JP Morgan Hard

Joshua M Ponce Prof.
Salazar
AB Psychology
“The Game of Monopoly – US Business and Science: JP Morgan”
Who is JP Morgan?
• John Pierpont "J. P.“or “Jack” Morgan
• The Kingpin of Wallstreet
• Born on April 17, 1837 in Hartford, Connecticut
• A product of public school in his early education
• Boarded at the English High School of Boston, a school specializing in mathematics to prepare
young men for careers in commerce.
• Obtained banking degree from Harvard College
• Fluent in English, French and German
• Heavily influenced by his father, Junius Morgan. At a very early age he gave Morgan hundreds of
dollars and let him handle it so he has the experience as a banker.
• He belonged to a New England Family
• He is related to James Pierpont (1659-1714), who was a founder of Yale University
• his paternal grandfather was a founder of the Aetna Insurance Company
• He married Amelia Sturges in 1861, the daughter of a wealthy New York businessman. She died
because of tuberculosis 4 months after the wedding.
• In 1865, Morgan married Frances Louisa Tracy (1842-1924), the daughter of a New York lawyer,
and the pair eventually had four children.
• Morgan had a long-term illness which is Rheumatic fever.

US Business and Science
 1857 – started banking in a London-based merchant banking firm founded by his father and
George Peabody. (Peabody, Morgan & Co.)
 1858 – moved to New York City to join the banking house of Duncan, Sherman & Company
 1871 – partnered with the Drexels of Philadelphia to form the New York firm of Drexel, Morgan
& Company.
 Anthony J. Drexel became Pierpont's mentor at the request of Junius Morgan.
 Thru several partnerships he formed:
 "J. P. Morgan & Company" in 1895
 Morgan, Harjes & Company of Paris
 J.S. Morgan & Company of London
 1900 – his bank was considered as one of the most powerful banking houses of the world
 1901 – world’s first billion-dollar corporation by buying out industrialist Andrew Carnegie and
combining some 33 companies to create United States Steel.
 Morganization – a process of taking over troubled businesses to reorganize them.
 1903 – he was appointed as fiscal agent for the newly independent Republic of Panama in 1903
and was subsequently selected by the U.S. Treasury Secretary to arrange the transfer of $40
million from the U.S. government to the French Panama Canal Co. This was the largest real estate
deal at the time.
 1906 – creation of U.S. Steel, GE and AT&T.
 1907 – in the year of ‘Financial Panic’, he saved several trust companies and a leading brokerage
house from insolvency, bailed out New York City, and rescued the New York Stock Exchange.
 1912 – he was booked to the ill-fated trip of Titanic but had to cancel for a business trip.
 Morgan redefined conservatism in terms of financial prowess coupled with strong commitments
to arts, religion, and high culture.
 The famous financier died at age 75 on March 31, 1913, in Rome, Italy.
 On April 14, the day of his funeral, the New York Stock Exchange closed in his honor until noon.
 He was buried in the Morgan family mausoleum at a Hartford cemetery.
 The gemstone ‘morganite’ was named after him.
 CRITICISMS
o attacked mostly by muckraking journalists and progressive politicians

o called to testify before the Pujo Committee that was investigating the existence of a
“money trust,” a small cabal of elite Wall Street financiers,
o allegedly colluded to control American banking and industry.
o the Pujo Committee hearings helped bring about the creation of the Federal Reserve
System in December 1913 and spurred passage of the Clayton Antitrust Act of 1914.
 1915 – arranged the biggest foreign loan in history – a $500 million Anglo/French loan.
 1927 – his company pioneered the concept of American Depository Receipts (ADRs), which
enables Americans to invest in foreign securities directly on U.S. exchanges.
 1929 – Two Ohio institutions merged to form City National Bank & Trust, a predecessor of Bank
One.
 1955 – Chase National Bank merged with The Bank of the Manhattan Company to form Chase
Manhattan Bank.
 1968 – launched Euroclear, a system for the orderly settlement of transactions in Eurobonds.
 1973 – opened a representative office in Moscow, Russia and China.
 1980– Predecessor firm Hambrecht & Quist (H&Q) took Apple Computer public.
 1989 – J.P. Morgan ranks among Fortune’s 50 Best Companies for Minorities. The firm is regularly
recognized as a leading employer of women, minorities, and LGBT employees.
 1990 – J.P. Morgan played an active role in the negotiations with Mexico to restructure nearly $50
billion in medium- and long-term commercial bank debt. A first in the market, the new bonds
become known as Brady Bonds.
 1996 – the firm jointly leads the first “century” bond for a sovereign borrower – a 100-year, $100
million issue for the People’s Republic of China.
 2000 – J.P. Morgan merged with The Chase Manhattan Corporation and is named JPMorgan
Chase and Co.
o Four years later, the company merges with Bank One, creating a global financial services
leader.
 2008 – JPMorgan Chase & Co. acquired The Bear Stearns Companies Inc.
o strengthened its capabilities across a broad range of businesses, including prime
brokerage, cash clearing and energy trading globally.
 2010 – J.P. Morgan Cazenove became a wholly-owned part of J.P. Morgan
o Cazenove is a British investment-banking firm.
 2011 – celebrated the 90th anniversary of the firm’s presence in China.
 Currently the 5th biggest bank in the world (2019)
 10 Largest Banks in the
o World China Construction Bank Corporation.
o Agricultural Bank of China.
o Mitsubishi UFJ Financial Group (Mitsubishi)
o Bank of China.
o J.P. Morgan Chase
o HSBC Holdings PLC.
o BNP Paribas.
o Bank of America (BAC)
 Current CEO since December of 2005

o Mr. Jamie Dimon
 JPMorgan Chase has operations in more than 60 countries and serves clients globally.
 JPMorgan Chase total assets for the quarter ending June 30, 2019 were $2,727.379B, a 5.3%
increase year-over-year.
 Businesses of JP Morgan
o Investment banking
o Sales and Trading
o Global Knowledge Network
o Operations
o Technology
o Asset Management
o Treasury and Security Services
REFERENCES:
 https://en.wikipedia.org/wiki/J._P._Morgan_Jr.
 https://jpmorgansvk.weebly.com/morgan-the-banker.html
 https://www.scribd.com/document/240353159/jp-morgan
 https://www.investopedia.com/articles/economics/08/jp-morgan-kingpin-wall-street.asp
 https://www.slideshare.net/vijayrocks123/j-p-morgan-project-ppt?next_slideshow=1
 https://www.jpmorgan.com/global/company-history

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Joshua M Ponce Prof.

“The Game of Monopoly – US Business and Science: JP Morgan”

• John Pierpont "J. P.“or “Jack” Morgan

• The Kingpin of Wallstreet

• Born on April 17, 1837 in Hartford, Connecticut

• A product of public school in his early education

• Obtained banking degree from Harvard College

• Fluent in English, French and German

• He belonged to a New England Family

• He is related to James Pierpont (1659-1714), who was a founder of Yale University

• his paternal grandfather was a founder of the Aetna Insurance Company

• Morgan had a long-term illness which is Rheumatic fever.

o attacked mostly by muckraking journalists and progressive politicians

 Current CEO since December of 2005

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