JPMorgan Chase is an American financial holding company and a multinational investment bank. The headquarter of JPMorgan chase in New York City, USA. JPMorgan Chase is the 6th largest bank in the world and also the largest bank of USA. The total assets of JPMorgan chase US$2.73 trillion.
By market capitalization, JPMorgan Chase is the world’s most valuable bank. JPMorgan provides various kind of services, provide investments banking and financial services. JPMorgan Chase is also viewed as the Universal bank and a custodian bank. JPMorgan Chase is known as Morgan which considered for investment banking, private banking, private wealth management, asset management, and treasury services divisions. Chase used for credit card banking in USA and Canada.
JPMorgan Chase does both retail and commercial banking in the United States. According to 2019, JPMorgan Chase investment and corporate baking arm hold US$25.45 trillion and US$45 billion assets under management. JPMorgan Chase is the 3rd largest hedge fund in the world.
One of the main reasons for its great success and huge baking service is its combination of several large U.S. banking companies, since 1996.
Recently occurred incident that affects the bank; In March 2017, a former JPMorgan Chase employee Lawrence Obracanik who was guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts. In June 2017, the former COO Matt Zames of the bank decided to leave the firm.
In December 2017, JPMorgan was sued by the Nigerian government for $875 million that Nigeria claims that was transferred by JPMorgan to a corrupt former minister. Nigeria charged JPMorgan for being “grossly negligent”. In October 2018, it’s reported that JP Morgan “agreed to pay $5.3 million to settle the charge which violated Cuban Assets Control Regulations which is Iranian sanctions and Weapons of Mass Destruction sanctions 87 times.
In February 2019, JPMorgan revealed the launch of JPM Coin which is a digital token that will be used to solve the transactions between clients of its wholesale payments business. This particular coin is the first cryptocurrency issued by a United States bank.