Everyone reading this probably knows JPMorgan as it is today, along with its famous CEO Jamie Dimon, but do you know the history of how Chase Bank became so large?
If you’ve ever visited www Chase com then you know how large of a customer base the bank handles.
Indeed, Chase Bank is one of the largest banks operating today.
Jim Chanos has a new short target in his sights. Earlier this week, the hedge fund manager disclosed that he is betting against "legacy" data centers that face growing competition from the trio of technology giants, which have previously been their biggest customers. The fund manager, who is best known for his winning bet against Read More
It is the largest bank in the United States of America (by some metrics) and the sixth largest bank in the world by total assets!
Chase Bank’s assets are at a mammoth $2.25 trillion!!!
That’s more money than the majority of countries possess (although that parallel is flawed, we know, we know – but still cool)
Needless to say:
Chase Bank’s growth to success has quite an interesting story to its founding.
On September, 1799:
Aaron Burr decided to open up the Manhattan Company (later known as Chase Bank) in order to provide New York City with fresh drinking water.
You’d never guess who joined Aaron Burr on his endeavor.
Why it was none other than one of America’s original founding fathers; Alexander Hamilton!
This shows you how long success takes to create (Chase Bank originally opened in 1799, although Amazon and Google would show the opposite trend, but I digress).
Chase Bank derives its names from the former Chief Justice Salmon P. Chase.
The Chief Justice had nothing to do with the bank at all!
He must have been a popular guy at his time.
Up until 1955:
Chase Bank was known as the Manhattan Company.
The Manhattan Company and Chase National Bank merged to form the Chase Manhattan Bank.
Now you’re starting to see the company’s name come together.
How did Chase get so large?
Through a combination of several mergers and buyouts including (just to name a few of the larger ones) Bank One, Bear Sterns, and Washington Mutual.
Here’s even more cool facts on Chase Bank for you to enjoy right here: