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About Chase Bank:
JPMorgan Chase Bank, NA, doing business as Chase, is the consumer and commercial banking subsidiary of JPMorgan Chase.[2] The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000.[1] Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955.[3] The bank is headquartered in Chicago, since its merger with Bank One Corporation in 2004.[4] In 2008, the bank acquired the deposits and most of the assets of Washington Mutual.
JP Morgan Chase, through its CHASE subsidiary, is one of the Big Four banks of the United States.[5][6]
In July 1996, the Chase Manhattan Bank was purchased by Chemical Bank of New York, which had acquired Manufacturers Hanover Corporation and Texas Commerce Bank several years earlier. Although Chemical was the nominal survivor, the merged company retained the Chase name since it was better known (particularly outside the United States).
In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co., one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase & Co. In 2004 the bank also acquired Bank One, making Chase the largest credit card issuer in the US and JPMorgan Chase also acquired Bear Stearns & Co.and Washington Mutual in 2008. After closing around 400 branches of the combined company (less than 10% of the branches), Chase will have around 5,410 branches in 23 states as of the closing date of the acquisition.[11][12]According to data from SNL Financial(data as of June 30, 2008), this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches.
In 2004, JPMorgan Chase merged with Chicago based Bank One Corp., bringing on board its current chairman and CEO Jamie Dimonas president and COO and designating him as CEO William B. Harrison, Jr.’s successor. Dimon’s pay was pegged at 90% of Harrison’s. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006.
Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies had themselves been created through the merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. Today, the former Bank One and First Chicago headquarters in Chicago serve as the headquarters of CHASE, JPMorgan Chase’s commercial and retail bank.
