Managing Human Behavior at JP Morgan
| Citation | Sources | Views | Words | Pages | Essay # |
|---|---|---|---|---|---|
| MLA | 6 | 51 | 1873 | 6 | 16171452 |
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History and Organizational Structure
The bank that would become known as JP Morgan Chase had its antecedents in the Bank of Manhattan, founded in 1799. The JP Morgan arm of the future bank was founded in 1871 as Drexel, Morgan & Co. by J. Pierpont Morgan and Anthony Drexel. The company grew rapidly thereafter on the strength of reorganizing financially troubled railroads. By the 1890s the company was the worlds pre-eminent investment bank, working on mergers that formed industrial giants such as US Steel and General Electric (JP Morgan Chase, 2008)
When the Banking Act of 1933 forced a separation of commercial banking and investment banking, JP Morgan carried on as a commercial bank, spinning off its investment bank. The first of many major mergers came when Morgan and Guaranty Trust merged in 1959. The banking industry was by law decentralized, but this led to major banking firms buying smaller banks. They operated them separately at first, but as laws fell, commercial banking empires began to emerge. Then came an intense round of mergers and acquisitions that laid the framework for the modern structure of the American banking industry. Chemical Bank and Chase Manhattan merged in 1996......
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