JP Morgan Chase & Co. is an international banking and financial services holding company basin in New York City. This leading banking company brand operates in more than 60 countries in the world with an approximately 260,000 employees. They serve the world’s most important corporate and government clients as well as small businesses.
In Canada and in the U.S.A., JP Morgan Chase is widely used for services like credit card, retail banking and commercial banking. It is also referred as the universal bank. JP Morgan has helped government, state as well as local, health care organization and educational institution to meet their financial needs many times.
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History
Serving the world for more than 200 years, this bank is named after one of the most powerful bankers in his era, John Pierpont (J.P.) Morgan (1837-1913). He had a great contribution to organize and finance generic electric, rail roads and other major corporations of U.S.A. He then followed his wealthy father into the banking business in the late 1850’s, and in 1871 formed partnership with Philadelphia banker Anthony Drexel.
In 1895, their firm was reorganized as J.P. Morgan & Company, a predecessor of the modern-day financial giant JP Morgan Chase. Morgan used his influence to help stabilize American financial markets during several economic crises, including the panic of 1907.
Giving Back
JP Morgan Chase is part of the Forbes fortune 500 most charitable companies list. The company even has its own charitable foundation that helps in the betterment of a lot of people’s lives. In 2015, the firm and its foundation gave more than $200 million to thousands of nonprofit organizations across 47 U.S. states, the District of Columbia, and 43 countries. More than 47,000 employees provided 310,000 hours of volunteer service in local communities around the globe.
The company focuses its social investing on economic opportunity. Last 2014, the firm pledged $100 million in loans and grants to aid economic recovery in Detroit. One grant, for example, supported the development of a tool to map blighted properties with the goal of helping community groups and city officials return them to productive use. The firm’s “service corps” of employees assists Detroit nonprofits in developing strategic plans, financial models for earned revenue, and improved human resources systems.