JPMorgan Chase & Co. started with one man, but they now employ more than a quarter of a million people. With trillions in assets, the JP Morgan net worth JP Morgan net worth has grown at an even faster rate.
China dominates the banking industry. The four largest banks by total wealth currently operate out of the East Asian nation.
Tech giants Apple is the most valuable company in the world, but the Industrial and Commercial Bank of China leads the way by total assets, with $3.47 trillion in the bank. JPMorgan Chase sits fourth, with assets of $2.5 trillion.
The banking empire has earned its wealth over the last 200 years. The company’s history dates back to 1977, beginning with the founding of the Manhattan Company, a New York based bank.
Although, JPMorgan Chase & Co., as it is now known, is the result of more than 1,200 company mergers and acquisitions. The most well known predecessors include J.P. Morgan & Co., Chase Bank, Chemical Bank and Bank One. While the JP Morgan name remains, the powerful banker’s time at the company makes up a small part of its history.
The company has had many names over the years. As a result, parts of JPMorgan Chase’s history are often forgotten or confused. Yet, J.P. Morgan & Co., as well as the numerous other institutions that have since joined them, played a huge role in shaping modern banking.
3 ways that JP Morgan Chase & Co. revolutionised banking
First female officer – 1924
Chase National Bank named Mary Vail Andress as assistant cashier in 1924. As a result, she became the first woman in the history of banking to be work in a head office.
Her job was to establish a new department, tasked with helping women with their finances. However, she eventually became the first woman to serve on the company’s board of directors.
First ATM machine – 1969
Chemical Bank installed the first ATM machine in 1969. Known as the Docuteller, the machine allowed customers to withdraw money using a card.
It cost Chemical Bank a total of $30,000 to manufacture and install. Although, it made them the first bank to provide 24/7 banking services.
First online banking service – 1981
Chase Bank and Chemical Bank were among four online banking pioneers in the early 1980s.
They launched services which allowed customers to bank from home using a telephone and television set. Customers could view their balance and transfer funds between accounts, but the service proved to be unpopular.
JP Morgan net worth: What does the stock market think?
JPMorgan Chase may have less in assets than ICBC. However, according to the stock exchange, the JP Morgan net worth trumps their rivals.
JPMorgan Chase & Co. is one of the top 10 most valuable publicly traded companies, as well as the most valuable bank in existence, with a market cap of $303.2 billion.