177-868: JPMorgan Chase & Co. (stylized as JPMorganChase ) is an American multinational financial services firm headquartered in New York City and incorporated in Delaware . It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023. As the largest of the Big Four banks in America, the firm is considered systemically important by the Financial Stability Board . Its size and scale have often led to enhanced regulatory oversight as well as
354-478: A duel with John Barker Church , whose wife Angelica was the sister of Alexander Hamilton 's wife Elizabeth . Church had accused Burr of taking a bribe from the Holland Land Company in exchange for his political influence. Burr and Church fired at each other and missed, and afterward, Church acknowledged that he was wrong to have accused Burr without proof. Burr accepted this as an apology, and
531-557: A charge of treason before the United States Circuit court at Richmond, Virginia . His defense lawyers included Edmund Randolph , John Wickham , Luther Martin and Benjamin Gaines Botts. Burr had been arraigned four times for treason before a grand jury indicted him. The only physical evidence presented to the grand jury was Wilkinson's so-called letter from Burr, which proposed the idea of stealing land in
708-479: A commercial bank. In 1935, after being barred from the securities business for over a year, the heads of J.P. Morgan spun off its investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont Morgan ) and Harold Stanley , Morgan Stanley was founded on September 16, 1935, with $ 6.6 million of nonvoting preferred stock from J.P. Morgan partners. To bolster its position, in 1959, J.P. Morgan merged with
885-519: A commitment from the board, representing another 10% of the share capital, that its members would vote in favor of the new deal. With sufficient commitments to ensure a successful shareholder vote, the merger was completed on May 30, 2008. On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation . That night,
1062-502: A deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France. The Bank of England became a " fiscal agent " of J.P. Morgan & Co., and vice versa. The company also invested in the suppliers of war equipment to Britain and France. The company profited from the financing and purchasing activities of the two European governments. Since
1239-631: A decade between Irish immigrants and Black people for work. Rioters burned the Colored Orphan Asylum to the ground. At least 120 people were killed. Eleven Black men were lynched over five days, and the riots forced hundreds of Blacks to flee. The Black population in Manhattan fell below 10,000 by 1865. The White working class had established dominance. It was one of the worst incidents of civil unrest in American history . In 1886,
1416-553: A duel, personal combat under the formalized rules for dueling, the code duello . Dueling had been outlawed in New York; the sentence for conviction of dueling was death . It was illegal in New Jersey as well, but the consequences were less severe. On July 11, 1804, the enemies met outside Weehawken, New Jersey , at the same spot where Hamilton's oldest son had died in a duel just three years prior. Both men fired, and Hamilton
1593-532: A financial scandal in 2001. In 2003, Chase paid $ 160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office. In 2005, Chase paid $ 2.2 billion to settle a lawsuit filed by investors in Enron. New York City New York , often called New York City or NYC , is the most populous city in the United States , located at
1770-853: A flurry of development around ChatGPT and this technology from financial institutions. This came amid a period of job cuts, including for technology roles, even as the company emphasize its commitment to AI and created a model to detect potential changes in Federal Reserve policy. JP increased its stake in Brazilian digital bank C6 to 46% in 2023: the bank has increased the number of customers from 8 million to 25 million since 2021 and its loan portfolio from R$ 9.5 billion (about $ 2 billion) to R$ 40 billion ($ 8.2 billion). Chase paid out over $ 2 billion in fines and legal settlements for their role in financing Enron Corporation with aiding and abetting Enron Corp.'s securities fraud , which collapsed amid
1947-506: A half-pound of pressure as opposed to the usual ten pounds. Weir contends, "There is no evidence that Burr even knew that his pistol had a set trigger." Louisiana State University history professors Nancy Isenberg and Andrew Burstein concur with this, noting that "Hamilton brought the pistols, which had a larger barrel than regular dueling pistols, and a secret hair-trigger , and were therefore much more deadly," and conclude that "Hamilton gave himself an unfair advantage in their duel, and got
SECTION 10
#17327720102812124-537: A lifeline negotiated with the US Department of Treasury at that time, and will eliminate a $ 5 billion deposit it had made with First Republic. As a result of the takeover, First Republic Bank shareholders lost all their equity . The FDIC estimates that the cost to the Deposit Insurance Fund will be about $ 13 billion. In 2006, JPMorgan Chase purchased Collegiate Funding Services ,
2301-641: A majority sake in Volkswagen's payments business, among many other acquisitions in other areas of finance. In November 2022, JPMorgan Chase sent COO Daniel Pinto to the Global Financial Leaders' Investment Summit in Hong Kong. The attendance of US financial executives drew heavy criticism from some US lawmakers, who had previously urged the US financial executives to cancel their attendance to
2478-568: A portfolio company of private equity firm Lightyear Capital , for $ 663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance. In April 2006, JPMorgan Chase acquired Bank of New York Mellon 's retail and small business banking network. The acquisition gave Chase access to 339 additional branches in New York , New Jersey , and Connecticut . In 2008, J.P. Morgan acquired
2655-510: A position to join in immediately. Burr's expedition of about eighty men carried modest arms for hunting, and no war materiel was ever revealed, even when Blennerhassett Island was seized by the Ohio militia. The aim of his "conspiracy," Burr always avowed, was that if he settled there with a large group of armed "farmers" and war broke out, he would have a force with which to fight and claim land for himself, thus recouping his fortunes. However,
2832-510: A previously unknown letter from William P. Van Ness to Edward Livingston , two leading Democratic-Republicans in New York. Van Ness was very close to Burr, serving as his second in the duel with Hamilton. As a leading Democratic-Republican, Van Ness secretly supported the Federalist plan to elect Burr as president and tried to get Livingston to join. Livingston agreed at first, then reversed himself. Baker argues that Burr probably supported
3009-414: A quarter of the initial valuation of $ 3.5 billion, as the transaction excluded some oil and metal stockpiles and other assets. In March 2016, J.P. Morgan decided not to finance coal mines and coal power plants in wealthy countries. In October 2016, J.P.Morgan unveiled its permissioned blockchain called Quorum, based on Ethereum 's GO programming language. In December 2016, 14 former executives of
3186-514: A region between the British post at Kingsbridge and that of the Americans about 15 miles (24 km) to the north. This district was part of the more significant command of General Alexander McDougall , and there was much turbulence and plundering by lawless bands of civilians and by raiding parties of ill-disciplined soldiers from both armies. Due to continuing poor health, Burr resigned from
3363-531: A result of Sandy, and the economic losses in New York City were estimated to be roughly $ 19 billion. The disaster spawned long-term efforts towards infrastructural projects to counter climate change and rising seas, with $ 15 billion in federal funding received through 2022 towards those resiliency efforts. In March 2020, the first case of COVID-19 in the city was confirmed. With its population density and its extensive exposure to global travelers,
3540-485: A speech denying the request, which was paraphrased on the front page of the New York Daily News as "FORD TO CITY: DROP DEAD." The Municipal Assistance Corporation was formed and granted oversight authority over the city's finances. While a resurgence in the financial industry greatly improved the city's economic health in the 1980s, New York's crime rate continued to increase through that decade and into
3717-517: A stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual. Through the acquisition, JPMorgan now owns the former accounts of Providian Financial , a credit card issuer WaMu acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009. Chief executive Alan H. Fishman received a $ 7.5 million sign-on bonus and cash severance of $ 11.6 million after being CEO for 17 days. On May 1, 2023, in what
SECTION 20
#17327720102813894-564: A traitor before any indictment. Burr read this in a newspaper in the Territory of Orleans on January 10, 1807. Jefferson's warrant put federal agents on his trail. Burr twice turned himself in to federal authorities, and both times judges found his actions legal and released him. Jefferson's warrant, however, followed Burr, who fled toward Spanish Florida . He was intercepted at Wakefield , in Mississippi Territory (now in
4071-576: Is a brave and able officer, but the question is whether he has not equal talents at intrigue." Burr was elected to the New York State Assembly in 1798 and served there through 1799. During this time, he cooperated with the Holland Land Company in gaining passage of a law to permit aliens to hold and convey lands. National parties became clearly defined during Adams' presidency, and Burr loosely associated himself with
4248-405: Is one of the world's most populous megacities . The city and its metropolitan area are the premier gateway for legal immigration to the United States . As many as 800 languages are spoken in New York City, making it the most linguistically diverse city in the world. In 2021, the city was home to nearly 3.1 million residents born outside the U.S., the largest foreign-born population of any city in
4425-614: The American South . During construction in Foley Square in the 1990s, the African Burying Ground was discovered; the cemetery included 10,000 to 20,000 graves of colonial-era Africans, some enslaved and some free. The 1735 trial and acquittal in Manhattan of John Peter Zenger , who had been accused of seditious libel after criticizing colonial governor William Cosby , helped to establish freedom of
4602-746: The American frontier , seeking new economic and political opportunities. His secretive activities led to his 1807 arrest in Alabama on charges of treason . He was brought to trial more than once for what became known as the Burr conspiracy , an alleged plot to create an independent country led by Burr, but was acquitted each time. For a short period of time Burr left the United States to live as an expatriate in Europe. He returned in 1812 and resumed practicing law in New York City. Burr died on September 14, 1836, at
4779-810: The Atlantic port to the agricultural markets and commodities of the North American interior via the Hudson River and the Great Lakes . Local politics became dominated by Tammany Hall , a political machine supported by Irish and German immigrants . In 1831, New York University was founded. Several prominent American literary figures lived in New York during the 1830s and 1840s, including William Cullen Bryant , Washington Irving , Herman Melville , Rufus Wilmot Griswold , John Keese , Nathaniel Parker Willis , and Edgar Allan Poe . Members of
4956-668: The Bill of Rights there. The Supreme Court held its first organizational sessions in New York in 1790. In 1790, for the first time, New York City surpassed Philadelphia as the nation's largest city. At the end of 1790, the national capital was moved to Philadelphia . During the 19th century, New York City's population grew from 60,000 to 3.43 million. Under New York State's gradual emancipation act of 1799, children of slave mothers were to be eventually liberated but to be held in indentured servitude until their mid-to-late twenties. Together with slaves freed by their masters after
5133-671: The Caribbean . The attempt at a peaceful solution to the war took place at the Conference House on Staten Island between American delegates, including Benjamin Franklin , and British general Lord Howe on September 11, 1776. Shortly after the British occupation began, the Great Fire of New York destroyed nearly 500 buildings, about a quarter of the structures in the city, including Trinity Church . In January 1785,
5310-475: The Cazenove Group . Earlier in 2011, the company announced that by the use of field-programmable gate array -based supercomputers , the time taken to assess risk had been greatly reduced, from arriving at a conclusion within hours to what is now minutes. In 2013, J.P. Morgan acquired Bloomspot, a San Francisco-based startup. Shortly after the acquisition, the service was shut down and Bloomspot's talent
5487-522: The House of Morgan on 23 Wall Street as a national purveyor of commercial , investment , and private banking services. The present company was formed after the two predecessor firms merged in 2000, creating a diversified holding entity . It is a major provider of investment banking services, through corporate advisory, mergers and acquisitions , sales and trading, and public offerings. Their private banking franchise and asset management division are among
JPMorgan Chase - Misplaced Pages Continue
5664-467: The House of Representatives voting in Jefferson's favor, with Burr becoming Jefferson's vice president due to receiving the second-highest share of the votes. Although Burr maintained that he supported Jefferson, the president was somewhat at odds with Burr, who was relegated to the sidelines of the administration during his vice presidency and was not selected as Jefferson's running mate in 1804 after
5841-905: The Hudson River , which he named Río de San Antonio ('Saint Anthony's River'). In 1609, the English explorer Henry Hudson rediscovered New York Harbor while searching for the Northwest Passage to the Orient for the Dutch East India Company . He sailed up what the Dutch called North River (now the Hudson River), named first by Hudson as the Mauritius after Maurice, Prince of Orange . Hudson claimed
6018-802: The Litchfield Law School . In 1775, news reached Litchfield of the clashes with British troops at Lexington and Concord , and Burr put his studies on hold to enlist in the Continental Army . During the American Revolutionary War , Burr took part in Colonel Benedict Arnold 's expedition to Quebec , an arduous trek of more than 300 miles (480 km) through the northern frontier of the Province of Massachusetts Bay (now Maine ). Arnold
6195-527: The Louisiana Territory . Others included Harman Blennerhassett , who offered the use of his private island for training and outfitting Burr's expedition. Wilkinson later proved to be a bad choice. Burr saw war with Spain as a distinct possibility. In case of a war declaration, Andrew Jackson , at this point the commander of the Tennessee militia , stood ready to help Burr, who would be in
6372-721: The Lower Hudson Valley . The first documented visit into New York Harbor by a European was in 1524 by explorer Giovanni da Verrazzano . He claimed the area for France and named it Nouvelle Angoulême (New Angoulême ). A Spanish expedition, led by the Portuguese captain Estêvão Gomes sailing for Emperor Charles V , arrived in New York Harbor in January 1525 and charted the mouth of
6549-742: The New York City Fire Department and 71 law enforcement officers. The area was rebuilt with a new World Trade Center , the National September 11 Memorial and Museum , and other new buildings and infrastructure, including the World Trade Center Transportation Hub , the city's third-largest hub. The new One World Trade Center is the tallest skyscraper in the Western Hemisphere and the seventh-tallest building in
6726-505: The New York State Assembly in 1784–85. In 1784, as an assemblyman, he unsuccessfully sought to abolish slavery immediately following the war. He also continued his military service as a lieutenant colonel and commander of a regiment in the militia brigade commanded by William Malcolm. He became seriously involved in politics in 1789, when Governor George Clinton appointed him as New York State Attorney General . He
6903-514: The Office of Thrift Supervision , in what was by far the largest bank failure in American history, had seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations, and deposits to JPMorgan Chase & Co for $ 1.836 billion, which re-opened the bank the following day. However, Chase did not purchase any mortgages in the FDIC receivership as
7080-511: The Statue of Liberty , a gift from France , was dedicated in New York Harbor. The statue welcomed 14 million immigrants as they came to the U.S. via Ellis Island by ship in the late 19th and early 20th centuries, and is a symbol of the United States and American ideals of liberty and peace. In 1898, the City of New York was formed with the consolidation of Brooklyn (until then a separate city),
7257-709: The Stonewall riots were a series of violent protests by members of the gay community against a police raid that took place in the early morning of June 28, 1969, at the Stonewall Inn in Greenwich Village . They are widely considered to be the single most important event leading to the gay liberation movement and the modern fight for LGBT rights . Wayne R. Dynes , author of the Encyclopedia of Homosexuality , wrote that drag queens were
JPMorgan Chase - Misplaced Pages Continue
7434-597: The U.S. federal government withdrew from world affairs under successive isolationist Republican administrations in the 1920s, J.P. Morgan & Co. continued playing a major role in global affairs since most European countries still owed war debts. In the 1930s, J.P. Morgan & Co. and all integrated banking businesses in the United States were required by the provisions of the Glass–Steagall Act to separate their investment banking from their commercial banking operations. J.P. Morgan & Co. chose to operate as
7611-434: The last rites . Burr was charged with multiple crimes, including murder, in New York and New Jersey, but was never tried in either jurisdiction. Burr fled to South Carolina , where his daughter lived with her family, but soon returned to Philadelphia and then to Washington, D.C. to complete his term as vice president. He avoided New York and New Jersey for a time, but all the charges against him were eventually dropped. In
7788-612: The steamship General Slocum caught fire in the East River , killing 1,021 people. In 1911, the Triangle Shirtwaist Factory fire , the city's worst industrial disaster, killed 146 garment workers and spurred the growth of the International Ladies' Garment Workers' Union and major improvements in factory safety standards. New York's non-White population was 36,620 in 1890. New York City
7965-483: The waterfronts since Dutch colonial times; reclamation is most prominent in Lower Manhattan, with developments such as Battery Park City in the 1970s and 1980s. Some of the natural relief in topography has been evened out, especially in Manhattan. Aaron Burr Aaron Burr Jr. (February 6, 1756 – September 14, 1836) was an American politician, businessman, lawyer, and Founding Father who served as
8142-651: The 1790s that the two men found themselves on opposite sides in politics. Burr was briefly posted in Kingsbridge during 1776, at which time he was charged with protecting 14-year-old Margaret Moncrieffe, the daughter of Staten Island -based British Major Thomas Moncrieffe. Miss Moncrieffe was in Manhattan "behind enemy lines," and Major Moncrieffe asked Washington to ensure her safe return there. Burr fell in love with Margaret, and her attempts to remain with Burr were unsuccessful. In late 1776, Burr attempted to secure Washington's approval to retake fortifications held by
8319-421: The 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors . By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under
8496-538: The 19th century, the city was transformed by both commercial and residential development relating to its status as a national and international trading center , as well as by European immigration, respectively. The city adopted the Commissioners' Plan of 1811 , which expanded the city street grid to encompass almost all of Manhattan. The 1825 completion of the Erie Canal through central New York connected
8673-755: The Bastrop Tract—along the Ouachita River , in present-day Louisiana , from the Spanish government . Starting in Pittsburgh and then proceeding to Beaver , Pennsylvania , and Wheeling , Virginia , and onward he drummed up support for his planned settlement, whose purpose and status was unclear. Burr's most important contact was General James Wilkinson , Commander-in-Chief of the United States Army at New Orleans , and governor of
8850-495: The British on Staten Island, citing his deep familiarity with the area. Washington deferred taking such actions until possibly later in the conflict (which ultimately were not attempted). The British learned of Burr's plans and afterwards took extra precautions. Burr was promoted to lieutenant colonel in July 1777 and assumed virtual leadership of Malcolm's Additional Continental Regiment . There were approximately 300 men under Colonel William Malcolm 's nominal command, but Malcolm
9027-410: The Continental Army at the Battle of Fort Washington in November 1776 eliminated the last American stronghold in Manhattan, causing George Washington and his forces to retreat across the Hudson River to New Jersey , pursued by British forces. After the battle, in which the Americans were defeated, the British made the city their military and political base of operations in North America. The city
SECTION 50
#17327720102819204-427: The Continental Army in March 1779. During his recovery, Burr carried urgent messages to Washington and various officers at the request of Generals McDougall and Arthur St. Clair . On July 5, 1779, he rallied a group of Yale students at New Haven, Connecticut , along with Captain James Hillhouse and the Second Connecticut Governor's Guards , in a skirmish with the British at the West River . The British advance
9381-399: The County of New York (which then included parts of the Bronx), the County of Richmond, and the western portion of the County of Queens. The opening of the New York City Subway in 1904, first built as separate private systems, helped bind the new city together. Throughout the first half of the 20th century, the city became a world center for industry, commerce, and communication. In 1904,
9558-426: The Democratic-Republicans. However, he had moderate Federalist allies such as Senator Jonathan Dayton of New Jersey. Burr quickly became a key player in New York politics, largely due to the power of the Tammany Society (which became Tammany Hall ). Burr converted it from a social club into a political machine to help Jefferson reach the presidency, particularly in New York City. In September 1799, Burr fought
9735-409: The Duke of York (the future King James II and VII). The duke gave part of the colony to proprietors George Carteret and John Berkeley . On August 24, 1673, during the Third Anglo-Dutch War , Anthony Colve of the Dutch navy seized New York at the behest of Cornelis Evertsen the Youngest and rechristened it "New Orange" after William III , the Prince of Orange . The Dutch soon returned
9912-438: The Dutch West India Company had operated as a monopoly in New Netherland, on authority granted by the Dutch States General . In 1639–1640, in an effort to bolster economic growth, the Dutch West India Company relinquished its monopoly over the fur trade, leading to growth in the production and trade of food, timber, tobacco, and slaves (particularly with the Dutch West Indies ). In 1647, Peter Stuyvesant began his tenure as
10089-551: The Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns. On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced its plans to acquire Bear Stearns in a stock swap worth $ 2.00 per share or $ 240 million pending shareholder approval scheduled within 90 days. In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows. On March 18, 2008, JPMorgan Chase formally announced
10266-460: The Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company. The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before migrating back to the use of the J.P. Morgan brand. In 1984, the group purchased the Purdue National Corporation of Lafayette , Indiana . In 1988, the company once again began operating exclusively as J.P. Morgan & Co. The Bank began operations in Japan in 1924, in Australia during
10443-433: The Louisiana Purchase. During the grand jury's examination, the court discovered that the letter was written in Wilkinson's handwriting. He said he had made a copy because he had lost the original. The grand jury threw the letter out as evidence, and the news made a laughingstock of Wilkinson for the rest of the proceedings. The trial, presided over by Chief Justice John Marshall , began on August 3. Article 3, Section 3 of
10620-414: The Manhattan Company , was the third oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799, by Aaron Burr . The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by The Bank of the Manhattan Company (established in 1799), the company's oldest predecessor institution. The Bank of
10797-434: The Manhattan Company was the creation of Aaron Burr , who transformed the company from a water carrier into a bank. According to page 115 of An Empire of Wealth by John Steele Gordon , the origin of this strand of JPMorgan Chase's history runs as follows: At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature . This, of course, injected a powerful element of politics into
SECTION 60
#173277201028110974-405: The New York metropolitan area is the largest metropolitan economy in the world , with a gross metropolitan product of over US$ 2.16 trillion. If the New York metropolitan area were its own country , it would have the tenth-largest economy in the world . Despite having a 24/7 rapid transit system , New York also leads the world in urban automobile traffic congestion . The city is home to
11151-578: The Revolutionary War and escaped slaves, a significant free-Black population gradually developed in Manhattan. The New York Manumission Society worked for abolition and established the African Free School to educate Black children. It was not until 1827 that slavery was completely abolished in the state . Free Blacks struggled with discrimination and interracial abolitionist activism continued. New York City's population jumped from 123,706 in 1820 (10,886 of whom were Black and of which 518 were enslaved) to 312,710 by 1840 (16,358 of whom were Black). Also in
11328-418: The Senate to tears. But the 20-minute speech was never recorded in full , and has been preserved only in short quotes and descriptions of the address, which defended the American system of government. When it became clear that Jefferson would drop Burr from his ticket in the 1804 election, Burr ran for governor of New York instead. He lost the gubernatoral election to little known Morgan Lewis , in what
11505-410: The Southwest. If Burr intended to found a dynasty in what would have become former Mexican territory, this was a misdemeanor , based on the Neutrality Act of 1794 , which Congress passed to block filibuster expeditions against U.S. neighbors, such as those of George Rogers Clark and William Blount . Jefferson, however, sought the highest charges against Burr. In 1807, Burr was brought to trial on
11682-399: The U.S. Constitution requires that treason either be admitted in open court or proven by an overt act witnessed by two people. Since no two witnesses came forward, Burr was acquitted on September 1, despite the full force of the Jefferson administration's political influence thrown against him. Burr was immediately tried on a misdemeanor charge and was again acquitted. Given that Jefferson
11859-610: The UK retail banking market by launching an app-based current account under the Chase brand. This is the company's first retail banking operation outside of the United States. In 2021, the company made more than over 30 acquisitions including OpenInvest and Nutmeg . In March 2022, JPMorgan Chase announced that would acquire Global Shares , a cloud-based provider of share plan software management. In November 2021, JPMorgan Chase acquired restaurant recommendation website and owner of Zagat , The Infatuation . In June 2021, JPMorgan Chase invested in Brazilian digital bank C6, acquiring 40% of
12036-549: The UK-based carbon offsetting company ClimateCare . JPMorgan Chase was the biggest bank at the end of 2008 as an individual bank (exclusive of its subsidiaries) during the 2008 financial crisis . On October 28, 2008, $ 25 billion in funds were transferred from the U.S. Treasury Department to JPMorgan Chase, under the Troubled Asset Relief Program (TARP). This was the fifth largest amount transferred under Section A of TARP to help troubled assets related to residential mortgages . It has been widely reported that JPMorgan Chase
12213-452: The Van Ness plan: "There is a compelling pattern of circumstantial evidence, much of it newly discovered, that strongly suggests Aaron Burr did exactly that as part of a stealth campaign to compass the presidency for himself." The attempt did not work, due partly to Livingston's reversal, but more to Hamilton's vigorous opposition to Burr. Jefferson was ultimately elected president, and Burr vice president. Jefferson never trusted Burr, so he
12390-483: The Wendel investment company faced trial for tax fraud while JPMorgan Chase was to be pursued for complicity. Jean-Bernard Lafonta was convicted December 2015 for spreading false information and insider trading, and fined 1.5 million euros. In March 2017, Lawrence Obracanik, a former JPMorgan Chase & Co. employee, pleaded guilty to criminal charges that he stole more than $ 5 million from his employer to pay personal debts. In June 2017, Matt Zames, then-COO of
12567-421: The acquisition of Bear Stearns for $ 236 million. The stock swap agreement was signed that night. On March 24, 2008, after public discontent over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $ 10 per share. Under the revised terms, JPMorgan also immediately acquired a 39.5% stake in Bear Stearns using newly issued shares at the new offer price and gained
12744-712: The age of 80. Aaron Burr Jr. was born on February 6, 1756, in Newark , located in what was then the Province of New Jersey . He was the second child of the Reverend Aaron Burr Sr. (1716–1757), a Presbyterian minister and second president of the College of New Jersey , which became Princeton University . His mother, Esther Edwards Burr (1732–1758), was the daughter of noted theologian Jonathan Edwards (1703–1758) and his wife Sarah Edwards (1710–1758). Burr's father died in 1757 while serving as president of
12921-622: The arts and fashion , and, as home to the headquarters of the United Nations , international diplomacy . With an estimated population in 2023 of 8,258,035 distributed over 300.46 square miles (778.2 km ), the city is the most densely populated major city in the United States. New York City has more than double the population of Los Angeles , the nation's second-most populous city. With more than 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York City
13098-659: The assembly of the Congress of the Confederation made New York City the national capital. New York was the last capital of the U.S. under the Articles of Confederation and the first capital under the Constitution of the United States . As the U.S. capital, New York City hosted the inauguration of the first President, George Washington , and the first Congress , at Federal Hall on Wall Street . Congress drafted
13275-514: The auspices of the pioneering investment banker, Jimmy Lee . At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share ). In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase name. To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters site at 270 Park Avenue (the current building
13452-516: The bank, decided to leave the firm. In December 2017, J.P. Morgan was sued by the Nigerian government for $ 875 million, which Nigeria alleges was transferred by J.P. Morgan to a corrupt former minister. Nigeria accused J.P. Morgan of being "grossly negligent". In February 2019, J.P. Morgan announced the launch of JPM Coin , a digital token that will be used to settle transactions between clients of its wholesale payments business. It would be
13629-493: The beginning of the 1990s. By the mid-1990s, crime rates started to drop dramatically due to revised police strategies, improving economic opportunities, gentrification , and new residents, both American transplants and new immigrants from Asia and Latin America. New York City's population exceeded 8 million for the first time in the 2000 United States census ; further records were set in 2010 , and 2020 U.S. censuses. Important new sectors, such as Silicon Alley , emerged in
13806-580: The brief duel, one witness reported, Hamilton seemed to be hindered by this placement as the sun was in his eyes. Each man took one shot. Burr's fatally injured Hamilton, while it is unclear whether Hamilton's was purposely fired into the air. Burr's bullet entered Hamilton's abdomen above his right hip, piercing his liver and spine . Hamilton was evacuated to the Manhattan home of a friend, William Bayard Jr. , where he and his family received visitors including Episcopal bishop Benjamin Moore , who gave Hamilton
13983-587: The business elite lobbied for the establishment of Central Park , which in 1857 became the first landscaped park in an American city. The Great Irish Famine brought a large influx of Irish immigrants, of whom more than 200,000 were living in New York by 1860, representing over a quarter of the city's population. Extensive immigration from the German provinces meant that Germans comprised another 25% of New York's population by 1860. Democratic Party candidates were consistently elected to local office, increasing
14160-649: The case of New Jersey, the indictment was thrown out on the basis that, although Hamilton was shot in New Jersey, he died in New York. After Burr left the vice presidency at the end of his term in 1805, he journeyed to the western frontier, areas west of the Allegheny Mountains and down the Ohio River Valley , eventually reaching the lands acquired in the Louisiana Purchase . He had leased 40,000 acres (16,000 ha) of land—known as
14337-477: The children's guardianship was assumed by their 21-year-old maternal uncle Timothy Edwards. The next year, Edwards married Rhoda Ogden and moved the family to Elizabeth, New Jersey , where Burr attended the Elizabethtown Academy . Burr had a very strained relationship with his uncle, who was often physically abusive. As a child, he made several attempts to run away from home. At age 13, Burr
14514-613: The city from New Jersey. The East River—a tidal strait —flows from Long Island Sound and separates the Bronx and Manhattan from Long Island. The Harlem River , another tidal strait between the East and Hudson rivers, separates most of Manhattan from the Bronx. The Bronx River , which flows through the Bronx and Westchester County , is the only entirely freshwater river in the city. The city's land has been altered substantially by human intervention, with considerable land reclamation along
14691-439: The city rapidly replaced Wuhan , China as the global epicenter of the pandemic during the early phase, straining the city's healthcare infrastructure. Through March 2023, New York City recorded more than 80,000 deaths from COVID-19-related complications. New York City is situated in the northeastern United States , in southeastern New York State, approximately halfway between Washington, D.C. and Boston . Its location at
14868-632: The city's economy. The advent of Y2K was celebrated with fanfare in Times Square . New York City suffered the bulk of the economic damage and largest loss of human life in the aftermath of the September 11, 2001, attacks . Two of the four airliners hijacked that day were flown into the twin towers of the World Trade Center, resulting in the collapse of both buildings and the deaths of 2,753 people, including 343 first responders from
15045-794: The city's ties to the South and its dominant party. In 1861, Mayor Fernando Wood called on the aldermen to declare independence from Albany and the United States after the South seceded, but his proposal was not acted on. Anger at new military conscription laws during the American Civil War (1861–1865), which spared wealthier men who could afford to hire a substitute, led to the Draft Riots of 1863 , whose most visible participants were ethnic Irish working class. The draft riots deteriorated into attacks on New York's elite, followed by attacks on Black New Yorkers after fierce competition for
15222-406: The city. Hamilton had prevented the formation of rival banks. Small businessmen relied on tontines to buy property and establish a voting voice (at this time, voting was based upon property rights). Burr solicited support from Hamilton and other Federalists under the guise that he was establishing a badly needed water company for Manhattan. He secretly changed the application for a state charter at
15399-645: The college at Princeton. His grandfather Jonathan Edwards succeeded his father as president and came to live with Burr and his mother in December 1757. Edwards died in March 1758, and Burr's mother and grandmother died within the same year, leaving Burr and his sister orphaned when he was two years old. Young Burr and his sister were then placed with the William Shippen family in Philadelphia . In 1759,
15576-547: The combination of several large U.S. banking companies that merged since 1996, combining Chase Manhattan Bank , J.P. Morgan & Co. , and Bank One , as well as asset assumptions of Bear Stearns , Washington Mutual , and First Republic . Predecessors included additional historic, major banking firms, among which are Chemical Bank , Manufacturers Hanover , First Chicago Bank , National Bank of Detroit , Texas Commerce Bank , Providian Financial and Great Western Bank . The company's oldest predecessor institution, The Bank of
15753-638: The company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today JPMorgan Chase, the largest bank in the United States. Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banks, with leadership positions in syndicated lending , treasury and securities services, credit cards , mortgages , and retail financial services. Weakened by
15930-567: The company. The amount of investment was not disclosed, but 6 months before the deal C6 was valued at 2.28 billion dollars. In 2022, JPMorgan Chase was ranked 24 on the Fortune 500 rankings of the largest U.S. corporations by total revenue. In March 2022, JPMorgan Chase announced to wind down its business in Russia in compliance with regulatory and licensing requirements. On May 20, 2022, JPMorgan Chase used blockchain for collateral settlements,
16107-462: The days after his death. However, Ron Chernow , in his 2004 biography Alexander Hamilton , states that Hamilton told numerous friends well before the duel of his intention to avoid firing at Burr. Additionally, Hamilton wrote several letters, including a Statement on Impending Duel With Aaron Burr and his last missives to his wife dated before the duel, which also attest to his intention. The second shot, witnesses reported, followed so soon after
16284-417: The development of large housing tracts in eastern Queens and Nassau County , with Wall Street leading America's place as the world's dominant economic power. The United Nations headquarters was completed in 1952, solidifying New York's global geopolitical influence, and the rise of abstract expressionism in the city precipitated New York's displacement of Paris as the center of the art world. In 1969,
16461-418: The early 18th century, New York grew in importance as a trading port while as a part of the colony of New York . It became a center of slavery , with 42% of households enslaving Africans by 1730. Most were domestic slaves ; others were hired out as labor. Slavery became integrally tied to New York's economy through the labor of slaves throughout the port, and the banking and shipping industries trading with
16638-633: The exchange escalated to Burr's demanding that Hamilton recant or deny any statement disparaging Burr's honor over the past fifteen years. Hamilton, having already been disgraced by the Maria Reynolds adultery scandal and mindful of his reputation and honor, did not. According to historian Thomas Fleming, Burr would have immediately published such an apology, and Hamilton's remaining power in the New York Federalist party would have been diminished. Burr responded by challenging Hamilton to
16815-439: The face of the government's lack of action, Jamie Dimon was quoted during the week of February 1, 2009, as saying: JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they? ... They approved all these banks. Now they're beating up on everyone, saying look at all these mistakes, and we're going to come and fix it. JPMorgan Chase
16992-496: The first cryptocurrency issued by a United States bank. On April 19, 2021, JP Morgan pledged $ 5 billion towards the European Super League . a controversial breakaway group of football clubs seeking to create a monopolistic structure where the founding members would be guaranteed entry to the competition in perpetuity. They funded the failed attempt to create the league, which, if successful, would have ended
17169-423: The first that witnesses could not agree on who fired first. Before the duel proper, Hamilton took a good deal of time getting used to the feel and weight of the pistol (which had been used in the duel at the same Weehawken site in which his son had been killed), as well as putting on his glasses to see his opponent more clearly. The seconds placed Hamilton so that Burr would have the rising sun behind him, and during
17346-415: The following day. Burr was born to a prominent family in what was then the Province of New Jersey . After studying theology at Princeton University , he began his career as a lawyer before joining the Continental Army as an officer in the American Revolutionary War in 1775. After leaving military service in 1779, Burr practiced law in New York City , where he became a leading politician and helped form
17523-567: The former territory of New Netherland , including the city of New Amsterdam , when the Kingdom of England seized it from Dutch control. In the pre-Columbian era , the area of present-day New York City was inhabited by Algonquians , including the Lenape . Their homeland, known as Lenapehoking , included the present-day areas of Staten Island , Manhattan , the Bronx , the western portion of Long Island (including Brooklyn and Queens ), and
17700-413: The franchise to vote, the bank was able to increase the party's electorate. Federalist bankers in New York responded by trying to organize a credit boycott of Democratic-Republican businessmen. In the 1800 presidential election, Burr combined the political influence of the Manhattan Company with party campaign innovations to deliver New York's support for Jefferson. That year, New York's state legislature
17877-687: The fund include malaria , tuberculosis , HIV/AIDS , and maternal and infant mortality , according to the Gates and JPMorgan Chase led-group". The 2014 JPMorgan Chase data breach , disclosed in September 2014, compromised the JPMorgan Chase accounts of over 83 million customers. The attack was discovered by the bank's security team in late July 2014, but not completely halted until the middle of August. In October 2014, J.P. Morgan sold its commodities trader unit to Mercuria for $ 800 million,
18054-469: The holding company was renamed Banc One Corporation. With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One." After the First Chicago NBD merger, adverse financial results led to the departure of CEO John B. McCoy , whose father and grandfather had headed Banc One and predecessors. JPMorgan Chase completed the acquisition of Bank One in
18231-473: The ice (and its subsequent retreat) contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a relatively shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. The Hudson River flows through the Hudson Valley into New York Bay . Between New York City and Troy, New York , the river is an estuary . The Hudson River separates
18408-677: The island to England under the Treaty of Westminster of November 1674. Several intertribal wars among the Native Americans and epidemics brought on by contact with the Europeans caused sizeable population losses for the Lenape between 1660 and 1670. By 1700, the Lenape population had diminished to 200. New York experienced several yellow fever epidemics in the 18th century, losing ten percent of its population in 1702 alone. In
18585-671: The last Director-General of New Netherland. During his tenure, the population of New Netherland grew from 2,000 to 8,000. Stuyvesant has been credited with improving law and order; however, he earned a reputation as a despotic leader. He instituted regulations on liquor sales, attempted to assert control over the Dutch Reformed Church , and blocked other religious groups from establishing houses of worship. In 1664, unable to summon any significant resistance, Stuyvesant surrendered New Amsterdam to English troops, led by Colonel Richard Nicolls , without bloodshed. The terms of
18762-468: The last minute to include the ability to invest surplus funds in any cause that did not violate state law, and dropped any pretense of founding a water company once he had gained approval (although he did dig a well and built a large working water storage tank on the site of his bank, which was still standing and apparently still working in 1898). Hamilton and other supporters believed that Burr had acted dishonorably in deceiving them. Meanwhile, construction
18939-840: The later part of the nineteenth century, and in Indonesia during the early 1920s. An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a branch in China in 1921 and Chase National Bank was established there in 1923. The bank has operated in Saudi Arabia and India since the 1930s. Chase Manhattan Bank opened an office in South Korea in 1967. The firm's presence in Greece dates to 1968. An office of JPMorgan
19116-413: The latest Wall Street experimentation with the technology in the trading of traditional financial assets. In September 2022, the company announced it was acquiring California-based Renovite Technologies to expand its payments processing business amid heavy competition from fintech firms like Stripe and Adyen . This comes on top of previous, similar moves of buying a 49% stake in fintech Viva Wallet and
19293-518: The legislature, which in turn gave New York State's electoral votes to Jefferson and Burr. This drove another wedge between Burr and Hamilton, who had developed a rivalry with Jefferson. Burr enlisted the help of Tammany Hall to win the voting for selection of Electoral College delegates. He gained a place on the Democratic-Republican presidential ticket with Jefferson in the 1800 election. Jefferson and Burr won New York, and tied for
19470-468: The loans had already been sold off into Washington Mutual-branded mortgage-backed securities long before the receivership happened on September 25, 2008. If Chase wanted ownership of any Washington Mutual mortgages, they had to purchase them from the FDIC by way of a Receiver's Deed or Bill of Sale. This could not occur, as there were no mortgages on Washington Mutual Bank's books at time of receivership. Any recorded Assignments of Mortgage claiming that Chase
19647-545: The local population as a representative of the Dutch colonists. A permanent European presence near New York Harbor was established in 1624, making New York the 12th-oldest continuously occupied European-established settlement in the continental United States , with the founding of a Dutch fur trading settlement on Governors Island . In 1625, construction was started on a citadel and Fort Amsterdam , later called Nieuw Amsterdam (New Amsterdam), on present-day Manhattan Island. The colony of New Amsterdam extended from
19824-562: The maintenance of an internal "Fortress Balance Sheet". The firm is headquartered at 383 Madison Avenue in Midtown Manhattan and is set to move into the under-construction JPMorgan Chase Building at 270 Park Avenue in 2025. The firm's early history can be traced to 1799, with the founding of what became the Chase Manhattan Company . In 1871, J.P. Morgan & Co. was founded by J. P. Morgan who launched
20001-527: The meritocratic European pyramid soccer system. J.P. Morgan's role in the creation of the Super League was instrumental; the investment bank was reported to have worked on it for several years. After a strong backlash, the owners/management of the teams that proposed creating the league pulled out of it. After the attempt to end the European football hierarchy failed, J.P. Morgan apologized for its role in
20178-419: The most populous urbanized area in the world in the early 1920s, overtaking London . The metropolitan area surpassed 10 million in the early 1930s, becoming the first megacity . The Great Depression saw the election of reformer Fiorello La Guardia as mayor and the fall of Tammany Hall after eighty years of political dominance. Returning World War II veterans created a post-war economic boom and
20355-556: The mouth of the Hudson River , which feeds into a naturally sheltered harbor and then into the Atlantic Ocean , has helped the city grow in significance as a trading port. Most of the city is built on the three islands of Long Island, Manhattan, and Staten Island. During the Wisconsin glaciation , 75,000 to 11,000 years ago, the New York City area was situated at the edge of a large ice sheet . The erosive forward movement of
20532-568: The new Jeffersonian Democratic-Republican Party . As a New York assemblyman in 1785, he supported a bill to end slavery , despite having owned slaves himself. In 1791, Burr was elected to the United States Senate , where he served until 1797. He later ran as the Democratic-Republican vice-presidential candidate in the 1800 election . An electoral college tie between Burr and Thomas Jefferson resulted in
20709-690: The new Chase Manhattan Bank for $ 7.7 billion. The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York . After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first major bank merger "among equals"). In
20886-410: The next day's General Orders, which was the fastest way to obtain a promotion. Burr was already a nationally known hero, but he never received a commendation. According to Ogden, he was infuriated by the incident, which may have led to the eventual estrangement between him and Washington. Nevertheless, Burr defended Washington's decision to evacuate New York as "a necessary consequence". It was not until
21063-496: The only " transgender folks around" during the June 1969 Stonewall riots. The transgender community in New York City played a significant role in fighting for LGBT equality. In the 1970s, job losses due to industrial restructuring caused New York City to suffer from economic problems and rising crime rates. Growing fiscal deficits in 1975 led the city to appeal to the federal government for financial aid; President Gerald Ford gave
21240-504: The presidency overall, with 73 electoral votes each. Members of the Democratic-Republican Party understood they intended that Jefferson should be president and Burr vice president , but the tied vote required that the final choice be made by the U.S. House of Representatives , with each of the sixteen states having one vote, and nine votes needed for election. Publicly, Burr remained quiet and refused to surrender
21417-518: The presidency to Jefferson, the great enemy of the Federalists. Rumors circulated that he and a faction of Federalists were encouraging Democratic-Republican representatives to vote for him, blocking Jefferson's election in the House. However, solid evidence of such a conspiracy was lacking, and historians generally gave Burr the benefit of the doubt. In 2011, however, historian Thomas Baker discovered
21594-649: The press in North America . In 1754, Columbia University was founded. The Stamp Act Congress met in New York in October 1765, as the Sons of Liberty organization emerged in the city and skirmished over the next ten years with British troops stationed there. The Battle of Long Island , the largest battle of the American Revolutionary War , was fought in August 1776 within modern-day Brooklyn. A British rout of
21771-439: The process and invited what today would be called corruption but then was regarded as business as usual. Hamilton 's political enemy—and eventual murderer— Aaron Burr was able to create a bank by sneaking a clause into a charter for a company called The Manhattan Company to provide clean water to New York City . The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of
21948-586: The ratification of the 12th Amendment to the U.S. Constitution . During his last full year as vice president, Burr engaged in the duel in which he fatally shot Alexander Hamilton , the former Secretary of the Treasury and his political rival, near where Hamilton's son Philip Hamilton had died in a duel three years prior. Although dueling was illegal, Burr was never tried and all charges against him were eventually dropped. Nevertheless, his killing of Hamilton ended Burr's political career. Burr traveled west to
22125-463: The real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name. Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco –based Hambrecht & Quist for $ 1.35 billion. In April 2000, UK-based Robert Fleming & Co. was purchased by
22302-539: The region for the Dutch East India Company. In 1614, the area between Cape Cod and Delaware Bay was claimed by the Netherlands and called Nieuw-Nederland (' New Netherland '). The first non–Native American inhabitant of what became New York City was Juan Rodriguez , a merchant from Santo Domingo who arrived in Manhattan during the winter of 1613–14, trapping for pelts and trading with
22479-429: The scheme. JPMorgan Chase CEO Jamie Dimon said the company "kind of missed" that football supporters would respond negatively to the Super League. While the absence of promotion and relegation is a common sports model in the US, this is an antithesis to the European competition-based pyramid model and has led to widespread condemnation from Football federations internationally as well as at government level. However, even at
22656-577: The southern tip of New York State on one of the world's largest natural harbors . The city comprises five boroughs , each coextensive with a respective county . The city is the geographical and demographic center of both the Northeast megalopolis and the New York metropolitan area , the largest metropolitan area in the U.S. by both population and urban area . New York is a global center of finance and commerce , culture , technology , entertainment and media , academics and scientific output ,
22833-611: The southern tip of Manhattan to modern-day Wall Street , where a 12-foot (3.7 m) wooden stockade was built in 1653 to protect against Native American and English raids. In 1626, the Dutch colonial Director-General Peter Minuit , as charged by the Dutch West India Company , purchased the island of Manhattan from the Canarsie , a small Lenape band, for "the value of 60 guilders " (about $ 900 in 2018). A frequently told but disproved legend claims that Manhattan
23010-545: The spring of 1776, Burr's stepbrother Matthias Ogden helped him to secure a position with George Washington 's staff in Manhattan , but he quit on June 26 to be on the battlefield. General Israel Putnam took Burr under his wing, and Burr saved an entire brigade from capture after the British landing in Manhattan by his vigilance in the retreat from Lower Manhattan to Harlem . Washington failed to commend his actions in
23187-515: The state of Alabama ), on February 19, 1807, by Edmund P. Gaines and Nicholas Perkins III . He was confined to Fort Stoddert after being arrested on charges of treason . Burr's secret correspondence with Anthony Merry and the Marquis of Casa Yrujo , the British and Spanish ministers at Washington, was eventually revealed. He had tried to secure money and to conceal what may have been his true design, to help Mexico overthrow Spanish power in
23364-442: The summit. In May 2023, CNBC reported JPMorgan Chase was developing a new tool for investment advisers using artificial intelligence called IndexGPT. Via trademark filing, this would rely on a "disruptive form of artificial intelligence" and cloud computing software to select investments for customers. This move was a sign the bank intended to launch a product in the near term, given the requirements around filing, and it came amid
23541-507: The surrender permitted Dutch residents to remain in the colony and allowed for religious freedom. In 1667, during negotiations leading to the Treaty of Breda after the Second Anglo-Dutch War , the victorious Dutch decided to keep the nascent plantation colony of what is now Suriname , which they had gained from the English, and in return the English kept New Amsterdam. The settlement was promptly renamed "New York" after
23718-527: The third vice president of the United States from 1801 to 1805 during Thomas Jefferson's first presidential term . He founded the Manhattan Company on September 1, 1799. Burr is remembered for his famous personal and political conflict with Alexander Hamilton , which culminated in the Burr–Hamilton duel in Weehawken, New Jersey , on July 11, 1804. Burr mortally wounded Hamilton, who died from his wounds
23895-460: The third quarter of 2004. At the end of 2007, Bear Stearns was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year. On Friday, March 14, 2008, Bear Stearns lost 47% of its equity market value as rumors emerged that clients were withdrawing capital from the bank. Over the following weekend, it emerged that Bear Stearns might prove insolvent , and on March 15, 2008,
24072-566: The time, JPMorgan had been involved in European football for almost 20 years. In 2003, they advised the Glazer ownership of Manchester United . It also advised Rocco Commisso , the owner of Mediacom , to purchase ACF Fiorentina , and Dan Friedkin on his takeover of A.S. Roma . Moreover, It aided Inter Milan and A.S. Roma to sell bonds backed by future media revenue, and Spain's Real Madrid CF to raise funds to refurbish their Santiago Bernabeu Stadium . In September 2021, JPMorgan Chase entered
24249-509: The troops. Burr's regiment was devastated by British artillery on June 28, 1778, at the Battle of Monmouth in New Jersey, and Burr suffered heatstroke and exhaustion. Washington denied Burr's request for medical leave without pay, and instead placed Burr in temporary command of the garrison at West Point, New York , until his recovery. In January 1779, Burr was assigned to Westchester County , New York , in command of Malcolm's Regiment,
24426-563: The two men shook hands and ended the dispute. In September 1799, Burr founded his own bank, the Manhattan Company , and the enmity between him and Hamilton may have arisen from how he did so. Before the establishment of Burr's bank, the Federalists held a monopoly on banking interests in New York via the federal government's Bank of the United States and Hamilton's Bank of New York . These banks financed operations of significant business interests owned by aristocratic members of
24603-509: The war did not come as Burr expected: the 1819 Adams–Onís Treaty secured Florida for the United States without a fight, and war in Texas did not occur until 1836, the year Burr died. After a near-incident with Spanish forces at Natchitoches , Wilkinson decided he could best serve his conflicting interests by betraying Burr's plans to his Spanish spymasters and to President Jefferson. Jefferson issued an order for Burr's arrest, declaring him
24780-597: The world by pinnacle height, with its spire reaching a symbolic 1,776 feet (541.3 m), a reference to the year of U.S. independence . The Occupy Wall Street protests in Zuccotti Park in the Financial District of Lower Manhattan began on September 17, 2011, receiving global attention and popularizing the Occupy movement against social and economic inequality worldwide. New York City
24957-560: The world's largest in terms of total assets. Its retail banking and credit card offerings are provided via the Chase brand in the U.S. and United Kingdom . JPMorgan Chase is the fifth largest bank in the world , with $ 3.9 trillion in total assets. The firm operates the largest investment bank in the world by revenue. It occupies the 24th spot on the Fortune 500 list of the largest U.S. corporations by revenue. In 2023, JPMorgan Chase
25134-493: The world's two largest stock exchanges by market capitalization of their listed companies: the New York Stock Exchange and Nasdaq . New York City is an established safe haven for global investors. As of 2023 , New York City is the most expensive city in the world for expatriates and has by a wide margin the highest U.S. city residential rents; and Fifth Avenue is the most expensive shopping street in
25311-581: The world. New York City traces its origins to Fort Amsterdam and a trading post founded on Manhattan Island by Dutch colonists around 1624. The settlement was named New Amsterdam in 1626 and was chartered as a city in 1653. The city came under English control in 1664 and was temporarily renamed New York after King Charles II granted the lands to his brother, the Duke of York , before being permanently renamed New York in November 1674. New York City
25488-453: The world. New York City is home by a significant margin to the highest number of billionaires , individuals of ultra-high net worth (greater than US$ 30 million), and millionaires of any city in the world. In 1664, New York was named in honor of the Duke of York (later King James II of England ). James's elder brother, King Charles II , appointed the Duke as proprietor of
25665-429: The worst of it anyway." However, other accounts state that Hamilton reportedly responded "not this time" when his second, Nathaniel Pendleton , asked whether he would set the hair-trigger feature. David O. Stewart , in his biography of Burr, American Emperor , notes that the reports of Hamilton's intentionally missing Burr with his shot began to be published in newspaper reports in papers friendly to Hamilton only in
25842-504: Was Theodosia Burr Alston , born in 1783. Burr resumed his study of law in the autumn of 1780. He was licensed as an attorney in Albany, New York , in January 1782, and was admitted to the bar as a counselor that April. He promptly opened a successful law office in Albany. He moved his law practice to New York City the following year, after the British evacuated the city. Burr served in
26019-566: Was heavily affected by Hurricane Sandy in late October 2012. Sandy's impacts included flooding that led to the days-long shutdown of the subway system and flooding of all East River subway tunnels and of all road tunnels entering Manhattan except the Lincoln Tunnel . The New York Stock Exchange closed for two days due to weather for the first time since the Great Blizzard of 1888 . At least 43 people died in New York City as
26196-512: Was "a dangerous man and one who ought not to be trusted with the reins of government," and claiming to know of "a still more despicable opinion which General Hamilton has expressed of Mr. Burr". In June, Burr sent this letter to Hamilton, seeking an affirmation or disavowal of Cooper's characterization of Hamilton's remarks. Hamilton replied that Burr should give specifics of his remarks, not Cooper's, and said he could not answer regarding Cooper's interpretation. A few more letters followed, in which
26373-487: Was "successor in interest" and that the transfer occurred "by operation of law," would be incorrect. The FDIC was "successor in interest" to Washington Mutual Bank. Chase's purchase of the bank from the FDIC was for Washington Mutual Bank only and it occurred by a Purchase & Assumption Agreement and not "by operation of law" from the receivership. As a result of the takeover, Washington Mutual shareholders lost all their equity . JPMorgan Chase raised $ 10 billion in
26550-425: Was a haven for Loyalist refugees and escaped slaves who joined the British lines for freedom promised by the Crown , with as many as 10,000 escaped slaves crowded into the city during the British occupation, the largest such community on the continent. When the British forces evacuated New York at the close of the war in 1783, they transported thousands of freedmen for resettlement in Nova Scotia , England, and
26727-411: Was a prime destination in the early 20th century for Blacks during the Great Migration from the American South, and by 1916, New York City had the largest urban African diaspora in North America. The Harlem Renaissance of literary and cultural life flourished during the era of Prohibition . The larger economic boom generated construction of skyscrapers competing in height. New York City became
26904-537: Was admitted to Princeton as a sophomore, where he joined the American Whig Society and the Cliosophic Society , the college's literary and debating societies. In 1772, at age 16, he received his Bachelor of Arts degree, but continued studying theology at Princeton for an additional year. He then undertook rigorous theological training with Joseph Bellamy , a Presbyterian, but changed his career path after two years. At age 19, he moved to Litchfield, Connecticut to study law with his brother-in-law Tapping Reeve, founder of
27081-403: Was also Commissioner of Revolutionary War Claims in 1791. In 1791, he was elected by the legislature as a United States Senator from New York , defeating incumbent General Philip Schuyler . He served in the U.S. Senate until 1797. Burr ran in the 1796 presidential election and received 30 electoral votes , coming in fourth behind John Adams , Thomas Jefferson and Thomas Pinckney . He
27258-458: Was arguably the healthiest of the nine largest U.S. banks and did not need to take TARP funds. To encourage smaller banks with troubled assets to accept this money, Treasury Secretary Henry Paulson allegedly coerced the CEOs of the nine largest banks to accept TARP money under short notice. In November 2009, J.P. Morgan announced it would acquire the balance of J.P. Morgan Cazenove, an advisory and underwriting joint venture established in 2004 with
27435-410: Was delayed on a safe water system for Manhattan, and writer Ron Chernow suggests that the delay may have contributed to deaths during a subsequent malaria epidemic. The Manhattan Company was more than a bank; it was a tool to promote Democratic-Republican power and influence, and its loans were directed to partisans. By extending credit to small businessmen, who then obtained enough property to gain
27612-411: Was demolished and a larger replacement headquarters is being built on the same site). The House of Morgan was born out of the partnership of Drexel, Morgan & Co. , which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan ). J.P. Morgan & Co. financed the formation of the United States Steel Corporation , which took over the business of Andrew Carnegie and others and
27789-436: Was effectively shut out of party matters. As vice president, Burr earned praise from some enemies for his even-handedness and his judicial manner as President of the Senate; he fostered some practices for that office that have become time-honored traditions. Burr's judicial manner in presiding over the impeachment trial of Justice Samuel Chase has been credited as helping to preserve the principle of judicial independence that
27966-418: Was established by Marbury v. Madison in 1803. One newspaper wrote that Burr had conducted the proceedings with the "impartiality of an angel, but with the rigor of a devil". Burr was not nominated to a second term as Jefferson's running mate in the 1804 election , and Clinton replaced Burr as vice president on March 4, 1805. Burr's farewell speech on March 2, 1805, moved some of his harshest critics in
28143-496: Was formed with the 1998 merger of Banc One of Columbus, Ohio and First Chicago NBD . This merger was considered a failure until Dimon took over and reformed the new firm's practices. Dimon effected changes to make Bank One Corporation a viable merger partner for JPMorgan Chase. Bank One Corporation, formerly First Bancgroup of Ohio, was founded as a holding company for City National Bank of Columbus, Ohio, and several other banks in that state, all of which were renamed "Bank One" when
28320-468: Was frequently called upon to perform other duties, leaving Burr in charge. The regiment successfully fought off many nighttime raids into central New Jersey by Manhattan-based British troops who arrived by water. Later that year, Burr commanded a small contingent during the harsh winter encampment at Valley Forge , guarding "the Gulph," an isolated pass that controlled one approach to the camp. He imposed discipline and defeated an attempted mutiny by some of
28497-445: Was impressed by Burr's "great spirit and resolution" during the long march. He sent him up the Saint Lawrence River to contact General Richard Montgomery , who had taken Montreal , and escort him to Quebec . Montgomery then promoted Burr to captain and made him an aide-de-camp. Burr distinguished himself during the Battle of Quebec on December 31, 1775, where he attempted to recover Montgomery's corpse after he had been killed. In
28674-453: Was in much better financial shape than other banks and did not need TARP funds but accepted the funds because the government did not want to single out only the banks with capital issues. JPMorgan Chase stated in February 2009 that it would be using its capital-base monetary strength to acquire new businesses. By February 2009, the U.S. government had not moved forward in enforcing TARP's intent of funding JPMorgan Chase with $ 25 billion. In
28851-536: Was left unused. In 2013, after teaming up with the Bill and Melinda Gates Foundation , GlaxoSmithKline and Children's Investment Fund , JPMorgan Chase, under Dimon launched a $ 94 Million fund with a focus on "late-stage healthcare technology trials". The "$ 94 million Global Health Investment Fund will give money to final-stage drug, vaccine, and medical device studies that are otherwise stalled at companies because of their relatively high failure risk and low consumer demand. Examples of problems that could be addressed by
29028-414: Was mortally wounded by a shot just above the hip. The observers disagreed on who fired first. They did agree that there was a three-to-four-second interval between the first and the second shot, raising difficult questions in evaluating the two camps' versions. Historian William Weir speculated that Hamilton might have been undone by his machinations: secretly setting his pistol 's trigger to require only
29205-447: Was now the second largest bank failure behind JPMorgan's acquisition of Washington Mutual fifteen years earlier, the company acquired "the substantial majority of assets" and inherited the deposits of First Republic Bank. Under terms disclosed by JPMorgan Chase, it will make a $ 10.6 billion payment to the Federal Deposit Insurance Corporation , return $ 25 billion in funds that other banks deposited with First Republic in March in
29382-620: Was opened in Taiwan in 1970, in Russia ( Soviet Union ) in 1973, and Nordic operations began during the same year. Operations in Poland began in 1995. In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp. , bringing on board current chairman and CEO Jamie Dimon as president and COO. He succeeded former CEO William B. Harrison Jr. Dimon introduced new cost-cutting strategies, 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 December 2005 and chairman in December 2006. Bank One Corporation
29559-415: Was purchased for $ 24 worth of glass beads. Following the purchase, New Amsterdam grew slowly. To attract settlers, the Dutch instituted the patroon system in 1628, whereby wealthy Dutchmen ( patroons , or patrons) who brought 50 colonists to New Netherland would be awarded land, local political autonomy, and rights to participate in the lucrative fur trade. This program had little success. Since 1621,
29736-412: Was ranked #1 in the Forbes Global 2000 ranking. The company's balance sheet, geographic footprint, and thought leadership have yielded a substantial market share in banking and a high level of brand loyalty . Alternatively, it receives routine criticism for its risk management, broad financing activities, and large-scale legal settlements . JPMorgan Chase, in its current structure, is the result of
29913-474: Was repulsed, forcing them to enter New Haven from nearby Hamden . Burr met Theodosia Bartow Prevost in August 1778 while she was married to Jacques Marcus Prevost , a Swiss-born British officer in the Royal American Regiment . In Prevost's absence, Burr began regularly visiting Theodosia at The Hermitage , her home in New Jersey. Theodosia would go on to visit Burr many times throughout his stay at West Point New York in June through July 1778. Although she
30090-429: Was shocked by this defeat, but many Democratic-Republican electors voted for Jefferson and no one else, or for Jefferson and a candidate other than Burr. President John Adams appointed Washington as commanding general of U.S. forces in 1798, but he rejected Burr's application for a brigadier general's commission during the Quasi-War with France . Washington wrote, "By all that I have known and heard, Colonel Burr
30267-457: Was ten years older than Burr, the constant visits provoked gossip, and by 1780 the two were openly lovers. In December 1781, Burr learned that Jacques Marcus Prevost had died in Jamaica of yellow fever . Burr and Theodosia were married in 1782, and they moved to a house on Wall Street in Lower Manhattan. After several years of severe illness, Theodosia died in 1794 from stomach or uterine cancer . Their only child to survive to adulthood
30444-417: Was the U.S. capital from 1785 until 1790. The modern city was formed by the 1898 consolidation of its five boroughs : Manhattan , Brooklyn , Queens , the Bronx , and Staten Island . Anchored by Wall Street in the Financial District, Manhattan , New York City has been called both the world's premier financial and fintech center and the most economically powerful city in the world. As of 2022 ,
30621-402: Was the bank's headquarters for decades. On September 16, 1920, a terrorist bomb exploded in front of the bank , injuring 400 and killing 38. Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway . The case has never been solved, and was rendered inactive by the FBI in 1940. In August 1914, Henry P. Davison , a Morgan partner, made
30798-479: Was the most significant margin of loss in the state's history up to that time. Burr blamed his loss on a personal smear campaign believed to have been orchestrated by his party rivals, including Clinton. Hamilton also opposed Burr, due to his belief that Burr had entertained a Federalist secession movement in New York. In April, the Albany Register published a letter from Dr. Charles D. Cooper to Senator Philip Schuyler , which relayed Hamilton's judgment that Burr
30975-455: Was the world's first billion dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States government with $ 62 million in gold to float a bond issue and restore the treasury surplus of $ 100 million. In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England . Built in 1914, 23 Wall Street
31152-404: Was to choose the presidential electors, as they had in 1796 (for Adams). Before the April 1800 legislative elections, the State Assembly was controlled by the Federalists. The City of New York elected assembly members on an at-large basis. Burr and Hamilton were the key campaigners for their respective parties. Burr's Democratic-Republican slate of assemblymen was elected, giving the party control of
31329-408: Was using his influence as president to obtain a conviction, the trial was a major test of the U.S. Constitution and the concept of separation of powers . Jefferson challenged the authority of the Supreme Court , specifically Chief Justice Marshall, an Adams appointee who clashed with Jefferson over Adams' last-minute judicial appointments. Jefferson believed that Burr's treason was obvious. Burr sent
#280719