JPMorgan Chase: Home Equity Loans, Refinance, Investing, Retirement Planning

JPMorgan Chase

www.chase.com
NYSE: JPM
(Finance: Banking Services)

Chase provides consumer and commercial banking services under parent company JPMorgan Chase & Co. Prior to the company’s merger with J.P. Morgan & Co. in 2000, the bank was known as Chase Manhattan Bank. Chase was originally founded in 1799 and is currently headquartered in Chicago, Illinois.

Contact Info
Contact Chase
Chase on LinkedIn
JP Morgan Chase on Twitter

Services
Credit Cards, Banking, Savings, Home Equity Loans, Refinance Auto Loans, Student Loans, Investing, Retirement Planning

Overview
Chase offers a variety of personal banking, business banking, personal lending, and investment services. Consumers find all of the modern conveniences that are standard with a national bank, including online banking and bill pay, checking accounts, credit cards, CDs, debit cards, and student related services. In regards to personal lending, you can go to Chase for an automotive loan, a home equity loan, a new mortgage loan, or a refinance loan. Special savings programs are designed to offer different levels of rewards.

In addition to offering personal banking and lending services, Chase offers business banking services for accounts with revenue up to $10 million and commercial banking services for accounts with revenue over $10 million. Business banking with Chase can include business credit cards and retirement planning. Chase offers several retirement and investing services, such as annuities and insurance, plus investing through Chase Investment Services Corp.

Consumers can also turn to Chase for information on financial markets, housing markets, and overall economic conditions throughout the nation and much of the world. Information provided by Chase is designed to inform consumers on important changes to the law, tax credits, and government run programs which may affect how you make your major financial decisions.

JPMorgan Chase is one of the largest financial service firms in the US with over 5,100 bank branches in 24 states, plus it is a leader in mortgage lending and credit card issuing. In addition, JPMorgan Chase operates in roughly 60 countries and boasts formidable investment banking and asset management services. Subsidiaries of the banking giant include JPMorgan Private Bank and JPMorgan Asset Management, an institutional investment management firm with a reported $1.7 trillion in assets. In 2008, JPMorgan Chase purchased the hindered investment management firm Bear Stearns, and also in the same year, they acquired failing bank Washington Mutual, also known as WaMu.

Bearn Stearns was eventually sold to JPMorgan Chase for about $1.2 billion, around $10 a share, after their initial offer of $270 million, roughly $2 a share, was rejected. The buyout was shortly after the Federal Government issued a $30 billion loan to Bear Stearns, which was quickly spiraling out of control due to poor subprime mortgage investments.

JPMorgan Chase bought WaMu’s bank operations for $1.9 billion and also assumed nearly $31 billion in prior losses by the failed bank. Many WaMu bank branches were converted over to JPMorgan Chase, however nearly 10 percent, a total of 5,400 branch locations, of WaMu’s total branches were shut down and nearly 20 percent, close to 9,200, of WaMu workers lost their jobs.

As part of the government’s plan to help stimulate the economy, JPMorgan Chase received $25 billion in taxpayer-funded bailout money. The money was returned by the bank roughly a year later, stating that they were doing fine without the additional funding.

JPMorgan Chase owns One Equity Partners, a private equity firm, and 42 percent of American Century, a mutual fund company. In addition they fully own Chase Paymentech Solutions, a payment processor which was a joint venture with First Data who assumed 49 percent of Chase Paymentech’s assets and clients.

In 2009, JPMorgan Chase fully acquired Highbridge Capital Management, a hedge fund firm with $21 billion in assets under its care. In the same year, JPMorgan sold Bear Wagner, a company that was part of the Bear Stearns purchase, to Barclays Capital.

In 2010, JPMorgan increased its overseas influence by nearly double when they paid $1.6 billion for the Asian and European segments of RBS Sempra Commondities, a joint venture commodity trading firm between Sempra Energy and Royal Bank of Scotland. The deal did not include the much more valuable North American segment of RBS Sempra.

In addition, JPMorgan Chase bought private equity administration service company Schroders, adding more than $6 billion in committed capital to the $15.3 trillion J.P. Morgan Worldwide Securities Services already holds. Furthermore, a purchase of 10 percent of newspaper giant Gannet, publisher of USA Today, made JPMorgan the largest shareholder.

Similar Companies

View all home equity lenders.