chase branch located in Athens, Ohio
Chase bank in Chinatown, Manhattan
Chase offices and branch in One Utah Center tower in Salt Lake City

The following is an illustration of the company's major mergers and acquisitions and historical predecessors to 1995 (this is not a comprehensive list):

Chase Manhattan Bank(merged 1995)
Chemical Bank(merged 1991)
Chemical Bank(merged 1986)

The Chemical Bank
of New York

(est. 1823)

Texas Commerce Bank
(Formerly Texas National Bank of Commerce)
(merged 1864)

Manufacturers Hanover(merged 1961)

Manufacturers
Trust Company

(est. 1905)

Hanover Bank
(est. 1873)

Chase Manhattan Bank(merged 1955)

Bank of the
Manhattan Company

(est. 1799)

Chase National Bank
of the City of New York

(est. 1877)

Bank One Corporation

Main article: Bank One Corporation

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board its current chairman and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006 after Harrison's resignation.[27]

Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in New York.[28][29]

The following is an illustration of Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

Bank One(merged 1998)
Banc One Corp(merged 1968)

City National Bank
& Trust Company (Columbus, Ohio)

Farmers Saving
& Trust Company

First Chicago NBD(merged 1995)

First Chicago Corp
(est. 1863)

NBD Bancorp
(Formerly National Bank of Detroit)
(est. 1933)

 

Louisiana's First
Commerce Corp.

Washington Mutual

Main article: Washington Mutual

On September 25, 2008, JPMorgan Chase bought most banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation (FDIC).[30]: 115  That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase Bank, NA for

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.888 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.[31] Through the acquisition, JPMorgan became owner of the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed the rebranding of Washington Mutual branches to Chase in late 2009.

Other recent acquisitions

In the first quarter of 2006, Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for 3 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[32] In April of that same year, Chase acquired the Bank of New York Co.'s retail and small business banking network. This gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, Connecticut, and Indiana.[33]

In 2019, Chase began opening retail branches in Pittsburgh and other areas within Western Pennsylvania; this coincided with Bank of America starting a similar expansion within the area the previous year.[34] Even though Chase entered the market organically as opposed to a merger & acquisition, they still had to receive approval from the Office of the Comptroller of the Currency to open branches due to Chase's size as a whole.[35] Before Chase and Bank of America expanded its retail presence into the market, Pittsburgh had been one of the largest U.S. cities without a retail presence from any of the "Big Four", with locally-based PNC Financial Services (no. 6 nationally) having a commanding market share in the area. Chase had previously considered buying National City branches from PNC that were required for divesture following that bank's acquisition of National City in 2009, but were instead sold to First Niagara Bank (since absorbed into KeyBank); it had been speculated that PNC intentionally sold the branches to a much smaller competitor due to not wanting to compete with a "Big Four" bank in its home market.[36]

In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand. This is the company's first retail banking operation outside the of United States.[37][38][39]

Controversies

WWII Related Controversies

Purchase of Nazi Germany's Reichsmarks

A press release from the National Archives and Records Administration (NARA) in 2004 announced that many of the new Federal Bureau of Investigation (FBI) files had become declassified. This declassification enabled the discovery that before and during the early years of World War II, the German government sold a special kind of Reichsmark, known as Rückwanderer [returnee] Marks, to American citizens of German descent. Chase National Bank, along with other businesses, were involved in these transactions. Through Chase, this allowed Nazi sympathizers to purchase Marks with dollars at a discounted rate. Specifically, "The financial houses understood that the German government paid the commissions (to its agents, including Chase) through the sale of discounted, blocked Marks that came mainly from Jews who had fled Germany." In other words, Nazi Germany was able to offer these Marks below face-value because they had been stolen from emigrés fleeing the Nazi regime. Between 1936 and 1941, the Nazis amassed over million, and the businesses enabling these transactions earned

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.2 million in commissions. Of these commissions, over 0,000 went to Chase National Bank and its subagents.

These facts were discovered when the FBI began its investigation in October 1940. The purpose of the investigation was to follow German-Americans who had bought the Marks. However, Chase National Bank's executives were never federally prosecuted because Chase's lead attorney threatened to reveal FBI, Army, and Navy "sources and methods" in court.[citation needed] Publicly naming the sources and methods could have posed security risks and threatened future intelligence gathering. To avoid such revelations, the executives' violations of the Johnson Act, the Espionage Act, and the Foreign Agents Registration Act were never prosecuted.[40][41][42]

Release of funds for Nazi Germany

Besides the controversial Rückwanderer Mark Scheme, NARA records also revealed another controversy during the occupation of France by the Nazis. From the late 1930s until June 14, 1941, when President Franklin D. Roosevelt (FDR) issued an Executive Order freezing German assets, Chase National Bank worked with the Nazi government. The order blocking any access to French accounts in the U.S. by anyone, but especially by the Nazis was issued by Secretary of the Treasury, Henry Morgenthau Jr., with the approval of FDR. Within hours of the order, Chase unblocked the accounts and the funds were transferred through South America to Nazi Germany.[42]

Refusal to release funds belonging to Jews in occupied France

U.S. Treasury officials wanted an investigation of French subsidiaries of American banks, such as Chase Bank, J.P. Morgan & Co, National City Corporation, Guaranty Bank, Bankers Trust, and American Express. Of these banks, only Chase and Morgan remained open in France during the Nazi occupation. The Chase branch chief in Paris, France, Carlos Niedermann, told his supervisor in New York that there had been an "expansion of deposits". Also, Niedermann was, "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree with retroactive provisions prohibiting such release might be published in the near future by the occupying Nazi authorities"[citation needed] .

In 1998, Chase general counsel William McDavid said that Chase did not have control over Niedermann. Whether that claim was true or not, Chase Manhattan Bank acknowledged seizing about 100 accounts during the Vichy regime. Kenneth McCallion, a partner in the New York firm Goodkind Labaton Rudoff & Sucharow,[43] led a lawsuit against Barclays Bank for the illegal seizure of assets during WWII and has since turned his attention toward Chase. The World Jewish Congress (WJC), entered into discussions with Chase and a spokesperson for the WJC said, "Nobody at Chase today is guilty. They were not involved in whatever happened, but they do accept that they have an institutional responsibility." A Chase spokesman said, "This is a moral issue that we take very seriously." Chase general counsel McDavid added, "that Chase intends to compensate Jewish account holders whose assets were illegally plundered". In 1999, the French government formed a commission to report findings to Prime Minister Lionel Jospin. Claire Andrieu, a commission member and history professor at the Sorbonne, said that under the Vichy regime, French banks received visits from Nazi officials but U.S. banks did not. At that time, they did not have to report Jewish accounts, but they did just as the French banks did. She goes on to say that an American ambassador protected the U.S. subsidiaries.[44][45][46]

Recent controversies

JPMorgan Chase has paid billion in fines, settlements, and other litigation expenses from 2011 to 2013. Of the billion JPMorgan Chase has paid, about .5 billion were for fines and settlements resulting from illegal actions taken by bank executives, according to Richard Eskow at the Campaign for America's Future, who cited a new report from Joshua Rosner of Graham Fisher & Co.

The billion total does not include a recent settlement that calls for JPMorgan Chase to pay 0 million to waive 7 million in claims it had made against clients of the firm MF Global.

The U.S. Treasury's Office of Foreign Assets Control found that JPMorgan had illegally aided dictatorships in Cuba, Sudan, Liberia and Iran, including transferring 32,000 ounces of gold bullion (valued at approximately ,560,000) to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose the Iranian matter to OFAC.[47]

Among its other transgressions, JPMorgan has been found to have:[48][49][50][51][52]

  • Misled investors
  • Engaged in fictitious trades
  • Collected illegal flood insurance commissions
  • Wrongfully foreclosed on soldiers; charged veterans hidden fees for refinancing
  • Violated the Federal Trade Commission Act by making false statements to people seeking automobile loans
  • Illegally increased their collection of overdraft fees by processing large transactions before smaller ones
  • Helped drive Jefferson County, Alabama, into bankruptcy by switching its fixed-rate debt to variable
  • Violated antitrust provision of the Sherman Act relating to bid rigging

Targeted account closures

During 2013 and 2014, Chase and other banks received media attention for the practice of canceling the personal and business accounts of hundreds of legal sex workers, citing in some instances the "morality clause" of their account agreement.[53] Later it was discovered that this practice included mortgage accounts and business loans.[54] Chase canceled the mortgage refinancing process for one individual, that the bank had initiated, whose production company made soft core films like those broadcast on Cinemax.[55] This resulted in a lawsuit[56] which cited evasive dealings and misleading statements by several Chase executives including Securities Vice President Adam Gelcich, Legal Fair Lending Department Vice President Deb Vincent, and an unnamed executive director and assistant general counsel.[57]

Chase Bank in Rye, New York

In addition to closing accounts for sex workers, the bank has also been using its "morality clause" to disassociate from other types of businesses.[58] Some of these other businesses include medical marijuana dispensaries and any that are "gun related".[58] Another was a woman-owned condom manufacturing company called Lovability Condoms. Company founder Tiffany Gaines was rejected by Chase Paymentech services "as processing sales for adult-oriented products is a prohibited vertical" and was told that it was a "reputational risk" to process payment for condoms.[58] Gaines then started a petition to ask Chase to review and change its policy of classifying condoms as an "adult oriented product". The bank later reversed its decision and invited Gaines to submit an application citing that was already doing business with a "wide variety of merchants, including grocers and drug stores, that sell similar products".[59]

In 2019 the bank faced growing criticism for its alleged practice of arbitrarily targeting the personal accounts of outspoken online personalities such as Martina Markota and Proud Boys chairman Enrique Tarrio. Although the specific motives behind the closures were not officially disclosed the assumption among many on the right was that they were political in nature.[60]

Dakota Access Pipeline

Financial documents[61] from Energy Transfer Partners, the pipeline builder for the Dakota Access Pipeline, lists a number of large banking institutions that have provided credit for the project, including JP Morgan Chase. Because of these financial ties, Chase and other banks were a target[62] of the Dakota Access Pipeline protests during 2016 and 2017.

Parental leave policy

JPMorgan Chase agreed to pay million to compensate their male employees who did not receive the same paid parental leave as women from 2011 to 2017.[63] In December 2017, the bank "clarified its policy to ensure equal access to men and women looking to be their new child's main caregiver".[64] According to the involved attorneys, this is the biggest recorded settlement in a U.S. parental leave discrimination case. JPMorgan agreed to train and monitor to ensure equal parental leave benefits and stated that "its policy was always intended to be gender-neutral".[65]

Fossil fuel investment

Chase has faced criticism and protests over its high rate of investment in various fossil fuel industries such as coal, oil, and gas.[66] A study released in October 2019 indicated that Chase invests more ( billion) in fossil fuels than any other bank.[67]

Unequal Lending Practices

A analysis of home purchases in Chicago from 2012 to 2018 by City Bureau and WBEZ Chicago showed that JP Morgan Chase, "loaned 41 times more in Chicago’s white neighborhoods than it did in the city’s black neighborhoods."[68] The report prompted protests at Chicago Chase branches in June 2020.[69] At a reopening of a remodeled Chase branch in Chicago's South Shore, Dimon said via video, "we have targets now to do 0 million (over the next five years) in new mortgages for Blacks and new homeowners in Chicago neighborhoods."[70]

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  53. ^ Hilton, Perez. "EXCLUSIVE! Porn Stars Are Getting The Shaft From Chase Bank! AGAIN!! Accounts Closed For 100s In The Biz?!". Perezhilton.com. Retrieved April 26, 2014.
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  55. ^ "Banks to porn stars your money's not welcome". NBC News. Archived from the original on October 29, 2013. Retrieved April 26, 2014.
  56. ^ Dotinga, William. "Look Who's Talking, Porn Mogul Tells Bank". Courthouse News Service. Retrieved April 26, 2014.
  57. ^ Hymes, Tom (May 15, 2013). "Chase Sued for Denying Porn King Loan on 'Moral' Grounds". Adult Video News. Retrieved April 26, 2014.
  58. ^ a b c Kernes, Mark. "JPMorgan Chase Closes Porn Star Accounts, Citing ... 'Ethics'!?! The most ethical thing adult industry members can do is to close any Chase accounts they may have". Adult Video News. Retrieved April 26, 2014.
  59. ^ Kingkade, Tyler (March 31, 2014). "Chase Will Process Payments For Lovability Condoms After All". The Huffington Post. Retrieved April 26, 2014.
  60. ^ John Aiden Byrne (May 25, 2019). "JPMorgan Chase accused of purging accounts of conservative activists". New York Post. Retrieved May 28, 2019.
  61. ^ "EnergyTransfer.com - Investor Relations - SEC Filings". governance.energytransfer.com. Archived from the original on January 31, 2017. Retrieved February 2, 2017.
  62. ^ Tabuchi, Hiroko (November 7, 2016). "Environmentalists Target Bankers Behind Pipeline" – via NYTimes.com.
  63. ^ Lapin, T. (May 30, 2019). "Dad reaches historic paid leave settlement with JPMorgan Chase". New York Post. Retrieved May 31, 2019.
  64. ^ Gibson, K., "Dad sued employer JPMorgan Chase over parental leave pay—and won", CBS News, May 30, 2019.
  65. ^ Eidelson, J., "JPMorgan Agrees to Record Settlement in Anti-Dad Bias Case", Bloomberg News, May 30, 2019.
  66. ^ Lippman, T. W., Crude Oil, Crude Money: Aristotle Onassis, Saudi Arabia, and the CIA (Santa Barbara, CA: ABC-CLIO, 2019), p. 26.
  67. ^ Greenfield, Patrick (October 13, 2019). "Top investment banks provide billions to expand fossil fuel industry". The Guardian. ISSN 0261-3077. Retrieved January 6, 2020.
  68. ^ Lutton, Linda; Fan, Andrew; Loury, Alden (June 3, 2020). "Home Loans in Chicago: One Dollar To White Neighborhoods, 12 Cents To Black". WBEZ Chicago. Retrieved March 3, 2021.
  69. ^ Lutton, Linda (June 17, 2020). "Several Chase Bank Branches Close Amid Protests Over Unequal Lending". WBEZ Chicago. Retrieved March 3, 2021.
  70. ^ Hutson, Wendell (February 4, 2021). "Chase unveils its first community branch in Chicago". Crain's Chicago Business. Retrieved March 3, 2021.

Further reading

  • Bird, Kai (1992). The Chairman: John J. McCloy, the Making of the American Establishment. New York: Simon & Schuster. ISBN 978-0-671-45415-9. OCLC 25026508.
  • Koeppel, Gerard T. (2000). Water for Gotham: A History. Princeton, NJ: Princeton Univ. Press. ISBN 978-0-691-01139-4. OCLC 247735191.
  • Rockefeller, David (2002). Memoirs. New York: Random House. ISBN 978-0-679-40588-7. OCLC 231967677.
  • Wilson, John Donald (1986). The Chase: The Chase Manhattan Bank, N.A., 1945–1985. Boston, Mass: Harvard Business School Press. ISBN 978-0-87584-134-2. OCLC 13581810.

External links

Wikimedia Commons has media related to Chase (bank).
  • Create Chase Bank Account Online
  • Official website
Retrieved from "https://en.wikipedia.org/w/index.php?title=Chase_Bank&oldid=1060571171"

Page 2

Jp morgan building.jpg25 Bank Street
25 Bank Street
404 imageFormer namesHQ2General informationTypeCommercialLocationLondon, E14Coordinates51°30′10.7″N 00°01′15.7″W / 51.502972°N 0.021028°W / 51.502972; -0.021028Coordinates: 51°30′10.7″N 00°01′15.7″W / 51.502972°N 0.021028°W / 51.502972; -0.021028Construction started2001Completed2003Opening5 April 2004OwnerJP Morgan ChaseHeightRoof153 metres (502 ft)Technical detailsFloor count33Floor area97,546 m2 (1,049,980 sq ft)Lifts/elevators29Design and constructionArchitectCesar Pelli & AssociatesDeveloperCanary Wharf GroupStructural engineerYolles PartnershipMain contractorCanary Wharf Contractors

25 Bank Street is an office tower in Canary Wharf, in the Docklands area of London. It is currently home to the European headquarters of the investment bank JPMorgan Chase.

The building was developed in 2001–2003 by Canary Wharf Group as one of five new buildings on its Heron Quays site. The building was designed by architects Cesar Pelli & Associates Architects and built by Canary Wharf Contractors.[1]

Before construction, 25 Bank Street had been earmarked by Canary Wharf Group for occupation by Enron's European subsidiary.[2] This plan was abandoned in 2001, prior to Enron's collapse later that year.

From 2004, 25 Bank Street served as the European headquarters of Lehman Brothers until the bank's insolvency in September 2008.

History

Design and development

In July 2000, Canary Wharf Group formally announced the development of the 11-acre (45,000 m2) Heron Quays site, on the southern boundary of the Canary Wharf estate. This would involve the construction of five buildings providing a total of 3,300,000 sq ft (310,000 m2) of Grade A office space. During the development phase, the five buildings were designated HQ1 to HQ5, with 25 Bank Street designated as HQ2.

25 Bank Street, along with its neighbours HQ3 (40 Bank Street) and HQ4 (50 Bank Street) were all designed by César Pelli in the International style,[3] featuring complementary external cladding of stainless steel, glass and stone. 25 Bank Street and 40 Bank Street, which are of equal height, are conjoined by the West Winter Garden glass enclosed concourse and all provide enclosed access to an underground retail mall. The building is designed around a central concrete core containing elevators, washrooms and services; this is surrounded by office floors with stainless steel and glass curtainwalls.

There are 5 basement levels, a ground floor, mezzanine, and a further 32 levels numbered 1 to 33. There is no 13th floor. The lower levels, up to level 8, incorporate large podium areas on the south and west sides. This allows large trading floors to be accommodated, each with a 50,000 sq ft (4,600 m2) floorplate. The south podium incorporates a secondary core.

In July 2000 Enron Europe opened negotiations with Canary Wharf Group to take 130,060 sq m (1.4 m sq ft) of space on the Canary Wharf estate. The HQ1 and HQ2 sites were earmarked for use by Enron in a mixed use development that would include a mini-power station. This development was planned to supplement Enron's Victoria headquarters at 40 Grosvenor Place. The negotiations were discontinued early in 2001, prior to Enron's insolvency later that year.[2]

On 3 April 2001, Canary Wharf Group announced that it had concluded a 30-year lease agreement with Lehman Brothers for the entirety of the space in HQ2, a total of over 1,000,000 sq ft (93,000 m2). Under the terms of the agreement, Canary Wharf Group provided a number of financial incentives to Lehman Brothers, including coverage of fitting out costs up to £35 per sq ft; a further payment of £16 million on drawdown of the lease; and a contribution of £30 per sq ft towards the refitting of 408,000 sq ft (37,900 m2) of office space occupied by Lehman Brothers in Broadgate, City of London.[4]

Construction

The construction of 25 Bank Street was undertaken by Canary Wharf Contractors, with an overall build time of 32 months. The geography of the site presented considerable access challenges in that it was surrounded by water on three sides, with two thirds of the fourth side in the former dock. A coffer dam was constructed in the dock to enable the water to be pumped out and a road was built on top of the dam, with earth ramps to enable construction traffic to reach the construction site. River traffic was extensively used to minimise road deliveries; consignments of aggregates and structural steel were delivered by barge and a concrete batching plant was constructed on a barge anchored in the dock. At the end of the project the coffer dam was removed and the fill loaded onto barges for removal.

The construction of the rectangular concrete core was subcontracted to Byrne Bros (Formwork) Ltd, who used the PERI ACS self climbing formwork system. This was the first time this system had been used in the UK. By using the jumpform system, the subcontractor was able to use additional work platforms situated below the main work platform, so that multiple phases of work could be undertaken concurrently.[5]

The West Podium of 25 Bank Street is situated at a height of 30 metres above a 100-metre length of the Docklands Light Railway (DLR), including Heron Quays station. To protect the DLR, which continued to operate throughout construction, a concrete slab was installed above the railway that formed the base of the West Podium. This would support the upper floors and also act as an assembly deck during construction operations. The five levels of the West Podium are suspended from transfer trusses at the higher levels.[6]

The building was topped out on 8 November 2002. George Iacobescu, Canary Wharf Group Chief Executive, and Jeremy Isaacs, chief executive of Lehman Brothers for Europe and Asia, both signed the final steel girder before it was hoisted into place. At that time, 25 Bank Street was London's 6th tallest skyscraper.[7]

Elevators engineering was undertaken by Lerch, Bates & Associates, Inc. A specialist lighting arrangement was installed to illuminate the crown of the building. This was designed by LightMatters and involved providing an architectural lighting and control solution using a total of 5,472 LED fixtures installed between the inner wall and the outer glass shell of the building's 32nd level.[8]

Occupancy

Lehman Brothers

Ceremonial plaque from the opening of 25 Bank Street in 2004. Later, in 2010, this would be auctioned by the Lehman administrators for £28,750[9]
Level 31 at 25 Bank Street was used by Lehman Brothers as a client reception area; it contained meeting rooms and hospitality suites featuring fine art and furnishings.

25 Bank Street served as the headquarters of Lehman Brothers International (Europe) and associated Lehman Brothers entities in Europe. The building was officially opened as Lehman Brothers' European headquarters on 5 April 2004. Gordon Brown, then the UK Chancellor of the Exchequer, officiated at the opening ceremony.

The building's fit out was undertaken by Hilson Moran, who were responsible for both the shell & core services design for Canary Wharf Limited and the fit-out services design for Lehman Brothers. Facilities included a TV broadcast studio, meeting rooms and 400-seat auditorium at level 1; a 3000 sq metre Data Centre at level 2; four trading floors at levels 3 to 6; a Gym & Fitness Centre and staff restaurant at level 7; executive floors at levels 30 and 31; and twenty office floors. Plant floors were located at levels 8, 32 and 33. The shell & core architect was Adamsons Associates, with Swanke Hayden Connell as the fit-out architect.[10]

Although levels 3-6 were all capable of being used as trading floors, only levels 4 and 5 were fully configured as such during the Lehman occupation.

The staff restaurant, at level 7, was operated by Restaurant Associates, who also provided catering services for corporate events hosted in the building.

The full floor configuration during the Lehman Brothers occupation was:

Floor Net usable floorspace Occupants
33 - Plant floor
32 - Plant floor
31 26,100 sq ft (2,420 m2) Client hospitality rooms; executive dining room
30 26,100 sq ft (2,420 m2) Executive management
29 26,100 sq ft (2,420 m2) Investment Management Division
28 26,100 sq ft (2,420 m2) Investment Management Division
27 26,100 sq ft (2,420 m2) Investment Banking Division
26 26,100 sq ft (2,420 m2) Investment Banking Division; Corporate Real Estate
25 26,100 sq ft (2,420 m2) Investment Banking Division
24 25,000 sq ft (2,300 m2) Information Technology
23 25,000 sq ft (2,300 m2) Mortgage Capital Division; Fixed Income Real Estate
22 25,000 sq ft (2,300 m2) Legal; Internal Audit; Compliance
18-21 25,400 sq ft (2,360 m2) Sublet to tenants
17 25,400 sq ft (2,360 m2) Unused office space
14-16 25,400 sq ft (2,360 m2) Sublet to tenants
12 24,800 sq ft (2,300 m2) Finance; Operations; Corporate Services
11 24,400 sq ft (2,270 m2) Finance; Operations
10 24,800 sq ft (2,300 m2) Finance; Operations
9 24,800 sq ft (2,300 m2) Fixed Income Division; Mortgage Capital Division
8 - Plant floor
7 70,300 sq ft (6,530 m2) Staff restaurant; gymnasium; travel; security; print services
6 69,800 sq ft (6,480 m2) Fixed Income, Investment Banking, Corporate Dealing Services and Equities Middle Office
5 69,700 sq ft (6,480 m2) Equities trading floor
4 69,500 sq ft (6,460 m2) Fixed income trading floor
3 47,100 sq ft (4,380 m2) Information Technology
2 48,700 sq ft (4,520 m2) Technical Operations; Data Centre
1 45,600 sq ft (4,240 m2) Human Resources; meeting rooms; services; TV studio and editing suite
Ground 32,600 sq ft (3,030 m2) Reception and entrance lobby; auditorium; meeting rooms

Lehman Brothers (in administration)

Insolvency

Main article: Bankruptcy of Lehman Brothers

The cash resources of the Lehman Group were managed centrally in New York by the parent company, Lehman Brothers Holdings Inc. (LBHI). Following a deterioration in LBHI's financial position, on the afternoon of Sunday 14 September 2008, the directors of Lehman Brothers International (Europe) Ltd (LBIE) sought assurances from LBHI that payments due to be made on its behalf on the following business day would be made. At approximately 12.30 am on 15 September, LBHI informed LBIE that it was preparing to file for Chapter 11 Bankruptcy protection under US law and that it was therefore no longer in a position to make payments to or on behalf of LBIE. Accordingly, overnight preparations were made for a number of UK based Lehman companies to protect their interests by seeking an Administration Order under UK law. This order was granted by a UK judge at 7.56 am on Monday 15 September 2008.[11]

Ongoing occupation of 25 Bank Street

PricewaterhouseCoopers were appointed as administrators of the UK business and as part of this task took over the management of 25 Bank Street. Having arranged the sale of parts of the Lehman business to Nomura International plc, the administrators reached agreement to sub-lease approximately 358,000 sq ft (33,300 m2) in 25 Bank Street to Nomura International. An additional 63,000 sq ft (5,900 m2) of space was sub-let to Nomura in March 2010. These subleases were due to expire in March 2011; in the event, Nomura would exercise a break option in September 2010 and exit the building at that time.[12] A further 126,000 sq ft (11,700 m2) was sub-let to other tenants, including the Financial Services Authority, land agents Jones Lang Wootton and NYSE Euronext.

From 1 January 2010, Lehman Brothers (in administration) reduced its occupation of 25 Bank Street to 290,146 sq ft (26,955.4 m2); and from 31 March of that year exited the building entirely,[12] moving to new premises at 25 Canada Square. The total property, IT and occupancy costs to the Lehman Brothers administration totalled 0 million for the 18-month period from the time of insolvency to the time of the 25 Bank Street exit. The office move resulted in annual cost savings of over million.[13]

J.P. Morgan Investment Bank

On 20 December 2010 J.P. Morgan announced the acquisition of 25 Bank Street to become the new European headquarters of its Investment Bank in 2012. The purchase price would be £495 million. This was one of several real estate commitments announced by the bank that also included the purchase of 60 Victoria Embankment, a London building that the bank had been leasing since 1991 and which accommodates the firm's Treasury and Securities Services division. J.P. Morgan also announced that it had reached agreement with Canary Wharf Group to fund a further tranche of development to its Riverside South scheme.[14]

The building's postcode was changed to E14 5JP. During the Lehman Brothers occupation it was E14 5LE.

See also

  • Canary Wharf
  • Tall buildings in London

References

  1. ^ "Canary Wharf Contractors Website". Archived from the original on 21 October 2007. Retrieved 9 December 2007.
  2. ^ a b Creasey, Simon; Creasey 2001-12-07T00:00:00, Simon. "Enron's end game". Property Week.
  3. ^ "25 Bank Street, London - 100080 - EMPORIS". www.emporis.com.
  4. ^ "Recommended Offer by Morgan Stanley and N M Rothschild on Behalf of Songbird Acquisition Limited and, in the United States and Canada, by Songbird Acquisition Limited for Canary Wharf Group PLC" (PDF). songbirdestates.com. 23 April 2004. Archived from the original (PDF) on 16 July 2011. Retrieved 5 March 2011.
  5. ^ "Successful construction with PERI - Skyscrapers". peri.ltd.uk. 2004. Archived from the original on 20 July 2011.
  6. ^ "Consulting engineering services from". Tony Gee.
  7. ^ Stanton, Mike (15 November 2002). "25 Bank Street tops out in London's Canary Wharf". emporis.com. Archived from the original on 22 June 2004.
  8. ^ "Solar LED for 25 Bank Street Building". ziogiorgio.com. Archived from the original on 18 July 2011.
  9. ^ Reyburn, Scott (29 September 2010). "Lehman Brothers Signs Sell for 1,700 in London". bloomberg.com.
  10. ^ "Hilson Moran Partnership - Projects". Archived from the original on 11 July 2011. Retrieved 5 March 2011.
  11. ^ Lehman Brothers International (Europe) Ltd - Joint Administrators' Proposals for Achieving the Purpose of Administration 28 October 2008 at http://www.pwc.co.uk/eng/issues/lehmans_administrators_proposal.html
  12. ^ a b "Investors". group.canarywharf.com.
  13. ^ Lehman Brothers International (Europe) in Administration - Joint Administrators' progress report 14 April 2010
  14. ^ J.P.Morgan News Release: J.P. Morgan Acquires New European Investment Bank Headquarters in London 20 December 2010

External links

  • Google Maps location
Retrieved from "https://en.wikipedia.org/w/index.php?title=25_Bank_Street&oldid=1051137275"