JPMorgan Chase (JPM) is a global banking and financial services holding company headquartered in New York City. It's the largest bank in the United States and ranks among the top ten in the world. The firm has more than 40 operating subsidiaries that employ over 250,000 people in 60 countries around the world. Its subsidiaries serve four main markets—consumer and community banking, commercial banking, investment banking, and asset management.
The company announced plans in 2018 to move its headquarters to mid-town Manhattan, which would consolidate locations and hold 15,000 employees. The new building is expected to be completed in 2025. In its 2019 annual results, released in April 2020, JPMorgan reported a net income of $36 billion on revenue of $115 billion across its worldwide operations. While financial results are not broken down by subsidiary, the following companies account for a substantial majority of the company's operations.
- JPMorgan Chase is the largest bank in the United States, with more than 40 subsidiaries that employ over 250,000 people.
- JPMorgan Chase Bank is a banking and financial services firm that serves consumers, small businesses, and commercial clients.
- JPMorgan Asset Management Holdings operates as the company's investment management arm.
- J.P. Morgan Securities offers investment banking services for large corporations and private wealth management services.
- Chase Bank USA operates as the company's credit card-issuing bank.
JPMorgan Chase Bank
JPMorgan Chase Bank is a banking and financial services company serving consumers, small businesses, and commercial clients. The company, commonly known as Chase Bank, operates more than 5,100 retail bank locations in the United States and nearly 200 locations abroad. JPMorgan Chase Bank lists more than 20 subsidiaries, most of which are associated with the company's international operations.
The Chase personal banking division serves nearly half of U.S. households. This division offers a full range of financial products and services, including essential banking services, loan products, investment, and financial planning services. The Chase business banking division serves small- and medium-sized businesses with annual revenue up to $20 million. Business products and services include merchant accounts, payroll services, and business financing programs.
The Chase commercial banking division delivers a broad range of services for companies and institutions with $20 million to more than $2 billion in annual revenue. It offers a comprehensive set of treasury services covering liquidity management, merchant services, corporate credit card solutions, and fraud protection. It also provides commercial real estate services, lending solutions, and specialized credit and financing products for large domestic and multinational corporations.
JPMorgan Asset Management Holdings
JPMorgan Asset Management Holdings operates as the investment management arm of JPMorgan. The firm maintains a global network of research and client services offices in 30 countries to reach individual and institutional investors in more than 130 countries. It has $1.9 trillion in assets under management (AUM) as of March 31, 2020.
JPMorgan Asset Management offers corporations, charitable foundations, financial intermediaries, and other institutional investors a deep selection of investment strategies covering all major asset classes, geographic regions, and investment styles. The firm ranks among the world's largest pension plan managers, with over half of the world's largest pension plans as clients. It also offers over 220 retail investment products, including exchange-traded funds (ETFs), mutual funds, and 529 plans.
Along with pension plan management, JPMorgan Asset Management Holdings also offers over 220 retail investment products, including ETFs, mutual funds, and 529 plans.
J.P. Morgan Securities
J.P. Morgan Securities offers a full range of investment banking services for large corporations and other institutions and private wealth management services primarily for high-net-worth individuals (HNWIs). On the investment banking side, the firm offers debt and equity underwriting services and corporate restructuring and mergers services, as well as acquisitions advisory services. It provides cash management and other treasury services to more than 135,000 financial institutions, corporations, and government bodies around the world.
The firm also offers brokerage and trade execution services to institutional investors and others, including insurance companies, banks, and broker-dealers. On the private wealth management side, it provides financial advisory services and a full range of tailored strategies to help wealthy clients achieve their financial goals.
Chase Bank USA
Not to be confused with JPMorgan Chase Bank, Chase Bank USA does not operate any retail banking locations. Instead, it operates as JPMorgan Chase's credit card-issuing bank. In fact, Chase is the largest credit card issuer in the United States. But it doesn't just handle credit card lending. It also offers related consumer lending programs marketed by JPMorgan Chase Bank and other affiliated companies.