chase bank pre qualified credit card

The credit card branch of the banking giant uses the name JPMorgan Chase Ask yourself if you remember receiving a pre-approval offer for a Chase card. dell financing prequalify Categories Banking, Finance Tags Best 24 Month Interest Free Credit Card, Dell Computer Financing Bad Credit, Laptop Financing. To see if you prequalify for a Chase card, you can use their online tool. All you have to do is enter your name, address, and the last four. chase bank pre qualified credit card

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Credit Cards

Credit Card Offer FAQs

Find information on Discover cards, how to apply for a credit card online, and more.

Discover credit cards are available on the Discover it® platform, a set of common benefits we’re committed to providing to every customer. However, the rewards and some extra benefits vary from product to product to be sure we can give different customers what they need.

 

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You can apply for Discover credit cards at Discover.com or by calling 1-800-DISCOVER (1-800-347-2683). Select from cash back credit cards or travel credit cards. We also have Discover student cards and a Discover business card. All our credit cards earn Discover rewards on every purchase. You’ll need to be 18 or older to apply for a card. If you're not yet 21, you will have to apply online. Discover business card and Discover Secured credit card applicants must also apply online.

Discover card credit score requirements vary by product. In general, the standard Discover it® Card is for people with established credit. But the Discover Secured credit card is built for people looking to build or rebuild their credit with responsible use.4 No matter what, cardmembers earn Discover Card rewards on every purchase.

People wondering how to get a credit card should check their credit score with a free tool like the Discover Credit Scorecard. Then you may want to do a credit card comparison and choose the one that’s best for you. It’s always good to check if you’re pre-approved to see your likely offers before you apply for a card. While checking if you’re pre-approved won’t hurt your credit, each full application for a credit card may impact your credit score.

If you’re thinking about how to get a credit card, check your credit score to figure out your likely credit card eligibility. Then, a credit card comparison can help you choose the one that’s best for you. It’s always good to check if you’re pre-approved for a card before you apply. Checking if you’re pre-approved won’t harm your credit, but applying for credit cards may impact your credit score. Check to see if you‘re pre-approved.

You may receive credit card offers in the mail, by email or online. Compare your offers by rewards, sign-up bonus, benefits, APR (including introductory rates), fees and credit limits. Look for rewards programs that fit the way you spend: if you know you will use the card for groceries, gas, dining or travel, you may be able to find a card that helps you earn more. And look for a sign-up bonus that doesn’t have a minimum spending amount required to get your extra rewards.

Different credit cards require a different credit rating for approval. Some cards are only for people with excellent credit or good credit. Other cards are great if you have fair credit or are building or rebuilding credit. The credit card company will run a credit check as part of its decision to approve your application. It’s a good idea to check your credit score or get a copy of your credit report before applying for a new card.

A credit card is a revolving loan that you can use to make purchases. Each month you’ll receive a statement telling you how much of the loan you have used and have to pay back. If you pay the statement balance in full by the due date each month, you will not be charged interest on purchases. Otherwise your APR will apply to your unpaid credit card balance and you’ll have interest charges in your next statement. When you apply for a credit card, the credit card issuer will pull your credit report – which could result in a hard inquiry – as one of the factors they use to decide whether to approve your application. Credit cards often provide rewards on purchases, which is usually a percentage of the amount you spent with the card. A credit card comparison shows you different rewards and benefits and can help you find the credit card that’s best for you.

Your credit limit is the maximum amount of the revolving line of credit on your card—or the total amount you can use on your card for purchases, balance transfers, etc. When you apply for a credit card, the bank or credit card company uses a variety of information to decide what credit limit they can offer. As you show responsible credit use, credit card issuers may increase your credit card limit.

There are many reasons to get a credit card: you may decide to apply for a credit card for the rewards, APR (including intro rates) or sign-up offers. Or you might want to build your credit history. Some credit cards like Discover provide $0 Fraud Liability Guarantee, which means you’re never responsible for unauthorized purchases on your Discover Card.6 Also, credit cards often provide extra benefits, like providing helpful alerts on your spending and more.

Credit card companies consider a number of factors in their decision to approve your application, including your credit history and your ability to repay. So they may consider your credit score, income and more. One of the simplest helpful credit habits is to make at least the minimum payment for all of your bills on time every month.

Are you ready to add a Discover credit card to your credit journey?

 

Learn how and why you may receive pre-approved credit card offers, what to look for, and how you can opt-out of pre-approved credit card offers.

 

Learn how to apply for a credit card online, increase your chances of approval and protect your personal information while applying for credit cards online.

 

Find out which credit cards you qualify for by trying an online card pre-approved tool, checking doesn't impact your credit score and can personalize your offer.

Источник: https://www.discover.com/credit-cards/

Chase Preapproved & Prequalified Offers: The Difference, Avoiding 5/24 & Becoming a 2 Sapphire Reserve Household!

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Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Links in this post may provide us with a commission.

Chase Preapproved & Prequalified Offers 5/24

Chase Preapproved & Prequalified Offers 5/24

With the recent release of the Chase Sapphire Reserve card and the stricter implementation of the 5/24 rule, many people are looking for ways to get approved for Chase cards even if they have opened up 5 or more new accounts within the past 24 months. One of the known methods of getting around Chase’s 5/24 rule is via preapproved offers.

The Question

Several people this week have pointed out Chase’s Prequalified Offers site and have asked if that is the same thing as Preapproved Offers that can be found in a branch. Let’s take a look at that topic.

Prequalified Offers

Chase Preapproved & Prequalified Offers 5/24

Chase has a website that displays prequalified offers for you. To get your offers to show, you simply need to input your name, address and the last four digits of your social security number. It is not a credit application and is not a hard inquiry. In the past they have occasionally shown better offers on this page for some people, but that hasn’t been the case lately.

Preapproved Offers

If you go into a Chase branch and speak to a banker, they have the ability to pull up your customer profile in their system to see if you are preapproved for any offers. Generally this information can be pulled up quickly and if you get to know a banker, sometimes you can call to have them check.

Prequalified vs. Preapproved

Chase Preapproved & Prequalified Offers 5/24

While Chase obviously doesn’t share their internal policies and underwriting guidelines, prequalified and preapproved offers seem to be treated quite different. In other words, checking the online site may or may not show an offer you are approved for. Additionally, prequalified offers online do not seem to skirt the 5/24 rule. Based on anecdotal evidence from others, prequalified offers are treated the same as a normal online application when it comes to 5/24.

On the other hand, preapproved offers found only by a Chase banker in a branch seem to bypass 5/24 in most cases. This has especially been true based on data reported by readers when it comes to the Chase Sapphire Reserve card. Many people who were preapproved in a branch have had their applications approved despite being well over 5/24.

2 Separate Systems & 2 Reserve Household

Yesterday my wife called up our Chase banker (we got to know him through opening up bank accounts during the recent bonuses) and had him check if she was preapproved for the Sapphire Reserve. She is significantly over 5/24 with little hope of soon getting under, so this was her only shot. Thankfully he informed her that she was indeed preapproved and this morning she went into the branch, applied and was approved for the card with a huge credit limit. We are now a two Reserve household!

As a counter point, she searched the Chase website for prequalified offers before applying and found this:

Chase Preapproved and Chase Prequalified Offers 5/24

Takeaways

While there is nothing concrete with Chase or any bank for that matter, here are some personal takeaways about these offers based on my own experiences and what others have reported to me:

  • Prequalified offers do not help with 5/24 whereas Preapproved offers applied for in a branch seem to.
  • Just because you don’t have prequalified offers online doesn’t mean you won’t have preapproved offers in a branch. It never hurts to check if you are looking to apply for a specific card.
  • Sapphire Reserve specifically seems to be fairly easy to get if you are preapproved in a branch. (At least for now.) I have seen only a few data points of people who are preapproved being denied.
  • With Chase it generally pays to have a good customer relationship, so it might be beneficial to have bank accounts with them and/or get to know a banker so they can check offers for you periodically. In fact, some speculate that you need bank accounts with Chase to even become preapproved.

Do you have anything to add regarding Chase preapproved and Chase prequalified offers? Please share in the comments!

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. 

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JPMorgan Chase

American investment bank

This article is about the company. For the person, see J. P. Morgan.

J P Morgan Chase Logo 2008 1.svg
383 Madison Ave Bear Stearns C R Flickr 1.jpg
TypePublic

Traded as

ISINUS46625H1005
IndustryFinancial services
PredecessorsJ.P. Morgan & Co.
Chase National Bank
Chemical Bank
The Manhattan Company
FoundedDecember 1, 2000; 20 years ago (2000-12-01)
FoundersJohn Pierpont Morgan
(J.P. Morgan & Co.)
John Thompson
(Chase National Bank)
Balthazar P. Melick
(Chemical Bank)
Aaron Burr
(The Manhattan Company)
Headquarters

New York City, New York

,

U.S.

Area served

Worldwide

Key people

Jamie Dimon
(Chairman & CEO)
Daniel E. Pinto
(Co-President & COO)
Gordon A. Smith
(Co-President & COO)
ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management, etc...
RevenueIncreaseUS$119.54 billion (2020)

Operating income

Decrease US$35.40 billion (2020)

Net income

Decrease US$29.13 billion (2020)
AUMIncrease US$2.99 trillion (2020)
Total assetsIncrease US$3.68 trillion[1] (2021)
Total equityIncrease US$279.35 billion (2020)

Number of employees

Decrease 255,351 (2020)
DivisionsAsset and Wealth Management, Consumer and Community Banking, Commercial Banking, Corporate and Investment Banking
SubsidiariesChase Bank
J.P. Morgan & Co.
One Equity Partners
Capital ratioTier 1 15.8% (D31, 2020)
Websitejpmorganchase.com
Footnotes / references
[2][3]

JPMorgan Chase & Co. is an American multinationalinvestment bank and financial servicesholding company headquartered in New York City. JPMorgan Chase is incorporated in Delaware.[4] As of June 30, 2021, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth-largest worldwide in terms of total assets, controlling US$3.684 trillion.[5]

As a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. As of 2021 it is the largest lender to the fossil fuel industry in the world.[6] It is one of America's Big Four banks, along with Bank of America, Citigroup, and Wells Fargo.[7] JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, private wealth management, and treasury services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. Both the retail and commercial bank and the bank's corporate headquarters are currently located at 383 Madison Avenue in Midtown Manhattan, New York City, since the prior headquarters building directly across the street, 270 Park Avenue, was demolished and a larger replacement headquarters is being built on the same site.[8] It is considered a systemically important bank by the Financial Stability Board.

The current company was originally known as Chemical Bank, which acquired Chase Manhattan and assumed that company's name. The present company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.[8]

History[edit]

The JPMorgan Chase logo prior to the 2008 rebranding
As of June 2008, the JPMorgan logo used for the company's Investment Banking, Asset Management, and Treasury & Securities Services units.[9]

JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799, by Aaron Burr.

Main article: Chase Manhattan Bank

The logo used by Chase following the merger with the Manhattan Bank in 1954

The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799),[10] the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.[11]

According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:

At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today JPMorgan Chase, the largest bank in the United States.

Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name.[12][13] Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion.[14] In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.[15]

Chemical Banking Corporation[edit]

Main article: Chemical Bank

The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first major bank merger "among equals"). In the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of the pioneering investment banker, Jimmy Lee.[16][17] At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share).

In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase name.[12][13] To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters site at 270 Park Avenue (the current building was demolished and a larger replacement headquarters is being built on the same site).

J.P. Morgan & Company[edit]

Main article: J.P. Morgan & Co.

The J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank in 2000
Influence of J.P. Morgan in Large Corporations, 1914
The J.P. Morgan headquarters in New York City following the September 16, 1920, bomb explosion that took the lives of 38 and injured over 400

The House of Morgan was born out of the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan).[18] J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion dollar corporation.[19] In 1895, J.P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million.[20] In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England.[21]

Built in 1914, 23 Wall Street was the bank's headquarters for decades. On September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38.[22] Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The case has never been solved, and was rendered inactive by the FBI in 1940.[23]

In August 1914, Henry P. Davison, a Morgan partner, made a deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France. The Bank of England became a "fiscal agent" of J.P. Morgan & Co., and vice versa.[24] The company also invested in the suppliers of war equipment to Britain and France. The company profited from the financing and purchasing activities of the two European governments.[24] Since the U.S. federal government withdrew from world affairs under successive isolationistRepublican administrations in the 1920s, J.P. Morgan & Co. continued playing a major role in global affairs since most European countries still owed war debts.[25]

In the 1930s, J.P. Morgan & Co. and all integrated banking businesses in the United States were required by the provisions of the Glass–Steagall Act to separate their investment banking from their commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank.[26][better source needed]

In 1935, after being barred from the securities business for over a year, the heads of J.P. Morgan spun off its investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont Morgan) and Harold Stanley, Morgan Stanley was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock from J.P. Morgan partners.[26][better source needed] In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company.[18] The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before migrating back to the use of the J.P. Morgan brand. In 1984, the group purchased the Purdue National Corporation of Lafayette, Indiana. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.[27]

Bank One Corporation[edit]

Main article: Bank One Corporation

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current Chairman and CEO Jamie Dimon as president and COO.[28] He succeeded former CEO William B. Harrison, Jr.[29] Dimon introduced new cost-cutting strategies, 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 December 2005 and Chairman in December 2006.[30]

Bank One Corporation was formed with the 1998 merger of Banc One of Columbus, Ohio and First Chicago NBD.[31] This merger was considered a failure until Dimon took over and reformed the new firm's practices. Dimon effected changes to make Bank One Corporation a viable merger partner for JPMorgan Chase.[32]


Bank One Corporation, formerly First Bancgroup of Ohio, was founded as a holding company for City National Bank of Columbus, Ohio, and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamed Banc One Corporation.[33] With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One." After the First Chicago NBD merger, adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. JPMorgan Chase completed the acquisition of Bank One in the third quarter of 2004.[33]

Bear Stearns[edit]

Main article: Bear Stearns

At the end of 2007, Bear Stearns was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year.[34] On Friday, March 14, 2008, Bear Stearns lost 47% of its equity market value as rumors emerged that clients were withdrawing capital from the bank. Over the following weekend, it emerged that Bear Stearns might prove insolvent, and on March 15, 2008, the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns.[35]

On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced its plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder approval scheduled within 90 days.[35] In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows.[36] On March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million.[34] The stock swap agreement was signed that night.[37]

On March 24, 2008, after public discontent over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share.[34] Under the revised terms, JPMorgan also immediately acquired a 39.5% stake in Bear Stearns using newly issued shares at the new offer price and gained a commitment from the board, representing another 10% of the share capital, that its members would vote in favor of the new deal. With sufficient commitments to ensure a successful shareholder vote, the merger was completed on May 30, 2008.[38]

Washington Mutual[edit]

Main article: Washington Mutual

The Washington Mutual logo prior to its 2008 acquisition by JPMorgan Chase

On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation. That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, had seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations, and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.[39]

JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual.[40] Through the acquisition, JPMorgan now owns the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009.

Chief executive Alan H. Fishman received a $7.5 million sign-on bonus and cash severance of $11.6 million after being CEO for 17 days.[41]

Lawsuits and legal settlements[edit]

Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation with aiding and abetting Enron Corp.'s securities fraud, which collapsed amid a financial scandal in 2001.[42] In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office. In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.[43]

In December 2002, Chase paid fines totaling $80 million, with the amount split between the states and the federal government. The fines were part of a settlement involving charges that ten banks, including Chase, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.[44]

JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in March 2005 to pay $2 billion; that was 46 percent, or $630 million, more than it would have paid had it accepted an investor offer in May 2004 of $1.37 billion. J.P. Morgan was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in 2004 by Citigroup.[45] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[46][47]

In 2008 and 2009, 14 lawsuits were filed against JPMorgan Chase in various district courts on behalf of Chase credit card holders claiming the bank violated the Truth in Lending Act, breached its contract with the consumers, and committed a breach of the implied covenant of good faith and fair dealing. The consumers contended that Chase, with little or no notice, increased minimum monthly payments from 2% to 5% on loan balances that were transferred to consumers' credit cards based on the promise of a fixed interest rate. In May 2011, the United States District Court for the Northern District of California certified the class action lawsuit. On July 23, 2012, Chase agreed to pay $100 million to settle the claim.[48]

In November 2009, a week after Birmingham, Alabama Mayor Larry Langford was convicted for financial crimes related to bond swaps for Jefferson County, Alabama, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into the sales of derivatives that allegedly contributed to the near-bankruptcy of the county. JPMorgan had been chosen by the county commissioners to refinance the county's sewer debt, and the SEC had alleged that JPMorgan made undisclosed payments to close friends of the commissioners in exchange for the deal and made up for the costs by charging higher interest rates on the swaps.[49]

In June 2010, J.P. Morgan Securities was fined a record £33.32 million ($49.12 million) by the UK Financial Services Authority (FSA) for failing to protect an average of £5.5 billion of clients' money from 2002 to 2009.[50][51] FSA requires financial firms to keep clients' funds in separate accounts to protect the clients in case such a firm becomes insolvent. The firm had failed to properly segregate client funds from corporate funds following the merger of Chase and J.P. Morgan, resulting in a violation of FSA regulations but no losses to clients. The clients' funds would have been at risk had the firm become insolvent during this period.[52] J.P. Morgan Securities reported the incident to the FSA, corrected the errors, and cooperated in the ensuing investigation, resulting in the fine being reduced 30% from an original amount of £47.6 million.[51]

In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages, including active-duty personnel in the War in Afghanistan. The bank also admitted it improperly foreclosed on more than a dozen military families; both actions were in clear violation of the Servicemembers Civil Relief Act which automatically lowers mortgage rates to 6 percent, and bars foreclosure proceedings of active-duty personnel. The overcharges may have never come to light were it not for legal action taken by Captain Jonathan Rowles. Both Captain Rowles and his spouse Julia accused Chase of violating the law and harassing the couple for nonpayment. An official stated that the situation was "grim" and Chase initially stated it would be refunding up to $2,000,000 to those who were overcharged, and that families improperly foreclosed on have gotten or will get their homes back.[53] Chase has acknowledged that as many as 6,000 active duty military personnel were illegally overcharged, and more than 18 military families homes were wrongly foreclosed. In April, Chase agreed to pay a total of $27 million in compensation to settle the class-action suit.[54] At the company's 2011 shareholders' meeting, Dimon apologized for the error and said the bank would forgive the loans of any active-duty personnel whose property had been foreclosed. In June 2011, lending chief Dave Lowman was forced out over the scandal.[55][56]

On August 25, 2011, JPMorgan Chase agreed to settle fines with regard to violations of the sanctions under the Office of Foreign Assets Control (OFAC) regime. The U.S. Department of Treasury released the following civil penalties information under the heading: "JPMorgan Chase Bank N.A. Settles Apparent Violations of Multiple Sanctions Programs":

JPMorgan Chase Bank, N.A, New York, NY ("JPMC") has agreed to remit $88,300,000 to settle a potential civil liability for apparent violations of the Cuban Assets Control Regulations ("CACR"), 31 C.F.R. part 515; the Weapons of Mass Destruction Proliferators Sanctions Regulations ("WMDPSR"), 31 C.F.R. part 544; Executive Order 13382, "Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations ("GTSR"), 31 C.F.R. part 594; the Iranian Transactions Regulations ("ITR"), 31 C.F.R. part 560; the Sudanese Sanctions Regulations ("SSR"), 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations ("FLRCTSR"), 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations ("RPPR"), 31 C.F.R. part 501, that occurred between December 15, 2005, and March 1, 2011.

— U.S. Department of the Treasury Resource Center, OFAC Recent Actions. Retrieved June 18, 2013.[57]

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[58] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[59] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

In 2012, JPMorgan Chase & Co was charged for misrepresenting and failing to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan to significant losses.[60]

In July 2013, The Federal Energy Regulatory Commission (FERC) approved a stipulation and consent agreement under which JPMorgan Ventures Energy Corporation (JPMVEC), a subsidiary of JPMorgan Chase & Co., agreed to pay $410 million in penalties and disgorgement to ratepayers for allegations of market manipulation stemming from the company's bidding activities in electricity markets in California and the Midwest from September 2010 through November 2012. JPMVEC agreed to pay a civil penalty of $285 million to the U.S. Treasury and to disgorge $125 million in unjust profits. JPMVEC admitted the facts set forth in the agreement, but neither admitted nor denied the violations.[61] The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVEC's bidding practices. FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power plants that were usually out of the money in the marketplace. In each of them, the company made bids designed to create artificial conditions that forced California and Midcontinent Independent System Operators (ISOs) to pay JPMVEC outside the market at premium rates.[61] FERC investigators further determined that JPMVEC knew that the California ISO and Midcontinent ISO received no benefit from making inflated payments to the company, thereby defrauding the ISOs by obtaining payments for benefits that the company did not deliver beyond the routine provision of energy. FERC investigators also determined that JPMVEC's bids displaced other generation and altered day ahead and real-time prices from the prices that would have resulted had the company not submitted the bids.[61] Under the Energy Policy Act of 2005, Congress directed FERC to detect, prevent, and appropriately sanction the gaming of energy markets. According to FERC, the Commission approved the settlement as in the public interest.[61]

FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase.[62] Various newspapers reported in September 2013 that the Federal Bureau of Investigation (FBI) and US Attorney's Office in Manhattan were investigating whether employees withheld information or made false statements during the FERC investigation.[62] The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation.[62] At the time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase employees impeded the FERC investigation.[62]Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time.[62]

In August 2013, JPMorgan Chase announced that it was being investigated by the United States Department of Justice over its offerings of mortgage-backed securities leading up to the financial crisis of 2007–08. The company said that the Department of Justice had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during the period 2005 to 2007.[63] On November 19, 2013, the Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into its business practices pertaining to mortgage-backed securities.[64] Of that amount, $9 billion was penalties and fines, and the remaining $4 billion was consumer relief. This was the largest corporate settlement to date. Conduct at Bear Stearns and Washington Mutual prior to their 2008 acquisitions accounted for much of the alleged wrongdoing. The agreement did not settle criminal charges.[65]

In November 2016, JPMorgan Chase agreed to pay $264 million in fines to settle civil and criminal charges involving a systematic bribery scheme spanning 2006 to 2013 in which the bank secured business deals in Hong Kong by agreeing to hire hundreds of friends and relatives of Chinese government officials, resulting in more than $100 million in revenue for the bank.[66]

In January 2017, the United States sued the company, accusing it of discriminating against "thousands" of black and Hispanic mortgage borrowers between 2006 and at least 2009.[67][68]

On December 26, 2018, as part of an investigation by the U.S. Securities and Exchange Commission (SEC) into abusive practices related to American depositary receipts (ADRs), JPMorgan agreed to pay more than $135 million to settle charges of improper handling of "pre-released" ADRs without admitting or denying the SEC's findings. The sum consisted of $71 million in ill-gotten gains plus $14.4 million in prejudgment interest and an additional penalty of $49.7 million.[69]

Madoff fraud[edit]

Further information: Madoff investment scandal

Bernie Madoff opened a business account at Chemical Bank in 1986 and maintained it until 2008, long after Chemical acquired Chase.

In 2010, Irving Picard, the SIPC receiver appointed to liquidate Madoff's company, alleged that JPMorgan failed to prevent Madoff from defrauding his customers. According to the suit, Chase "knew or should have known" that Madoff's wealth management business was a fraud. However, Chase did not report its concerns to regulators or law enforcement until October 2008, when it notified the UK Serious Organised Crime Agency. Picard argued that even after Morgan's investment bankers reported its concerns about Madoff's performance to UK officials, Chase's retail banking division did not put any restrictions on Madoff's banking activities until his arrest two months later.[70] The receiver's suit against J.P. Morgan was dismissed by the Court for failing to set forth any legally cognizable claim for damages.[71]

In the fall of 2013, JPMorgan began talks with prosecutors and regulators regarding compliance with anti-money-laundering and know-your-customer banking regulations in connection with Madoff.

On January 7, 2014, JPMorgan agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal. The government filed a two-count criminal information charging JPMorgan with Bank Secrecy Act violations, but the charges will be dismissed within two years provided that JPMorgan reforms its anti-money laundering procedures and cooperates with the government in its investigation. The bank agreed to forfeit $1.7 billion.

The lawsuit, which was filed on behalf of shareholders against Chief Executive Jamie Dimon and other high-ranking JPMorgan employees, used statements made by Bernie Madoff during interviews conducted while in prison in Butner, North Carolina claiming that JPMorgan officials knew of the fraud. The lawsuit stated that "JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them ... But faced with the prospect of shutting down Madoff's account and losing lucrative profits, JPMorgan - at its highest level - chose to turn a blind eye."[72]

JPMorgan also agreed to pay a $350 million fine to the Office of the Comptroller of the Currency and settle the suit filed against it by Picard for $543 million.[73][74][75][76]

Other recent acquisitions[edit]

In 2006, JPMorgan Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[77]

In April 2006, JPMorgan Chase acquired Bank of New York Mellon's retail and small business banking network. The acquisition gave Chase access to 339 additional branches in New York, New Jersey, and Connecticut.[78] In 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.[79] In November 2009, JPMorgan announced it would acquire the balance of JPMorgan Cazenove, an advisory and underwriting joint venture established in 2004 with the Cazenove Group.[80] In 2013, JPMorgan acquired Bloomspot, a San Francisco-based startup. Shortly after the acquisition, the service was shut down and Bloomspot's talent was left unused.[81][82]

Acquisition history[edit]

The following is an illustration of the company's major mergers and acquisitions and historical predecessors, although this is not a comprehensive list:

Recent history[edit]

In 2013, after teaming up with the Bill and Melinda Gates Foundation, GlaxoSmithKline and Children's Investment Fund, JP Morgan Chase, Under Jamie Dimon launched a $94 Million fund with a focus on "late-stage healthcare technology trials". The "$94 million Global Health Investment Fund will give money to a final-stage drug, vaccine, and medical device studies that are otherwise stalled at companies because of their relatively high failure risk and low consumer demand. Examples of problems that could be addressed by the fund include malaria, tuberculosis, HIV/AIDS, and maternal and infant mortality, according to the Gates and JPMorgan led-group"[92]

The 2014 JPMorgan Chase data breach, disclosed in September 2014, compromised the JPMorgan Chase accounts of over 83 million customers. The attack was discovered by the bank's security team in late July 2014, but not completely halted until the middle of August.[93][94]

In October 2014, JPMorgan sold its commodities trader unit to Mercuria for $800 million, a quarter of the initial valuation of $3.5 billion, as the transaction excluded some oil and metal stockpiles and other assets.[95]

In March 2016, JPMorgan decided not to finance coal mines and coal power plants in wealthy countries.[96]

In December 2016, 14 former executives of the Wendel investment company faced trial for tax fraud while JP Morgan Chase was to be pursued for complicity. Jean-Bernard Lafonta was convicted December 2015 for spreading false information and insider trading, and fined 1.5 million euros.[97]

In March 2017, Lawrence Obracanik, a former JPMorgan Chase & Co employee, pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts.[98] In June 2017, Matt Zames, the now-former COO of the bank decided to leave the firm.[99] In December 2017, JP Morgan was sued by the Nigerian government for $875 million, which Nigeria alleges was transferred by JP Morgan to a corrupt former minister.[100] Nigeria accused JP Morgan of being "grossly negligent".[101]

In October 2018, Reuters reported that JP Morgan "agreed to pay $5.3 million to settle allegations it violated Cuban Assets Control Regulations, Iranian sanctions and Weapons of Mass Destruction sanctions 87 times, the U.S. Treasury said".[102]

In February 2019, JP Morgan announced the launch of JPM Coin, a digital token that will be used to settle transactions between clients of its wholesale payments business.[103] It would be the first cryptocurrency issued by a United States bank.[104]

On May 14, 2020, Financial Times, citing a report which revealed how companies are treating employees, their supply chains and other stakeholders, during the COVID-19 pandemic, documented that JP Morgan Asset Management alongside Fidelity Investments and Vanguard have been accused of paying lip services to cover human rights violations. The UK based media also referenced that a few of the world's biggest fund houses took the action in order to lessen the impact of abuses, such as modern slavery, at the companies they invest in. However, JP Morgan replying to the report said that it took “human rights violations very seriously” and “any company with alleged or proven violations of principles, including human rights abuses, is scrutinised and may result in either enhanced engagement or removal from a portfolio.”[105]

In September 2020, the company admitted that it manipulated precious metals futures and government bond markets in a span period of eight years. It settled with the United States Department of Justice, U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission for $920 million. JPMorgan will not face criminal charges, however, it will launch into a deferred prosecution agreement for three years.[106]

In 2021, JP Morgan funded the failed attempt to create a European Super League in European soccer, which, if successful, would have ended the meritocratic European pyramid soccer system. JP Morgan's role in the creation of the Super League was instrumental; the investment bank was reported to have worked on it for several years.[107] After a strong backlash, the owners/management of the teams that proposed creating the league pulled out of it.[108] After the attempt to end the European football hierarchy failed, JP Morgan apologized for its role in the scheme.[107] JP Morgan head Jamie Dimon said the company "kind of missed" that football supporters would respond negatively to the Super League.[109]

In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand. This is the company's first retail banking operation outside the of United States.[110][111][112]

Financial data[edit]

Year19981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Revenue25.8731.1533.1929.3429.6133.1942.7454.2562.0071.3767.25100.4102.797.2397.0396.6194.2193.5495.6799.62109.03115.40119.54
Net income4.7457.5015.7271.6941.6636.7194.4668.48314.4415.375.60511.7317.3718.9821.2817.9221.7624.4424.7324.4432.4736.4329.13
Assets626.9667.0715.3693.6758.8770.91,1571,1991,3521,5622,1752,0322,1182,2662,3592,4162,5732,3522,4912,5342,6232,6873,386
Equity35.1035.0642.3441.1042.3146.15105.7107.2115.8123.2166.9165.4176.1183.6204.1210.9231.7247.6254.2255.7256.5261.3279.4
Capitalization75.03138.7138.4167.2147.0117.7164.3165.9125.4167.3219.7232.5241.9307.3366.3319.8429.9387.5
Headcount(in thousands)96.37161.0168.8174.4180.7225.0222.3239.8260.2259.0251.2241.4234.6243.4252.5256.1257.0255.4

Note. For years 1998, 1999, and 2000 figures are combined for The Chase Manhattan Corporation and J.P.Morgan & Co. Incorporated as if a merger between them already happened.

JPMorgan Chase[121] was the biggest bank at the end of 2008 as an individual bank (not including subsidiaries). As of 2020[update], JPMorgan Chase is ranked 17 on the Fortune 500 rankings of the largest United States corporations by total revenue.[122]

CEO-to-worker pay ratio[edit]

For the first time in 2018, a new Securities and Exchange Commission rule mandated under the 2010 Dodd-Frank financial reform requires publicly traded companies to disclose how their CEOs are compensated in comparison with their employees. In public filings, companies have to disclose their "Pay Ratios," or the CEO's compensation divided by the median employee's.[123]

2017[edit]

According to SEC filings, JPMorgan Chase & Co. paid its CEO $28,320,175 in 2017. The average worker employed by JPMorgan Chase & Co. was paid $77,799 in 2017; thus marking a CEO-to-worker Pay Ratio of 364 to 1.[124] As of April 2018, steelmaker Nucor represented the median CEO-to-worker Pay Ratio from SEC filings with values of 133 to 1.[125]Bloomberg BusinessWeek on May 2, 2013, found the ratio of CEO pay to the typical worker rose from about 20-to-1 in the 1950s to 120-to-1 in 2000.[126]

2018[edit]

Total 2018 compensation for Jamie Dimon, CEO, was $30,040,153, and total compensation of the median employee was determined to be $78,923. The resulting pay ratio was estimated to be 381:1.[127]

Structure[edit]

J P Morgan Chase & Co. owns 5 bank subsidiaries in the United States:[128]

For management reporting purposes, J P Morgan Chase's activities are organized into a corporate/ private equity segment and 4 business segments:

  • Consumer and community banking,
  • Corporate and investment banking,
  • Commercial banking and
  • Asset management.[129]

JPMorgan Europe, Ltd.[edit]

Main article: J.P. Morgan in the United Kingdom

The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968.[130][131]

In August 2008, the bank announced plans to construct a new European headquarters at Canary Wharf, London.[132] These plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at 25 Bank Street for use as the European headquarters of its investment bank.[133] 25 Bank Street had originally been designated as the European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International (Europe).

The regional office is in London with offices in Bournemouth, Glasgow, and Edinburgh for asset management, private banking, and investment.[134]

Operations[edit]

Earlier in 2011, the company announced that by the use of supercomputers, the time taken to assess risk had been greatly reduced, from arriving at a conclusion within hours to what is now minutes. The banking corporation uses for this calculation Field-Programmable Gate Array technology.[135]

History[edit]

The Bank began operations in Japan in 1924,[136] in Australia during the later part of the nineteenth century,[137] and in Indonesia during the early 1920s.[138] An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a branch in China in 1921 and Chase National Bank was established there in 1923.[139] The bank has operated in Saudi Arabia[140] and India[141] since the 1930s. Chase Manhattan Bank opened an office in South Korea in 1967.[142] The firm's presence in Greece dates to 1968.[143] An office of JPMorgan was opened in Taiwan in 1970,[144] in Russia (Soviet Union) in 1973,[145] and Nordic operations began during the same year.[146] Operations in Poland began in 1995.[143]

Lobbying[edit]

JP Morgan Chase's PAC and its employees contributed $2.6 million to federal campaigns in 2014 and financed its lobbying team with $4.7 million in the first three quarters of 2014. JP Morgan's giving has been focused on Republicans, with 62 percent of its donations going to GOP recipients in 2014. Still, 78 House Democrats received campaign cash from JPMorgan's PAC in the 2014 cycle at an average of $5,200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgan's PAC in 2014. JP Morgan Chase's PAC made maximum donations to the Democratic Congressional Campaign Committee and the leadership PACs of Steny Hoyer and Jim Himes in 2014.[147]

Climate change and investments in fossil fuels[edit]

JPMorgan has come under criticism for investing in new fossil fuels projects since the Paris climate change agreement. From 2016 to the first half of 2019 it provided $75 billion (£61 billion) to companies expanding in sectors such as fracking and Arctic oil and gas exploration.[148] According to Rainforest Action Network its total fossil fuel financing was $64 billion in 2018, $69 billion in 2017 and $62 billion in 2016.[149] As of 2021 it is the largest lender to the fossil fuel industry in the world.[6]

An internal study, 'Risky business: the climate and macroeconomy', by bank economists David Mackie and Jessica Murray was leaked in early‑2020. The report, dated 14 January 2020, states that under our current unsustainable trajectory of climate change "we cannot rule out catastrophic outcomes where human life as we know it is threatened". JPMorgan subsequently distanced itself from the content of the study.[150]

Offices[edit]

Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza (now known as 28 Liberty Street) in downtown Manhattan, the current temporary world headquarters for JPMorgan Chase & Co. are located at 383 Madison Avenue. In 2018, JPMorgan announced they would demolish the current headquarters building at 270 Park Avenue, which was Union Carbide's former headquarters, to make way for a newer building that will be 500 feet (150 m) taller than the existing building. Demolition was completed in the spring of 2021, and the new building will be completed in 2025. The replacement 70-story headquarters will be able to fit 15,000 employees, whereas the current building fits 6,000 employees in a space that has a capacity of 3,500. The new headquarters is part of the East Midtown rezoning plan.[151] When construction is completed in 2025, the headquarters will then move back into the new building at 270 Park Avenue.

The bulk of North American operations take place in four buildings located adjacent to each other on Park Avenue in New York City: the former Union Carbide Building at 270 Park Avenue, the hub of sales and trading operations (which was demolished and is being replaced), and the original Chemical Bank building at 277 Park Avenue, where most investment banking activity takes place. Asset and wealth management groups are located at 245 Park Avenue and 345 Park Avenue. Other groups are located in the former Bear Stearns building at 383 Madison Avenue.

Chase, the U.S. and Canada, retail, commercial, and credit card bank is headquartered in Chicago at the Chase Tower, Chicago, Illinois.[8]

The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House.

Approximately 11,050 employees are located in Columbus at the McCoy Center, the former Bank One offices. The building is the largest JPMorgan Chase & Co. facility in the world and the second-largest single-tenant office building in the United States behind The Pentagon.[152]

The bank moved some of its operations to the JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank.

    The Global Corporate Bank's main headquarters are in London, with regional headquarters in Hong Kong, New York and Sao Paulo.[153]

    The Card Services division has its headquarters in Wilmington, Delaware, with Card Services offices in Elgin, Illinois; Springfield, Missouri; San Antonio, Texas; Mumbai, India; and Cebu, Philippines.

    Additional large operation centers are located in Phoenix, Arizona; Los Angeles, California, Newark, Delaware; Orlando, Florida; Tampa, Florida; Indianapolis, Indiana; Louisville, Kentucky; Brooklyn, New York; Rochester, New York; Columbus, Ohio; Dallas, Texas; Fort Worth, Texas; Plano, Texas; and Milwaukee, Wisconsin.

    Operation centers in Canada are located in Burlington, Ontario; and Toronto, Ontario.

    Operations centers in the United Kingdom are located in Bournemouth, Glasgow, London, Liverpool, and Swindon. The London location also serves as the European headquarters.

    Additional offices and technology operations are located in Manila, Philippines; Cebu, Philippines; Mumbai, India; Bangalore, India; Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; Sao Paulo, Brazil; Mexico City, Mexico, and Jerusalem, Israel.

    In the late autumn of 2017, JPMorgan Chase opened a new global operations center in Warsaw, Poland.[154]

    Credit derivatives[edit]

    The derivatives team at JPMorgan (including Blythe Masters) was a pioneer in the invention of credit derivatives such as the credit default swap. The first CDS was created to allow Exxon to borrow money from JPMorgan while JPMorgan transferred the risk to the European Bank of Reconstruction and Development. JPMorgan's team later created the 'BISTRO', a bundle of credit default swaps that was the progenitor of the Synthetic CDO.[155][156] As of 2013 JPMorgan had the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank.[157][158]

    Multibillion-dollar trading loss[edit]

    Main article: 2012 JPMorgan Chase trading loss

    In April 2012, hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities of Bruno Iksil, a trader for JPMorgan Chase & Co., referred to as "the London whale" in reference to the huge positions he was taking. Heavy opposing bets to his positions are known to have been made by traders, including another branch of J.P. Morgan, who purchased the derivatives offered by J.P. Morgan in such high volume.[159][160] Early reports were denied and minimized by the firm in an attempt to minimize exposure.[161] Major losses, $2 billion, were reported by the firm in May 2012, in relation to these trades and updated to $4.4 billion on July 13, 2012.[162] The disclosure, which resulted in headlines in the media, did not disclose the exact nature of the trading involved, which remains in progress and as of June 28, 2012, was continuing to produce losses which could total as much as $9 billion under worst-case scenarios.[163][164] The item traded, possibly related to CDX IG 9, an index based on the default risk of major U.S. corporations,[165][166] has been described as a "derivative of a derivative".[167][168] On the company's emergency conference call, JPMorgan Chase Chairman, CEO and President Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".[169] The episode is being investigated by the Federal Reserve, the SEC, and the FBI.[170]

    On September 18, 2013, JPMorgan Chase agreed to pay a total of $920 million in fines and penalties to American and UK regulators for violations related to the trading loss and other incidents. The fine was part of a multiagency and multinational settlement with the Federal Reserve, Office of the Comptroller of the Currency and the Securities and Exchange Commission in the United States and the Financial Conduct Authority in the UK. The company also admitted breaking American securities law.[172] The fines amounted to the third biggest banking fine levied by US regulators, and the second-largest by UK authorities.[171] As of September 19, 2013[update], two traders face criminal proceedings.[171] It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws.[173]

    A report by the SEC was critical of the level of oversight from senior management on traders, and the FCA said the incident demonstrated "flaws permeating all levels of the firm: from portfolio level right up to senior management."[171]

    On the day of the fine, the BBC reported from the New York Stock Exchange that the fines "barely registered" with traders there, the news had been an expected development, and the company had prepared for the financial hit.[171]

    Art collection[edit]

    See also: J. P. Morgan § Collector of art, books, and gemstones

    The collection was begun in 1959 by David Rockefeller,[174] and comprises over 30,000 objects, of which over 6,000 are photographic-based,[175] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[176] The One Chase Manhattan Plaza building was the original location at the start of collection by the Chase Manhattan Bank, the current collection containing both this and also those works that the First National Bank of Chicago had acquired prior to assimilation into the JPMorgan Chase organization.[177] L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[178] whose art program staff is completed by an additional three full-time members and one registrar.[179] The advisory committee at the time of the Rockefeller initiation included A. H. Barr, and D. Miller, and also J. J. Sweeney, R. Hale, P. Rathbone and G. Bunshaft.[180]

    [edit]

    • Chase Field (formerly Bank One Ballpark), Phoenix, Arizona – Arizona Diamondbacks, MLB
    • Chase Center (San Francisco) – Golden State Warriors, NBA
    • Major League Soccer
    • Chase Auditorium (formerly Bank One Auditorium) inside of Chase Tower (Chicago) (formerly Bank One Tower)
    • The JPMorgan Chase Corporate Challenge, owned and operated by JPMorgan Chase, is the largest corporate road racing series in the world with over 200,000 participants in 12 cities in six countries on five continents. It has been held annually since 1977 and the races range in size from 4,000 entrants to more than 60,000.
    • JPMorgan Chase is the official sponsor of the US Open
    • J.P. Morgan Asset Management is the Principal Sponsor of the English Premiership Rugby 7s Series
    • Sponsor of the Jessamine Stakes, a two-year-old fillies horse race at Keeneland, Lexington, Kentucky since 2006.

    The European Super League[edit]

    On April 19, 2021, JP Morgan pledged $5 billion towards the European Super League.[181][182] a controversial breakaway group of football clubs seeking to create a monopolistic structure where the founding members would be guaranteed entry to the competition in perpetuity. While the absence of promotion and relegation is a common sports model in the US, this is an antithesis to the European competition-based pyramid model and has led to widespread condemnation from Football federations internationally as well as at government level.[183]

    However, JPMorgan has been involved in European football for almost 20 years. In 2003, they advised the Glazer ownership of Manchester United. It also advised Rocco Commisso, the owner of Mediacom, to purchase ACF Fiorentina, and Dan Friedkin on his takeover of A.S. Roma. Moreover, It aided Inter Milan and A.S. Roma to sell bonds backed by future media revenue, and Spain's Real Madrid CF to raise funds to refurbish their Santiago Bernabeu Stadium.[184]

    Leadership[edit]

    Jamie Dimon is the Chairman and CEO of JPMorgan Chase. The acquisition deal of Bank One in 2004, was designed in part to recruit Dimon to JPMorgan Chase. He became chief executive at the end of 2005.[185] Dimon has been recognized for his leadership during the 2008 financial crisis.[186] Under his leadership, JPMorgan Chase rescued two ailing banks during the crisis.[187] Although Dimon has publicly criticized the American government's strict immigration policies,[188] as of July 2018, his company has $1.6 million worth of stocks in Sterling Construction (the company contracted to build a massive wall on the U.S.-Mexico border).[189]

    Board of directors[edit]

    As of April 1, 2021:[190]

    • Jamie Dimon, chairman and CEO of JPMorgan Chase
    • Linda Bammann, former JPMorgan and Bank One executive
    • Steve Burke, chairman of NBCUniversal
    • Todd Combs, CEO of GEICO
    • James Crown, president of Henry Crown and Company
    • Timothy Flynn, former chairman and CEO of KPMG
    • Mellody Hobson, CEO of Ariel Investments
    • Michael Neal, CEO of GE Capital
    • Phebe Novakovic, Chairwoman and CEO of General Dynamics
    • Virginia Rometty, Executive Chairwoman of IBM, former Chairwoman, President and CEO of IBM

    Senior leadership[edit]

    List of former chairmen[edit]

    1. William B. Harrison Jr. (2000–2006)[192]

    List of former chief executives[edit]

    1. William B. Harrison Jr. (2000–2005)[192]

    Notable former employees[edit]

    Business[edit]

    Politics and public service[edit]

    • Frederick Ma – Hong Kong Secretary for Commerce and Economic Development (2007–08)
    • Tony Blair – Prime Minister of the United Kingdom (1997–2007)[194]
    • William M. Daley – U.S. Secretary of Commerce (1997–2000), U.S. White House Chief of Staff (2011–2012)
    • Michael Forsyth, Baron Forsyth of Drumlean – Secretary of State for Scotland (1995–97)
    • Thomas S. Gates, Jr. – U.S. Secretary of Defense (1959–61)
    • David Laws – UK Chief Secretary to the Treasury (May 2010) Minister of State for Schools
    • Rick Lazio – member of the U.S. House of Representatives (1993–2001)
    • Antony Leung – Financial Secretary of Hong Kong (2001–03)
    • Dwight Morrow – U.S. Senator (1930–31)
    • Margaret Ng – member of the Hong Kong Legislative Council
    • George P. Shultz – U.S. Secretary of Labor (1969–70), U.S. Secretary of Treasury (1972–74), U.S. Secretary of State (1982–89)
    • John J. McCloy – president of the World Bank, U.S. High Commissioner for Germany, chairman of Chase Manhattan Bank, chairman of the Council on Foreign Relations, a member of the Warren Commission, and a prominent United States adviser to all presidents from Franklin D. Roosevelt to Ronald Reagan
    • Mahua Moitra – Indian Member of Parliament, Lok Sabha

    Other[edit]

    Awards[edit]

    • Best Banking Performer, United States of America in 2016 by Global Brands Magazine Award.[197]

    See also[edit]

    Index products[edit]

    References[edit]

    1. ^"2Q21 Earnings Supplement"(PDF). JPMorgan Chase. June 30, 2021. Retrieved September 20, 2021.
    2. ^"J.P. Morgan Chase & Co. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
    3. ^"JP Morgan Chase Annual Report 2020"(PDF). .jpmorganchase.com. Retrieved February 1, 2021.
    4. ^"10-K". 10-K. Retrieved June 1, 2019.
    5. ^"2Q21 Earnings Supplement"(PDF). JPMorgan Chase. June 30, 2021. Retrieved September 20, 2021.
    6. ^ abNauman, Billy (October 6, 2020). "JPMorgan Chase promises to shift portfolio away from fossil fuels". Financial Times. Retrieved September 12, 2021.
    7. ^"Banks Ranked by Total Deposits". Usbanklocations.com. Retrieved November 12, 2017.
    8. ^ abc"History of Our Firm". JPMorganChase.
    9. ^de la Merced, Michael J. (June 16, 2008). "JPMorgan's Stately Old Logo Returns for Institutional Business". The New York Times. Retrieved December 14, 2009.
    10. ^"The History of J.P. Morgan Chase & Company"(PDF). 2008. Archived from the original(PDF) on September 27, 2011. Retrieved March 6, 2018.
    11. ^Schulz, Bill (July 29, 2016). "Hamilton, Burr and the Great Waterworks Ruse". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
    12. ^ abHansell, Saul (August 29, 1995). "Banking's New Giant: The Deal; Chase and Chemical Agree to Merge in $10 Billion Deal Creating Largest U.s. Bank". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
    13. ^ abHansell, Saul (September 3, 1996). "After Chemical Merger, Chase Promotes Itself as a Nimble Bank Giant". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
    14. ^Kahn, Joseph; McGeehan, Patrick (September 29, 1999). "Chase Agrees to Acquire Hambrecht & Quist". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
    15. ^Journal, Michael R. SesitStaff Reporter of The Wall Street (April 12, 2000). "Chase to Acquire Robert Fleming In $7.73 Billion Stock-Cash Deal". Wall Street Journal. ISSN 0099-9660. Retrieved October 30, 2019.
    16. ^Jimmy Lee's Global ChaseArchived June 28, 2011, at the Wayback Machine. The New York Times, April 14, 1997
    17. ^Kingpin of the Big-Time Loan. The New York Times, August 11, 1995
    18. ^ ab"JPMorgan Chase & Co.

      What credit score do you need to be approved for the Chase Sapphire Preferred Card?

       Editor’s note: This is a recurring post, regularly updated with new information.


      At The Points Guy, we devote a significant amount of time discussing how credit scores work and how to improve your credit score. Scores in the mid-700s and above will typically be enough to get you approved for most travel rewards cards. But having a lower score doesn’t necessarily mean that you can’t get those cards.

      Today we’ll analyze data points to uncover the unpublished (and perhaps unofficial) credit score requirements for the Chase Sapphire Preferred Card. However, although your credit score is a good indicator of your approval odds, it’s not an absolute science. Chase may still deny you even if you meet the “requirement” and may still approve you even if you’re below it.

      Get the latest points, miles and travel news by signing up for TPG’s free daily newsletter.

      In This Post

      Chase Sapphire Preferred overview

      The Chase Sapphire Preferred Card is a longtime favorite among advanced points and miles collectors, along with TPG readers, who voted it Best Travel Rewards Credit Card at the TPG Awards in 2020. But primary car rental coverage and trip delay protections aside, it lacks fancy travel benefits such as lounge access.

      Again, it currently offers a sign-up bonus of 60,000 points after you spend $4,000 on purchases in the first three months of account opening. And it earns valuable Chase Ultimate Rewards points. Cardholders also get at least one year of complimentary DashPass membership, which gives you free food delivery and reduced service fees on eligible orders from DoorDash.

      Application link: Chase Sapphire Preferred Card

      Check out the full Chase Sapphire Preferred credit card review for more information.

      Credit score required for the Chase Sapphire Preferred

      Someone checking their credit score on a smart phone

      The Chase Sapphire Preferred is considered a great beginner card. But you may not get approved if you don’t have much credit history or only have one credit card to your name. I’d recommend applying for one of the best first credit cards or best credit cards for college students if you are new to credit cards.

      However, it’s certainly possible to be approved for the Chase Sapphire Preferred as a beginner. According to Credit Karma, the Chase Sapphire Preferred’s average required score is 736. And the typical low score is 646. So while the average score for approvals is “good” to “very good,” perfect credit history isn’t necessary.

      Many other factors go into qualification beyond your credit score, such as your income and the average age of your credit accounts. Another significant factor that’s often forgotten is your relationship with the bank. If you’ve been a longtime Chase customer and have large balances in your bank accounts with them, reports suggest that you may have better approval odds (especially if you apply in a branch).

      Finally, even if you’re eyeing the Chase Sapphire Reserve, you may want to apply for the Chase Sapphire Preferred first. After all, it’s usually easier to get approved for the Sapphire Preferred than the Sapphire Reserve. And applying for the Chase Sapphire Preferred now will allow you to earn that sign-up bonus of 60,000 points. Then, you can request a product change to the Chase Sapphire Reserve at a later time.

      How many card accounts can I have open?

      (Photo by Isabelle Raphael / The Points Guy)

      As with most Chase cards, the Chase Sapphire Preferred is subject to Chase’s 5/24 rule. The 5/24 rule means that if you’ve opened five or more personal credit cards (with any issuer) in the last 24 months, Chase will automatically reject your application.

      The 5/24 rule is hard-coded into Chase’s system. So agents generally can’t manually override it. As such, if you’re over 5/24, your only option for getting the Chase Sapphire Preferred is to wait until you’re under 5/24 again.

      Related: How to calculate your 5/24 standing

      How to check your credit score

      Under no circumstances should you pay to check your credit score. Most credit cards you open come with a free FICO score calculator. And there are many other ways to check your credit score for absolutely free.

      Many free sites can help you keep even better track of your score and its factors. You can even use these services to dispute any information on your score that isn’t accurate or appears to be fraudulent. You could also consider paying for a credit monitoring service, such as the myFICO credit monitoring service.

      Factors that affect your credit score

      Before you start applying for any credit cards, it’s essential to understand the factors that make up your credit score. After all, the mere act of applying for new lines of credit will change your score.

      While the exact formula for calculating your credit score isn’t public, FICO is transparent about the factors they assess and the weightings they use:

      • Payment history: 35% of a FICO score represents your payment history. So, if you get behind in making loan payments, this part of your credit score will suffer. And the more extended and more recent the delinquency, the more significant the negative impact.
      • Amounts owed (credit utilization): 30% of your FICO score consists of the relative size of your current debt. In particular, your debt-to-credit ratio is the total of your debts divided by the total amount of credit available across all your accounts. Many people claim that it’s best to have a debt-to-credit ratio below 20%, but it’s not a magic number.
      • Length of credit history: 15% of your score represents the average length of all accounts on your credit history. The average length of your accounts can be a significant factor if you have a limited credit history. It can also be a factor for people who open and close accounts quickly.
      • New credit: Your most recent accounts determine 10% of your credit score. So, this part of your credit score will suffer if you’ve recently opened too many accounts. After all, obtaining a lot of new credit is one sign of financial distress.
      • Credit mix: 10% of your score is related to how many different credit accounts you have, such as mortgages, car loans, credit loans, and store credit cards. While having a mix of loan types is better than having just one type, no one recommends taking out unnecessary loans solely to boost your credit score.

      In the context of the Chase Sapphire Preferred, one crucial factor to consider is your average age of accounts. While a lengthier credit history will boost your score, many issuers focus on the one-year cutoff. That means that having an average age of accounts of more than a year can go a long way toward increasing your odds of approval. But, you might have trouble getting approved with 11 months of credit history — even if your numerical credit score is excellent.

      Finally, if you have any delinquencies or bankruptcies showing on your credit report, Chase might be hesitant to approve you for a new line of credit. It’s important to remember that your credit profile is more than just a number. Indeed, your credit profile is a collection of information given to the issuer to analyze your creditworthiness.

      Related: 7 things to understand about credit before applying for a new card

      What to do if you get rejected

      If Chase rejects you for a credit card, don’t give up. Credit card issuers have rejected me for 10 to 15 different credit cards over the years. And, while it hurts, you need to learn to fight for yourself. If you receive a rejection letter, you should first look at the reasons given for your rejection. By law, card issuers must send you a written or electronic communication explaining what factors prevented you from being approved.

      Once you’ve figured out why Chase rejected you, you can call the reconsideration line. Tell the person on the phone that you recently applied for a Chase credit card, were surprised to see Chase rejected your application and would like to speak to someone about getting that decision reconsidered. From there, it’s up to you to build a case and convince the agent why Chase should approve you for the card.

      For example, if Chase rejected you for having a short credit history, you can point to your stellar record of on-time payments. Or, if Chase rejected you for missed payments, you can explain that those were a long time ago and your recent history has been perfect.

      There’s no guarantee that your call will work, but I’ve had about one-third of my rejections reversed on reconsideration. So, it’s worth spending 15 minutes on the phone if it might help you get the card you want.

      Bottom line

      You should probably apply for the Chase Sapphire Preferred, especially with the larger 60,000-point sign-up bonus, as it’s bound to disappear. Hopefully, you won’t have trouble getting approved. But keep in mind that Chase will likely automatically reject you if any of the following apply to you:

      Although the average approved credit score is relatively high, you shouldn’t let that scare you away. After all, Chase will consider many other factors. Your best bet for keeping your score on a successful track is making on-time payments, keeping your closing balances low and being smart about the accounts you open and close. Establishing a banking relationship with Chase can also help your case. But, as the saying goes, your mileage may vary.

      Official application link: Chase Sapphire Preferred Card

      Additional reporting by Katie Genter and Joseph Hostetler

      Featured photo by John Gribben/The Points Guy.

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      Welcome to The Points Guy!

      Benji Stawski is a reporter for the site, covering all things points, miles, credit cards, travel and aviation.

      You can get in touch and follow his travels via Instagram.
      Источник: https://thepointsguy.com/guide/credit-score-needed-for-chase-sapphire-preferred/

      How to Prequalify for a Chase Credit Card

      Chase is known for its attractive card offerings — and also for its somewhat stringent credit requirements.

      If you want to know whether you’re likely to get a Chase credit card, it can help to prequalify for one first. This can prevent you from an unnecessary hard inquiry on your credit report and give you an idea of whether you have a good chance of getting the card.

      Here’s what you need to know if you want to prequalify for a Chase card.

      How to prequalify for Chase cards

      Prequalification is a process in which a credit card issuer does a soft credit pull to determine whether you might be eligible for certain offers. Often, a prequalification is initiated by the consumer; you contact the credit card issuer and see whether you meet the basic criteria.

      To see if you prequalify for a Chase card, you can use their online tool. All you have to do is enter your name, address, and the last four digits of your Social Security number. Chase will perform a soft credit check and let you know if there are any offers you qualify for. You can use this information to decide which Chase credit cards to apply for.

      It’s important to note that if you prequalify for a Chase card, there’s no guarantee that you’ll actually be approved for the card. You’ll have to go through the formal application process before you receive a final decision, but at least the prequalification form can give you an idea of whether you could be eligible for a given card.

      You might not qualify for any offers, however. But this can be a benefit, since it prevents you from going through the application process, where you’ll face a hard inquiry only to possibly be rejected. If you think you may not qualify based on your credit, you can instead work on improving your credit and make an attempt later.

      Getting preapproved may be harder

      With a preapproval, on the other hand, the lender may actually make you an offer independently. Again, a preapproval comes with a soft inquiry. But in this case, Chase has likely determined that your credit profile meets the criteria of others who have similar card offers.

      Once again, a preapproval isn’t a guarantee that you’ll ultimately get a credit card. However, if the bank has decided that you’re likely to qualify, you may have a better chance of success.

      There are two main ways to get preapproved for a Chase credit card:

      • Mail: Unfortunately, you have no control over this type of preapproval. Chase sends you an offer in the mail, letting you know that you likely meet the criteria and inviting you to apply. There’s usually an application code you can use to apply on the website.
      • Chase branch: If you want to ask about preapproval, you can visit one of Chase’s branches, which are all over the country. Your results may be better if you already have some type of account with Chase. The employee should be able to tell you whether you’ve been preapproved for any offers. You can then apply for the card in the branch.

      Realize, though, that your chances of prequalification or preapproval can be marred by what’s known as the Chase 5/24 rule. Under this unofficial rule, if you’ve signed up for five credit card accounts within the last 24 months, you’re unlikely to be approved for a Chase card.

      3 Chase cards to consider

      If you’re looking for a Chase credit card, there are several to choose from. Here are three of the top contenders.

      Chase Sapphire Preferred

      The Chase Sapphire Preferred credit card focuses on earnings with dining and travel. If you like dining and eating out, this card could help you earn enough rewards to offset the $95 annual fee. You earn 5X points on Lyft rides (through March 2022) and travel booked through Chase Ultimate Rewards; 3X points on eligible dining, select streaming services, and online grocery purchases; 2X points on travel; and 1X points per $1 on all other eligible purchases, plus you can earn 60,000 points after spending $4,000 on purchases in the first 3 months — worth $750 in travel. Redeem points through Chase Ultimate Rewards for the best value on travel, merchandise, and even cash.

      Chase Freedom Flex

      If you’re looking for a no-fee card that offers cash back, the Chase Freedom Flex credit card could be a solid choice. In addition to offering you 5% on rotating quarterly categories (on up to $1,500 spent) and travel purchased through the Chase Ultimate Rewards portal; 3% at restaurants (including takeout and delivery) and drugstores; and 1% on all other purchases; you can also get an introductory 0% APR for 15 months on purchases (then 14.99% to 24.74% (variable)). 

      There’s also a generous welcome offer with this card. New cardmembers earn $200 cash back after spending $500 on purchases in the first 3 months, plus earn 5% cash back on grocery store purchases (not including target or walmart; up to $12,000 in the first year).

      Chase Freedom Unlimited

      For those who like the idea of cash back but don’t want to keep track of rotating categories, the Chase Freedom Unlimited offers an alternative. There’s a $0 annual fee, and you earn 5% on travel purchased through Chase Ultimate Rewards, 3% on dining and drugstore purchases, and 1.5% on all other purchases. 

      You can also earn a $200 cash back bonus after spending $500 in the first 3 months, plus earn 5% cash back on grocery store purchases (not including target or walmart; up to $12,000 in the first year). Finally, you'll also get a 0% intro APR on purchases for 15 months (then 14.99% to 23.74% (variable)).

      Bottom line

      Chase offers some of the best credit cards around, and it’s no surprise that so many people want a Chase prequalification offer. Because so many of the cards require good-to-excellent credit and are subject to the 5/24 rule, it can make a lot of sense to go through the prequalification process before you commit to a formal application.

      Author Details

      Miranda Marquit

      Miranda Marquit Miranda Marquit has been covering money for more than a decade and is a nationally-recognized financial expert and journalist, appearing on CNBC, NPR, Forbes, Yahoo! Finance, FOX Business, and numerous other outlets.

      More posts from Miranda Marquit >

      Источник: https://financebuzz.com/chase-prequalify-credit-card

      At Experian, one of our priorities is consumer credit and finance education. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. For more information, see our Editorial Policy.

      The difference between preapproval and prequalification can depend on the creditor and the type of loan or credit card—some creditors may even use the terms interchangeably.

      In either case, a creditor has done an initial assessment to determine if you'll likely get approved for a new loan or credit card. It may then offer you potential interest rates, terms and loan amounts based on the assessment.

      Prequalification tends to refer to less rigorous assessments, while a preapproval can require you share more personal and financial information with a creditor. As a result, an offer based on a prequalification may be less accurate or certain than an offer based on a preapproval.

      What Does Prequalified Mean?

      Prequalification means the creditor has done at least a basic review of your creditworthiness to determine if you're likely to qualify for a loan or credit card. Consumers initiate this process when they submit a prequalification application for a loan or card.

      Requirements for prequalification can vary depending on the situation. It may involve sharing basic information about your financial situation, such as your annual income, monthly housing payment and savings. For some prequalifications, lenders will check your credit through a soft inquiry—the type of inquiry that doesn't impact your credit scores.

      Once you're prequalified, you can choose to apply and undergo a complete review process. The review may require you to submit official documents, rather than estimates, and agree to a hard credit inquiry, which can impact your credit scores.

      Getting prequalified doesn't guarantee an approval. But if you're able to apply for prequalification with a soft inquiry (or no inquiry), it's generally a good idea. If you get denied at this stage, you'll know you can move on and avoid the hard inquiry.

      What Does It Mean to Be Preapproved?

      Getting preapproved may be a better indication that you'll get approved for a loan or card—but it depends on the process. For example, if you're preapproved for a credit card online, the card issuer may be using preapproval and prequalified to mean the same thing.

      Additionally, you may have received preapproval offers for loans or credit cards by mail, phone or email. These prescreened offers generally mean you appeared on a credit reporting agency's list of consumers that meet a creditor's criteria, and have been sent a firm offer of credit as a result.

      If you respond to the offer and apply, the creditor must offer you the same terms as in the mailing. But those terms may have a range, and you won't know your exact offer until you apply and agree to a hard inquiry.

      Whether you applied or received an unsolicited offer saying you're preapproved, there's still no guarantee you'll get approved—especially if factors like your income, collateral or credit history have recently changed.

      Mortgage and car loan preapprovals, however, are a contrast to preapproval for other types of credit and can involve a fairly complex application and review process. You may need to submit tax returns, proof of income and bank statements and agree to a credit check. The mortgage or auto lender could take some time to review and verify these documents, and they may then offer you a loan preapproval letter that's good for several months.

      Do Preapproval and Prequalification Offers Impact Credit Score?

      With credit cards, neither prequalification nor preapproval offers will impact your credit scores because with either process, if there's a credit check, the credit check usually results in a soft inquiry. Auto loans and mortgages are different, however, and will typically result in a hard inquiry on your credit that may hurt your credit scores. Fortunately, if it does, it's often a small impact that only lasts for a few months.

      Also keep in mind that if you're rate-shopping for an auto or home loan, credit scoring models will treat all hard inquiries as one if made in a 14-day period (some models allow up to 45 days). So assuming you shop your loans in a short period of time, your credit will suffer little, if any, damage.

      Can I Opt Out of Credit Card and Loan Offers?

      If you're receiving prescreened credit or insurance offers, you can opt out for a five-year period or permanently by calling 888-567-8688 or visiting OptOutPrescreen.com. It can take up to 65 days for you to stop receiving these offers once you opt out.

      Opting out will stop offers sent based on information in your credit report, but it won't stop all forms of prescreened offers. For example, some companies send offers based on marketing lists or mass mailings to residents of certain areas. You may be able to opt out of those lists by directly contacting the company that sent you the offer.

      Rate Shop Without Hurting Your Credit

      If you're looking for a loan or credit card, getting prequalified or preapproved could be a smart first step. You'll know upfront whether you're likely to get approved or denied and can see your estimated rates and terms. You can also use prequalification tools, such as Experian CreditMatchTM, to compare and find the best offers based on your credit.

      Источник: https://www.experian.com/blogs/ask-experian/pre-approved-vs-pre-qualified-whats-the-difference/

      Check If You’re Pre-Approved & Pre-Qualified for Credit Cards – 2021

      See all Pre-Approved, Pre-Qualified Credit Cards Offers, Promotions, and Bonuses here.

      If you are interested in signing up for a credit card, then you should be aware of cards that are already pre-qualified for you. There is a difference between signing up for a card as a fresh, new member and signing up for a card pre-approved for you. Generally, the credit cards that are pre-approved have better deals.

      You might be asking, “How do I know if I am pre-approved for a credit card?” Well, this article will show you just how to that. Most credit card issuers now allow you to view pre-approval online. Below you will find a list of credit card issuers that allow you to view your pre-approval status.

      Note: Being pre-qualified does not mean you will be approved for the credit card. Issuers will perform a hard pull on your credit before they approve you, so if your financial circumstances have changed since pre-qualification, then you will be denied the credit card.

      Chase Sapphire Reserve Card

      The Chase Sapphire Reserve offers 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards.

      Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit.

      You'll earn
      • 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards immediately after the first $300 is spent on travel purchases annually.
      • 5X total points on air travel
      • 3X points on other travel and dining
      • 1 point per $1 spent on all other purchases

      When redeeming your points for travel through Chase Ultimate Rewards, you'll get 50% more value.

      This card does carry a $550 annual fee and there are no foreign transaction fees. However, you're able to earn a $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year & up to $100 application fee credit for Global Entry or TSA Pre✓®.

      Learn More About This Card Here

      Table of Contents

      Pre-Approved American Express Cards

      American Express allows you to view your pre-qualification status online. You’ll just need to visit the American Express Pre-Qualification Statuspage and click ‘Check for Offer’ on the top. Fill out your personal information, and then click View My Card Offers. You will then be able to see a list of all the credit card offers you have been pre-qualified for.

      Additionally, you are able to check if you are pre-qualified for small business credit cards. You just need to go to American Express Small Business Credit Cards.Scroll to the bottom of the page and fill out the form. Be sure to check the box saying that you accept to receive promotional offers from American Express.

      Pre-Approved Bank of America Cards

      You can view different Bank of America opportunities by clicking on Bank of America Customized Offers.You’ll need to fill out your name, address, DOB, and the last 4 digits of your SSN. Check the small box saying that you understand, and click on Get Customized Offers. The picture below will show you what the page looks like.

      Pre-Approved Barclaycard Cards

      *BarclayCard recently pulled their pre-approved checker*

      Pre-Approved Capital One Cards

      You will need to visit the Capital One Pre-Qualification page. On this page you will have to fill out the entire form with your personal information. Be sure to check the box that says “I understand that this is not a credit card application.” After clicking, you’ll be able to see a list of credit cards you might have been pre-qualified for.

      CardMatch by CreditCards.com

      On CreditCards.com there is a tool called CardMatch. It was designed to reduce the amount of websites you needed to check for your pre-qualification status. To get started, go to CardMatch.Click on Get Started for Free. You’ll need to fill out your personal information and continue through the process in order to find some card matches just for you. 

      Chase Pre-Qualified Offers

      For Chase, you can check your status by visiting Chase Pre-Qualified Card Offers.Like the other sties, you’ll need to provide your personal information in order to see which cards you are pre-qualified for you.

      If you haven’t opened a Chase bank account, go ahead and check out our Chase Bank Account Promotions for cash bonuses.

      Pre-Approved Citibank Cards

      Citibank also has a link where you can check if you have been pre-approved for a credit card. Go ahead and check out the Citibank Pre-Qualification Form. Again, you’ll have to fill out your personal information in order to gain access to your pre-qualified cards.

      Pre-Approved Discover Cards

      Like most of the other banks, you’ll have to visit their page Discover Find My Offer.Fill out all the information needed (first name, last name, last 4 of your SSN), and you will be able to see which cards you are offered and pre-qualified for.

      Pre-Approved US Bank Cards

      US Bank recently re-added their pre-qualification checker, which you can view by clicking on US Bank Pre-Qualification Checker. Like the others, you’ll need to enter your full name, address and last four digits of your SSN. You’ll also need to tell them what you look for most in a credit card.

      Pre-Approved USAA Cards

      USAA is a bit different from usual card issuers when it comes to qualified offers because you WILL need to be a member prior to searching any existing pre-qualified offers. You will need to log into your account and they’ll show you pre-selected offers: search for ‘offers’, select ’My Offers Page’

      Conclusion

      Being pre-approved for a credit card provides numerous benefits for you as opposed to just freshly applying for one. Banks know if you have a good credit score and are more inclined to give you opportunities to bank with them, resulting in more benefits for you! Be sure to check with each bank to see if you are pre-qualified for their specific credit cards.

      If you liked this article, go ahead and check out our Credit Card Offers found only on BankCheckingSavings!

      Filed under: Card News, Credit Cards

      Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

      About Anthony Nguyen

      Anthony Nguyen, founder of Bankcheckingsavings.com, has a passion for finding the best deals, bank promotions, credit card offers, cash back, points & miles, and everything in between. Contact Anthony for media/advertising.

      Источник: https://www.bankcheckingsavings.com/pre-approved-pre-qualified-credit-cards/

      How to Prequalify for a Chase Credit Card

      Chase is known for its attractive card offerings — and also for its somewhat stringent credit requirements.

      If you want to know whether you’re likely to get a Chase credit card, it can help to prequalify for one first. Chase bank pre qualified credit card can prevent you from an unnecessary hard inquiry on your credit report and give you an idea of whether you have a good chance of getting the card.

      Here’s what you need to know if you want to prequalify for a Chase card.

      How to prequalify for Chase cards

      Prequalification is a process in which a credit card issuer does a soft credit pull to determine whether you might be eligible for certain offers. Often, a prequalification is initiated by the consumer; you contact the credit card issuer and see whether you meet the basic criteria.

      To see if you prequalify for a Chase card, you can use their online tool. All you have to do is enter your name, address, and the last four digits of your Social Security number. Chase will perform a soft credit check and let you know if there are any offers you qualify for. You can use this information to decide which Chase credit cards to apply for.

      It’s important to note that if you prequalify for a Chase card, there’s no guarantee that you’ll actually be approved for the card. You’ll have to go through the formal application process before you receive a final decision, but at least the prequalification form can give you an idea of whether you could be eligible for a given card.

      You might not qualify for any offers, however. But this can be a benefit, since it prevents you from going through the application process, where you’ll face a hard inquiry only to possibly be rejected. If you think you may not qualify based on your credit, you can instead work on improving your credit and make an attempt later. amazon login id number preapproved may be harder

      With a preapproval, on the other hand, the lender may actually make you an offer independently. Again, a preapproval comes with a soft inquiry. But in this case, Chase has likely determined that your credit profile meets the criteria of others who have similar card offers.

      Once again, a preapproval isn’t a guarantee that you’ll ultimately get a credit card. However, if the bank has decided that you’re likely to qualify, you may have a better chance of success.

      There are two main ways to get preapproved for a Chase credit card:

      • Mail: Unfortunately, you have no control over this type of preapproval. Chase sends you an offer in the mail, letting you know that you likely meet the criteria and inviting you to apply. There’s usually an application code you can use to apply on the website.
      • Chase branch: If you want to ask about preapproval, you can visit one of Chase’s branches, which are all over the country. Your results may be better if you already have some type of account with Chase. The employee should be able to tell you whether you’ve been preapproved for any offers. You can then apply for the card in the branch.

      Realize, though, that your chances of prequalification or preapproval can be marred by what’s known as the Chase 5/24 rule. Under this unofficial rule, if you’ve signed up for five credit card accounts within the last 24 months, you’re unlikely to be approved for a Chase card.

      3 Chase cards to consider

      If you’re looking for a Chase credit card, there are several to choose from. Here are three of the top contenders.

      Chase Sapphire Preferred

      The Chase Sapphire Preferred credit card focuses on earnings with dining and travel. If you like dining and eating out, this card could help you earn enough rewards to offset the $95 annual fee. You earn 5X points on Lyft rides (through March 2022) and travel booked through Chase Ultimate Rewards; 3X points on eligible dining, select streaming services, and online grocery purchases; 2X points on travel; and 1X icici bank personal loan pay online per $1 on all other eligible purchases, plus you can earn 60,000 points after spending $4,000 on purchases in the first 3 months — worth $750 in travel. Redeem points through Chase Ultimate Rewards for the best value on travel, merchandise, and even cash.

      Chase Freedom Flex

      If you’re looking for a no-fee card that offers cash back, the Chase Freedom Flex credit card could be a solid choice. In addition to offering you 5% on rotating quarterly categories (on up to $1,500 spent) and travel purchased through the Chase Ultimate Rewards portal; 3% at restaurants (including takeout and delivery) and drugstores; and 1% on all other purchases; you can also get an introductory 0% APR for 15 months on purchases (then 14.99% to 24.74% (variable)). 

      There’s also a generous welcome offer with this card. New cardmembers earn $200 cash back after spending $500 on purchases in the first 3 months, plus earn 5% cash back on grocery store purchases (not including target or walmart; up to $12,000 in the first year).

      Chase Freedom Unlimited

      For those who like the idea of cash back but don’t want to keep track of rotating categories, the Chase Freedom Unlimited offers an alternative. There’s a $0 annual fee, and you earn 5% on travel purchased through Chase Ultimate Rewards, 3% on dining and drugstore purchases, and 1.5% on all other purchases. 

      You can also earn a $200 cash back bonus after spending $500 in the first 3 months, plus earn 5% cash back on grocery store purchases (not including target or walmart; up to $12,000 in the first year). Finally, you'll also get a 0% intro APR on purchases for 15 months (then 14.99% to 23.74% (variable)).

      Bottom line

      Chase offers some of the best credit cards around, and it’s no surprise that so many people want a Chase prequalification offer. Because so many of the cards require good-to-excellent credit and are subject to the 5/24 rule, it can make a lot of sense to go through the prequalification process before you commit to a formal application.

      Author Details

      Miranda Marquit

      Miranda Marquit Miranda Marquit has been covering money for more than a decade and is a nationally-recognized financial expert and journalist, appearing on CNBC, NPR, Forbes, Yahoo! Finance, FOX Business, and numerous other outlets.

      More posts from Miranda Marquit >

      Источник: https://financebuzz.com/chase-prequalify-credit-card

      What credit score do you need to be approved for the Chase Sapphire Preferred Card?

       Editor’s note: This is a recurring post, regularly updated with new information.


      At The Points Guy, we devote a significant amount of time discussing how credit scores work and how to improve your credit score. Scores in the mid-700s and above will typically be enough to get you approved for most travel rewards cards. But having a lower score doesn’t necessarily mean that you can’t get those cards.

      Today we’ll analyze data points to uncover the unpublished (and perhaps unofficial) credit score requirements for the Chase Sapphire Preferred Card. However, although your credit score is a good indicator of your approval odds, it’s not an absolute science. Chase may still deny you even if you meet the “requirement” and may still approve you even if you’re below it.

      Get the latest points, miles and travel news by signing up for TPG’s free daily newsletter.

      In This Post

      Chase Sapphire Preferred overview

      The Chase Sapphire Preferred Card is a longtime favorite among advanced points and miles collectors, along with TPG readers, who voted it Best Travel Rewards Credit Card at the TPG Awards in 2020. But primary car rental coverage and trip delay protections aside, it lacks fancy travel benefits such as lounge access.

      Again, it currently offers a sign-up bonus of 60,000 points after you spend $4,000 on purchases in the first three months of account opening. And it earns valuable Chase Ultimate Rewards points. Cardholders also get at least one year of complimentary DashPass membership, which gives you free food delivery and reduced service fees on eligible orders from DoorDash.

      Application link: Chase Sapphire Preferred Card

      Check out the full Chase Sapphire Preferred credit card review for more information.

      Credit score required for the Chase Sapphire Preferred

      Someone checking their credit score on a smart phone

      The Chase Sapphire Preferred is considered a great beginner card. But you may not get approved if you don’t have much credit history or only have one credit card to your name. I’d recommend applying for one of the best first credit cards or best credit cards for college students if you are new to credit cards.

      However, it’s certainly possible to be approved for the Chase Sapphire Preferred as a beginner. According to Credit Karma, the Chase Sapphire Preferred’s average required score is 736. And the typical low score is 646. So while the average score for approvals is “good” to “very good,” perfect credit history isn’t necessary.

      Many other factors go into qualification beyond your credit score, such as your income and the average age of your credit accounts. Another significant factor that’s often forgotten is your relationship with the bank. If you’ve been a longtime Chase customer and have large balances in your bank accounts with them, reports suggest that you may have better approval odds (especially if you apply in a branch).

      Finally, even if you’re eyeing the Chase Sapphire Reserve, you may want to apply for the Chase Sapphire Preferred first. After all, it’s usually easier to get approved for the Sapphire Preferred than the Sapphire Reserve. And applying for the Chase Sapphire Preferred now will allow you to earn that sign-up bonus of 60,000 points. Then, you can request a product change to the Chase Sapphire Reserve at a later time.

      How many card accounts can I have open?

      (Photo by Isabelle Raphael / The Points Guy)

      As with most Chase cards, the Chase Sapphire Preferred is subject to Chase’s 5/24 rule. The 5/24 rule means that if you’ve opened five or more personal credit cards (with any issuer) in the last 24 months, Chase will automatically reject your application.

      The 5/24 rule is hard-coded into Chase’s system. So agents generally can’t manually override it. As such, if you’re over 5/24, your only option for getting the Chase Sapphire Preferred is to wait until you’re under 5/24 again.

      Related: How to calculate your 5/24 standing

      How to check your credit score

      Under no circumstances should you pay to check your credit score. Most credit cards you open come with a free FICO score calculator. And there are many other ways to check your credit score for absolutely free.

      Many free sites can help you keep even better track of your score and its factors. Chase bank pre qualified credit card can even use these services to dispute any information on your score that isn’t accurate or appears to be fraudulent. You could also consider paying for a credit monitoring service, such as the myFICO credit monitoring service.

      Factors that affect your credit score

      Before you start applying for any credit cards, it’s essential to understand the factors that make up your credit score. After all, the mere act of applying for new lines of credit will change your score.

      While the exact formula for calculating your credit score isn’t public, FICO is transparent about the factors they assess and the weightings they use:

      • Payment history: 35% of a FICO score represents your payment history. So, if you get behind in making loan payments, this part of your credit score will suffer. And the more extended and more recent the delinquency, the more significant the negative impact.
      • Amounts owed (credit utilization): 30% of your FICO score consists of the relative size of your current debt. In particular, your debt-to-credit ratio is the total of your debts divided by the total amount of credit available across all your accounts. Many people claim that it’s best to have a debt-to-credit ratio below 20%, but it’s not a magic number.
      • Length of credit history: 15% of your score represents the average length of all accounts on your credit history. The average length of your accounts can be a significant factor if you have a limited credit history. It can also be a factor for people who open and close accounts quickly.
      • New credit: Your most recent accounts nc gov des 10% of your credit score. So, this part of your credit score will suffer if you’ve recently opened too many accounts. After all, obtaining a lot of new credit is one sign of financial distress.
      • Credit mix: 10% of your score is related to how many different credit accounts you have, such as mortgages, car loans, credit loans, and store credit cards. While having a mix of loan types is better than having just one type, no one recommends taking out unnecessary loans solely to boost your credit score.

      In the context of the Chase Sapphire Preferred, one crucial factor to consider is your average age of accounts. While a lengthier credit history will boost your score, many issuers focus on the one-year cutoff. That means that having an average age of accounts of more than a year can go a long way toward increasing your odds of approval. But, you might have trouble getting approved with 11 months of credit history — even if your numerical credit score is excellent.

      Finally, if you have any delinquencies or bankruptcies showing on your credit report, Chase might be hesitant to approve you for a new line of credit. It’s important to remember that your credit profile is more than just a number. Indeed, your credit profile is a collection of information given to the issuer to analyze your creditworthiness.

      Related: 7 things to understand about credit before applying for a new card

      What to do if you get rejected

      If Chase rejects you for a credit card, don’t give up. Credit card issuers have rejected me for 10 to 15 different credit cards over the years. And, while it hurts, you need to learn to fight for yourself. If you receive first state community bank desloge mo hours rejection letter, you should first look at the reasons given for your rejection. By law, card issuers must send you a written or electronic communication explaining what factors prevented you from being approved.

      Once you’ve figured out why Chase rejected you, you can call the reconsideration line. Tell the person on the phone that you recently applied for a Chase credit card, were surprised to see Chase rejected your application and would like to speak to someone about getting that decision reconsidered. From there, it’s up jobs amazon near me you to build a case and convince the agent why Chase should approve you for the card.

      For example, if Chase rejected you for having a short credit history, you can point to your stellar record of on-time payments. Or, if Chase rejected you for missed payments, you can explain that those were a long time ago and your recent history has been perfect.

      There’s no guarantee that your call will work, but I’ve had about one-third of my rejections reversed on reconsideration. So, it’s worth spending 15 minutes on the phone if it might help you get the card you want.

      Bottom line

      You should probably apply for the Chase Sapphire Preferred, especially with the larger 60,000-point sign-up bonus, as it’s bound to disappear. Hopefully, you won’t have trouble getting approved. But keep in mind that Chase will likely automatically reject you if any of the following apply to you:

      Although the average approved credit score is relatively high, you shouldn’t let that scare you away. After all, Chase will consider many other factors. Your best bet for keeping your score on a successful track is making on-time payments, keeping your closing balances low and being smart about the accounts you open and close. Establishing a banking relationship with Chase can also help your case. But, as the saying goes, your mileage may vary.

      Official application link: Chase Sapphire Preferred Card

      Additional reporting by Katie Genter and Joseph Hostetler

      Featured photo by John Gribben/The Points Guy.

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      Welcome to The Points Guy!

      Benji Stawski is a reporter for the site, covering all things points, miles, credit cards, travel and aviation.

      You can get in touch and follow his travels via Instagram.
      Источник: https://thepointsguy.com/guide/credit-score-needed-for-chase-sapphire-preferred/

      JPMorgan Chase

      American investment bank

      This article is about the company. For the person, see J. P. Morgan.

      J P Morgan Chase Logo 2008 1.svg
      383 Madison Ave Bear Stearns C R Flickr 1.jpg
      TypePublic

      Traded as

      ISINUS46625H1005
      IndustryFinancial services
      PredecessorsJ.P. Morgan & Co.
      Chase National Bank
      Chemical Bank
      The Manhattan Company
      FoundedDecember 1, 2000; 20 years ago (2000-12-01)
      FoundersJohn Pierpont Morgan
      (J.P. Morgan & Co.)
      John Thompson
      (Chase National Bank)
      Balthazar P. Melick
      (Chemical Bank)
      Aaron Burr
      (The Manhattan Company)
      Headquarters

      New York City, New York

      ,

      U.S.

      Area served

      Worldwide

      Key people

      Jamie Dimon
      (Chairman & CEO)
      Daniel E. Pinto
      (Co-President & COO)
      Gordon A. Smith
      (Co-President & COO)
      ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management, etc.
      RevenueIncreaseUS$119.54 billion (2020)

      Operating income

      Decrease US$35.40 billion (2020)

      Net income

      Decrease US$29.13 billion (2020)
      AUMIncreasechase bank pre qualified credit card US$2.99 trillion (2020)
      Total assetsIncrease US$3.68 trillion[1] (2021)
      Total equityIncrease US$279.35 billion (2020)

      Number of employees

      Decrease 255,351 (2020)
      DivisionsAsset and Wealth Management, Consumer and Community Banking, Commercial Banking, Corporate and Investment Banking
      SubsidiariesChase Bank
      J.P. Morgan & Co.
      One Equity Partners
      Capital ratioTier 1 15.8% (D31, 2020)
      Websitejpmorganchase.com
      Footnotes / references
      [2][3]

      JPMorgan Chase & Co. is an American multinationalinvestment bank and financial servicesholding company headquartered in New York City. JPMorgan Chase is incorporated in Delaware.[4] As of June 30, 2021, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth-largest worldwide in terms of total assets, controlling US$3.684 trillion.[5]

      As a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. As of 2021 it is the largest lender to the fossil fuel industry in the world.[6] It is one of America's Big Four banks, along with Bank of America, Citigroup, and Wells Fargo.[7] JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, private wealth management, and treasury services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. Both the retail and commercial bank and the bank's corporate headquarters are currently located at 383 Madison Avenue in Midtown Manhattan, New York City, since the prior headquarters building directly across the street, 270 Park Avenue, was demolished and a larger replacement headquarters is being built on the same site.[8] It is considered a systemically important bank by the Financial Stability Board.

      The current company was originally known as Chemical Bank, which acquired Chase Manhattan and assumed that company's name. The present company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.[8]

      History[edit]

      The JPMorgan Chase logo prior to the 2008 rebranding
      As of June 2008, the JPMorgan logo used for the company's Investment Banking, Asset Management, and Treasury & Securities Services units.[9]

      JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799, by Aaron Burr.

      Main article: Chase Manhattan Bank

      The logo used by Chase following the merger with the Manhattan Bank in 1954

      The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799),[10] the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.[11]

      According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:

      At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today JPMorgan Chase, the largest bank in the United States.

      Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name.[12][13] Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion.[14] In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.[15]

      Chemical Banking Corporation[edit]

      Main article: Chemical Bank

      The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first major bank merger "among equals"). In the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of the pioneering investment banker, Jimmy Lee.[16][17] At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share).

      In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase name.[12][13] To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters site at 270 Park Avenue (the current building was demolished and a larger replacement headquarters is being built on the same site).

      J.P. Morgan & Company[edit]

      Main article: J.P. Morgan & Co.

      The J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank in 2000
      Influence of J.P. Morgan in Large Corporations, 1914
      The J.P. Morgan headquarters in New York City following the September 16, 1920, bomb explosion that took the lives of 38 and injured over 400

      The House of Morgan was born out of the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan).[18] J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion dollar corporation.[19] In 1895, J.P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million.[20] In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England.[21]

      Built in 1914, 23 Wall Street was the bank's headquarters for decades. On September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38.[22] Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The case has never been solved, and was rendered inactive by the FBI in 1940.[23]

      In August 1914, Henry P. Davison, a Morgan partner, made a deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France. The Bank of England became a "fiscal agent" of J.P. Morgan & Co., and vice versa.[24] The company also invested in the suppliers of war equipment to Britain and France. The company profited from the financing and purchasing activities of the two European governments.[24] Since the U.S. federal government withdrew from world affairs under successive isolationistRepublican administrations in the 1920s, J.P. Morgan & Co. continued playing a major role in global affairs since most European countries still owed war debts.[25]

      In the 1930s, J.P. Morgan & Co. and all integrated banking businesses in the United States were required by the provisions of the Glass–Steagall Act to separate their investment banking from their commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank.[26][better source needed]

      In 1935, after being barred from the securities business for over a year, the heads of J.P. Morgan spun off its investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont Morgan) and Harold Stanley, Morgan Stanley was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock from J.P. Morgan partners.[26][better source needed] In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company.[18] The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before migrating back to the use of the J.P. Morgan brand. In 1984, the group purchased the Purdue National Corporation of Lafayette, Indiana. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.[27]

      Bank One Corporation[edit]

      Main article: Bank One Corporation

      In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current Chairman and CEO Jamie Dimon as president and COO.[28] He succeeded former CEO William B. Harrison, Jr.[29] Dimon introduced new cost-cutting strategies, and replaced former Chase bank pre qualified credit card Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in December 2005 and Chairman in December 2006.[30]

      Bank One Corporation was formed with the 1998 merger of Banc One of Columbus, Ohio and First Chicago NBD.[31] This merger was considered a failure until Dimon took over and reformed the new firm's practices. Dimon effected changes to make Bank One Corporation a viable merger partner for JPMorgan Chase.[32]


      Bank One Corporation, formerly First Bancgroup of Ohio, was founded as a holding company for City National Bank of Columbus, Ohio, and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamed Banc One Corporation.[33] With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One." After the First Chicago NBD merger, adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. JPMorgan Chase completed the acquisition of Bank One in the third quarter of 2004.[33]

      Bear Stearns[edit]

      Main article: Bear Stearns

      At the end of 2007, Bear Stearns was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of the year.[34] On Friday, March 14, 2008, Bear Stearns lost 47% of its equity market value as rumors emerged that clients were withdrawing capital from the bank. Over the following weekend, it emerged that Bear Stearns might prove insolvent, and on March 15, 2008, the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns.[35]

      On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced its plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder approval scheduled within 90 days.[35] In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows.[36] On March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million.[34] The stock swap agreement was signed that night.[37]

      On March 24, 2008, after public discontent over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share.[34] Under the revised terms, JPMorgan also immediately acquired a 39.5% stake in Bear Stearns using newly issued shares at the new offer price and gained a commitment from the board, representing another 10% of the share capital, that its members would vote in favor of the new deal. With sufficient commitments to ensure a successful shareholder vote, the merger was completed on May 30, 2008.[38]

      Washington Mutual[edit]

      Main article: Washington Mutual

      The Washington Mutual logo prior to its 2008 acquisition by JPMorgan Chase

      On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation. That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, had seized Washington Mutual Bank and placed it into receivership. The Keybank business login sold the bank's assets, secured debt obligations, and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.[39]

      JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual.[40] Through the acquisition, JPMorgan now owns the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009.

      Chief executive Alan H. Fishman received a $7.5 million sign-on bonus and cash severance of $11.6 million after being CEO for 17 days.[41]

      Lawsuits and legal settlements[edit]

      Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation with aiding and abetting Enron Corp.'s securities fraud, which collapsed amid a financial scandal in 2001.[42] In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office. In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.[43]

      In December 2002, Chase paid fines totaling $80 million, with the amount split between the states and the federal government. The fines were part of a settlement involving charges that ten banks, including Chase, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.[44]

      JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in March 2005 to pay $2 billion; that was 46 percent, or $630 million, more than it would have paid had it accepted an investor offer in May 2004 of $1.37 billion. J.P. Morgan was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in 2004 by Citigroup.[45] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[46][47]

      In 2008 and 2009, 14 lawsuits were filed against JPMorgan Chase in various district courts on behalf of Chase credit card holders claiming the bank violated the Truth in Lending Act, breached its contract with the consumers, and committed a breach of the implied covenant of good faith and fair dealing. The consumers contended that Chase, with little or no notice, increased minimum monthly payments from 2% to 5% on loan balances that were transferred to consumers' credit cards based on the promise of a fixed interest rate. In May 2011, the United States District Court for the Northern District of California certified the class action lawsuit. On July 23, 2012, Chase agreed to pay $100 million to settle the claim.[48]

      In November 2009, a week after Birmingham, Alabama Mayor Larry Langford was convicted for financial crimes related to bond swaps for Jefferson County, Alabama, JPMorgan Chase & Co. agreed to a $722 million settlement with chase bank pre qualified credit card U.S. Securities and Exchange Commission to end a probe into the sales of derivatives that allegedly contributed to the near-bankruptcy of the county. JPMorgan had been chosen by the county commissioners to refinance the county's sewer debt, and the SEC had alleged that JPMorgan made undisclosed payments to close friends of the commissioners in exchange for the deal and made up for the costs by charging higher interest rates on the swaps.[49]

      In June 2010, J.P. Morgan Securities was fined a record £33.32 million ($49.12 million) by the UK Financial Services Authority (FSA) for failing to protect an average of £5.5 billion of clients' money from 2002 to 2009.[50][51] FSA requires financial firms to keep clients' funds in separate accounts to protect the clients in case such a firm becomes insolvent. The firm had failed to properly segregate client funds from corporate funds following the merger of Chase and J.P. Morgan, resulting in a violation of FSA regulations but no losses to clients. The clients' funds would have been at risk had the firm become insolvent during this period.[52] J.P. Morgan Securities reported the incident to the FSA, corrected the errors, and cooperated in the ensuing investigation, resulting in the fine being reduced 30% from an original amount of £47.6 million.[51]

      In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages, including active-duty personnel in the War in Afghanistan. The bank also admitted it improperly foreclosed on more than a dozen military families; both actions were in clear violation of the Servicemembers Civil Relief Act which automatically lowers mortgage rates to 6 percent, and bars foreclosure proceedings of active-duty personnel. The overcharges may have never come to light were it not for legal action taken by Captain Jonathan Rowles. Both Captain Rowles and his spouse Julia accused Chase of violating the law and harassing the couple for nonpayment. An official stated that the situation was "grim" and Chase initially stated it would be refunding up to $2,000,000 to those who were overcharged, and that families improperly foreclosed on have gotten or will get their homes back.[53] Chase has acknowledged that as many as 6,000 active duty military personnel were illegally overcharged, and more than 18 military families homes were wrongly foreclosed. In April, Chase agreed to pay a total of $27 million in compensation to settle the class-action suit.[54] At the company's 2011 shareholders' meeting, Dimon apologized for the error and said the bank would forgive the loans of any active-duty personnel whose property had been foreclosed. In June 2011, lending chief Dave Lowman was forced out over the scandal.[55][56]

      On August 25, 2011, JPMorgan Chase agreed to settle fines with regard to violations of the sanctions under the Office of Foreign Assets Control (OFAC) regime. The U.S. Department of Treasury released the following civil penalties information under the heading: "JPMorgan Chase Bank N.A. Settles Apparent Violations of Multiple Sanctions Programs":

      JPMorgan Chase Bank, N.A, New York, NY ("JPMC") has agreed to remit $88,300,000 to settle a potential civil liability for apparent violations of the Cuban Assets Control Regulations ("CACR"), 31 C.F.R. part 515; the Weapons of Mass Destruction Proliferators Sanctions Regulations ("WMDPSR"), 31 C.F.R. part 544; Executive Order 13382, "Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations ("GTSR"), 31 C.F.R. part 594; the Iranian Transactions Regulations ("ITR"), 31 C.F.R. part 560; the Sudanese Sanctions Regulations ("SSR"), 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations ("FLRCTSR"), 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations ("RPPR"), 31 C.F.R. part 501, that occurred between December 15, 2005, and March 1, 2011.

      — U.S. Department of the Treasury Resource Center, OFAC Recent Actions. Retrieved June 18, 2013.[57]

      On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[58] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[59] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

      In 2012, JPMorgan Chase & Co was charged for misrepresenting and failing to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan to significant losses.[60]

      In July 2013, The Federal Energy Regulatory Commission (FERC) approved a stipulation and consent agreement under which JPMorgan Ventures Energy Corporation (JPMVEC), a subsidiary of JPMorgan Chase & Co., agreed to pay $410 million in penalties and disgorgement to ratepayers for allegations of market manipulation stemming from the company's bidding activities in electricity markets in California and the Midwest from September 2010 through November 2012. JPMVEC agreed to pay a civil penalty of $285 million to the U.S. Treasury and to disgorge $125 million in unjust profits. JPMVEC admitted the facts set forth in the agreement, but neither admitted nor denied the violations.[61] The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVEC's bidding practices. FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power plants that were usually out of the money in the marketplace. In each of them, the company made bids designed to create artificial conditions that forced California and Midcontinent Independent System Operators (ISOs) to pay JPMVEC outside the market at premium rates.[61] FERC investigators further determined that JPMVEC knew that the California ISO and Midcontinent ISO received no benefit from making chase bank pre qualified credit card payments to the company, thereby defrauding the ISOs by obtaining payments for benefits that the company did not deliver beyond the routine provision of energy. FERC investigators also determined that JPMVEC's bids displaced other generation and altered day ahead and real-time prices from the prices that would have resulted had the company not submitted the bids.[61] Under the Energy Policy Act of 2005, Congress directed FERC to detect, prevent, and appropriately sanction the gaming of energy markets. According to FERC, the Commission approved the settlement as in the public interest.[61]

      FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase.[62] Various newspapers reported in September 2013 that the Federal Bureau of Investigation (FBI) and US Attorney's Office in Manhattan were investigating whether employees withheld information or made false statements during the FERC investigation.[62] The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation.[62] At the time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase employees impeded the FERC investigation.[62]Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time.[62]

      In August 2013, JPMorgan Chase announced that it was being investigated by the United States Department of Justice over its offerings of mortgage-backed securities leading up to the financial crisis of 2007–08. The company said that the Department of Justice had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during the period 2005 to 2007.[63] On November 19, 2013, the Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into its business practices pertaining to mortgage-backed securities.[64] Of that amount, $9 billion was penalties and fines, and the remaining $4 billion was consumer relief. This was the largest corporate settlement to date. Conduct at Bear Stearns and Washington Mutual prior to their 2008 acquisitions accounted for much of the alleged wrongdoing. The agreement did not settle criminal charges.[65]

      In November 2016, JPMorgan Chase agreed to pay $264 million in fines to settle civil and criminal charges involving a systematic bribery scheme spanning 2006 to 2013 in which the bank secured business deals in Hong Kong by agreeing to hire hundreds of friends and relatives of Chinese government officials, resulting in more than $100 million in revenue for the bank.[66]

      In January 2017, the United States sued the company, accusing it of discriminating against "thousands" of black and Hispanic mortgage borrowers between 2006 and at least 2009.[67][68]

      On December 26, 2018, as part of an investigation by the U.S. Securities and Exchange Commission (SEC) into abusive practices related to American depositary receipts (ADRs), JPMorgan agreed to pay more than $135 million to settle charges of improper handling of "pre-released" ADRs without admitting or denying the SEC's findings. The sum consisted of $71 million in ill-gotten gains plus $14.4 million in prejudgment interest and an additional penalty of $49.7 million.[69]

      Madoff fraud[edit]

      Further information: Madoff investment scandal

      Bernie Madoff opened a business account at Chemical Bank in 1986 and maintained it until 2008, long after Chemical acquired Chase.

      In 2010, Irving Picard, the SIPC receiver appointed to liquidate Madoff's company, alleged that JPMorgan failed to prevent Madoff from defrauding his customers. According to the suit, Chase "knew or should have known" that Madoff's wealth management business was a fraud. However, Chase did not report its concerns to regulators or law enforcement until October 2008, when it notified the UK Serious Organised Crime Agency. Picard argued that even after Morgan's investment bankers reported its concerns about Madoff's performance to UK officials, Chase's retail banking division did not put any restrictions on Madoff's banking activities until his arrest two months later.[70] The receiver's suit against J.P. Morgan was dismissed by the Court for failing to set forth any legally cognizable claim for damages.[71]

      In the fall of 2013, JPMorgan began talks with prosecutors and regulators regarding compliance with anti-money-laundering and know-your-customer banking regulations in connection with Madoff.

      On January 7, 2014, JPMorgan agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal. The government filed a two-count criminal information charging JPMorgan with Bank Secrecy Act violations, but the charges will be dismissed within two years provided that JPMorgan reforms its anti-money laundering procedures and cooperates with the government in its investigation. The bank agreed to forfeit $1.7 billion.

      The lawsuit, which was filed on behalf of shareholders against Chief Executive Jamie Dimon and other high-ranking JPMorgan employees, used statements made by Bernie Madoff during interviews conducted while in prison in Butner, North Carolina claiming that JPMorgan officials knew of the fraud. The lawsuit stated that "JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them . But faced with the prospect of shutting down Madoff's account and losing lucrative profits, JPMorgan - at its highest level - chose to turn a blind eye."[72]

      JPMorgan also agreed to pay a $350 million fine to the Office of the Comptroller of the Currency and settle the suit filed against it by Picard for $543 million.[73][74][75][76]

      Other recent acquisitions[edit]

      In 2006, JPMorgan Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[77]

      In April 2006, JPMorgan Chase acquired Bank of New York Mellon's retail and small business banking network. The acquisition gave Chase access to 339 additional branches in New York, New Jersey, and Connecticut.[78] In 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.[79] In November 2009, JPMorgan announced it would acquire the balance of JPMorgan Cazenove, an advisory and underwriting joint venture established in 2004 with the Cazenove Group.[80] In 2013, JPMorgan acquired Bloomspot, a San Francisco-based startup. Shortly after the acquisition, the service was shut down and Bloomspot's talent was left unused.[81][82]

      Acquisition history[edit]

      The following is an illustration of the company's major mergers and acquisitions and historical predecessors, although this is not a comprehensive list:

      Recent history[edit]

      In 2013, after teaming up with the Bill and Melinda Gates Foundation, GlaxoSmithKline and Children's Investment Fund, JP Morgan Chase, Under Jamie Dimon launched a $94 Million fund with a focus on "late-stage healthcare technology trials". The "$94 million Global Health Investment Fund will give money to a final-stage drug, vaccine, and medical device studies that are otherwise stalled at companies because of their relatively high failure risk and low consumer demand. Examples of problems that could be addressed by the fund include malaria, tuberculosis, HIV/AIDS, and maternal and infant mortality, according to the Gates and JPMorgan led-group"[92]

      The 2014 JPMorgan Chase data breach, disclosed in September 2014, compromised the JPMorgan Chase accounts of over 83 million customers. The attack was discovered by the bank's security team in late July 2014, but not completely halted until the middle of August.[93][94]

      In October 2014, JPMorgan sold its commodities trader unit to Mercuria for $800 million, a quarter of the initial valuation of $3.5 billion, as the transaction excluded some oil and metal stockpiles and other assets.[95]

      In March 2016, JPMorgan decided not to finance coal mines and coal power plants in wealthy countries.[96]

      In December 2016, 14 former executives of the Wendel investment company faced trial for tax fraud while JP Morgan Chase was to be pursued for complicity. Jean-Bernard Lafonta was convicted December 2015 for spreading false information and insider trading, and fined 1.5 million euros.[97]

      In March 2017, Lawrence Obracanik, a former JPMorgan Chase & Co employee, pleaded guilty to criminal charges that he stole more than $5 million from his employer to pay personal debts.[98] In June 2017, Matt Zames, the now-former COO of the bank decided to leave the firm.[99] In December 2017, JP Morgan was sued by the Nigerian government for $875 million, which Nigeria alleges was transferred by JP Morgan to a corrupt former minister.[100] Nigeria accused JP Morgan of being "grossly negligent".[101]

      In October 2018, Reuters reported that JP Morgan "agreed to pay $5.3 million to settle allegations it violated Cuban Assets Control Regulations, Iranian sanctions and Weapons of Mass Destruction sanctions 87 times, the U.S. Treasury said".[102]

      In February 2019, JP Morgan announced the launch of JPM Coin, a digital token that will be used to settle transactions between clients of its wholesale payments business.[103] It would be the first cryptocurrency issued by a United States bank.[104]

      On May 14, 2020, Financial Times, citing a report which revealed how companies are treating employees, their supply chains and other stakeholders, during the COVID-19 pandemic, documented that JP Morgan Asset Management alongside Fidelity Investments and Vanguard have been accused of paying lip services to cover human rights violations. The UK based media also referenced that a few of the world's biggest fund houses took the action in order to lessen the impact of abuses, such as modern slavery, at the companies they invest in. However, JP Morgan replying to the report said that it took “human rights violations very seriously” and “any company with alleged or proven violations of principles, including human rights abuses, is scrutinised and may result in either enhanced engagement or removal from a portfolio.”[105]

      In September 2020, the company admitted that it manipulated precious metals futures and government bond markets in a span period of eight years. It settled with the United States Department of Justice, U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission for $920 million. JPMorgan will not face criminal charges, however, it will launch into a deferred prosecution agreement for three years.[106]

      In 2021, JP Morgan funded the failed attempt to create a European Super League in European soccer, which, if successful, would have ended the meritocratic European pyramid soccer system. JP Morgan's role in the creation of the Super League was instrumental; the investment bank was reported to have worked on it for several years.[107] After a strong backlash, the owners/management of the teams that proposed creating the league pulled out of it.[108] After the attempt to end the European football hierarchy failed, JP Morgan apologized for its role in the scheme.[107] JP Morgan head Jamie Dimon said the company "kind of missed" that football supporters would respond negatively to the Super League.[109]

      In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand. This is the company's first retail banking operation outside the of United States.[110][111][112]

      Financial data[edit]

      Year19981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020
      Revenue25.8731.1533.1929.3429.6133.1942.7454.2562.0071.3767.25100.4102.797.2397.0396.6194.2193.5495.6799.62109.03115.40119.54
      Net income4.7457.5015.7271.6941.6636.7194.4668.48314.4415.375.60511.7317.3718.9821.2817.9221.7624.4424.7324.4432.4736.4329.13
      Assets626.9667.0715.3693.6758.8770.91,1571,1991,3521,5622,1752,0322,1182,2662,3592,4162,5732,3522,4912,5342,6232,6873,386
      Equity35.1035.0642.3441.1042.3146.15105.7107.2115.8123.2166.9165.4176.1183.6204.1210.9231.7247.6254.2255.7256.5261.3279.4
      Capitalization75.03138.7138.4167.2147.0117.7164.3165.9125.4167.3219.7232.5241.9307.3366.3319.8429.9387.5
      Headcount(in thousands)96.37161.0168.8174.4180.7225.0222.3239.8260.2259.0251.2241.4234.6243.4252.5256.1257.0255.4

      Note. For years 1998, 1999, and 2000 figures are combined for The Chase Manhattan Corporation and J.P.Morgan & Co. Incorporated as if a merger between them already happened.

      JPMorgan Chase[121] was the biggest bank at the end of 2008 as an individual bank (not including subsidiaries). As of 2020[update], JPMorgan Chase is ranked 17 on the Fortune 500 rankings of the largest United States corporations by total revenue.[122]

      CEO-to-worker pay ratio[edit]

      For the first time in 2018, a new Securities and Exchange Commission rule mandated under the 2010 Dodd-Frank financial reform requires publicly traded companies to disclose how their CEOs are compensated in comparison with their employees. In public filings, companies have to disclose their "Pay Ratios," or the CEO's compensation divided by the median employee's.[123]

      2017[edit]

      According to SEC filings, JPMorgan Chase & Co. paid its CEO $28,320,175 in 2017. The average worker employed by JPMorgan Chase & Co. was paid $77,799 in 2017; thus marking a CEO-to-worker Pay Ratio of 364 to 1.[124] As of April 2018, steelmaker Nucor represented the median CEO-to-worker Pay Ratio from SEC filings with values of 133 to 1.[125]Bloomberg BusinessWeek on May 2, 2013, found the ratio of CEO pay to the typical worker rose from about 20-to-1 in the 1950s to 120-to-1 in 2000.[126]

      2018[edit]

      Total 2018 compensation for Jamie Dimon, CEO, was $30,040,153, and total compensation of the median employee was determined to be $78,923. The resulting pay ratio was estimated to be 381:1.[127]

      Structure[edit]

      J P Morgan Chase & Co. owns 5 bank subsidiaries in the United States:[128]

      For management reporting purposes, J P Morgan Chase's activities one united bank business organized into a corporate/ private equity segment and 4 business segments:

      • Consumer and community banking,
      • Corporate and investment banking,
      • Commercial banking and
      • Asset management.[129]

      JPMorgan Europe, Ltd.[edit]

      Main article: J.P. Morgan in the United Kingdom

      The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968.[130][131]

      In August 2008, the bank announced plans to construct a new European headquarters at Canary Wharf, London.[132] These plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at 25 Bank Street for use as the European headquarters of its investment bank.[133] 25 Bank Street had originally been designated as the European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International (Europe).

      The regional office is in London with offices in Bournemouth, Glasgow, and Edinburgh for asset management, private banking, and investment.[134]

      Operations[edit]

      Earlier in 2011, the company announced that by the use of supercomputers, the time taken to assess risk had been greatly reduced, from arriving at a conclusion within hours to what is now minutes. The banking corporation uses for this calculation Field-Programmable Gate Array technology.[135]

      History[edit]

      The Bank began operations in Japan in 1924,[136] in Australia during the later part of the nineteenth century,[137] and in Indonesia during the early 1920s.[138] An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a branch in China in 1921 and Chase National Bank was established there in 1923.[139] The bank has operated in Saudi Arabia[140] and India[141] since the 1930s. Chase Manhattan Bank opened an office in South Korea in 1967.[142] The firm's presence in Greece dates to 1968.[143] An office of JPMorgan was opened in Taiwan in 1970,[144] in Russia (Soviet Union) in 1973,[145] and Nordic operations began during the same year.[146] Operations in Poland began in 1995.[143]

      Lobbying[edit]

      JP Morgan Chase's PAC and its employees contributed $2.6 million to federal campaigns in 2014 and financed its lobbying team with $4.7 million in the first three quarters of 2014. JP Morgan's giving has been focused on Republicans, with 62 percent of its donations going to GOP recipients in 2014. Still, 78 House Democrats received campaign cash from JPMorgan's PAC in the 2014 cycle at an average of $5,200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgan's PAC in 2014. JP Morgan Chase's PAC made maximum donations to the Democratic Congressional Campaign Committee and the leadership PACs of Steny Hoyer and Jim Himes in 2014.[147]

      Climate change and investments in fossil fuels[edit]

      JPMorgan has come under criticism for investing in new fossil fuels projects since the Paris climate change agreement. From 2016 to the first half of 2019 it provided $75 billion (£61 billion) to companies expanding in sectors such as fracking and Arctic oil and gas exploration.[148] According to Rainforest Action Network its total fossil fuel financing was $64 billion in 2018, $69 billion in 2017 and $62 billion in 2016.[149] As of 2021 it is the largest lender to the fossil fuel industry in the world.[6]

      An internal study, 'Risky business: the climate and macroeconomy', by bank economists David Mackie and Jessica Murray was leaked in early‑2020. The report, dated 14 January 2020, states that under our current unsustainable trajectory of climate change "we cannot rule out catastrophic outcomes where human life as we know it is threatened". JPMorgan subsequently distanced itself from the content of the study.[150]

      Offices[edit]

      Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza (now known as 28 Liberty Street) in downtown Manhattan, the current temporary world headquarters for JPMorgan Chase & Co. are located at 383 Madison Avenue. In 2018, JPMorgan announced they would demolish the current headquarters building at 270 Park Avenue, which was Union Carbide's former headquarters, to make way for a newer building that will be 500 feet (150 m) taller than the existing building. Demolition was completed in the spring of 2021, and the new building will be completed in 2025. The replacement 70-story headquarters will be able to fit 15,000 employees, whereas the current building fits 6,000 employees in a space that has a capacity of 3,500. The new headquarters is part of the East Midtown rezoning plan.[151] When construction is completed in 2025, the headquarters will then move back into the new building at 270 Park Avenue.

      The bulk of North American operations take place in four buildings located adjacent to each other on Park Avenue in New York City: the former Union Carbide Building at 270 Park Avenue, the hub of sales and trading operations (which was demolished and is being replaced), and the original Chemical Bank building at 277 Park Avenue, where most investment banking activity takes place. Asset and wealth management groups are located at 245 Park Avenue and 345 Park Avenue. Other groups are located in the former Bear Stearns building at 383 Madison Avenue.

      Chase, the U.S. and Canada, retail, commercial, and credit card bank is headquartered in Chicago at the Chase Tower, Chicago, Illinois.[8]

      The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House.

      Approximately 11,050 employees are located in Columbus at the McCoy Center, the former Bank One offices. The building is the largest JPMorgan Chase & Co. facility in the world and the second-largest single-tenant office building in the United States behind The Pentagon.[152]

      The bank moved some of its operations to the JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank.

        The Global Corporate Bank's main headquarters are in London, with regional headquarters in Hong Kong, New York and Sao Paulo.[153]

        The Card Services division has its headquarters in Wilmington, Delaware, with Card Services offices in Elgin, Illinois; Springfield, Missouri; San Antonio, Texas; Mumbai, India; and Cebu, Philippines.

        Additional large operation centers are located in Phoenix, Arizona; Los Angeles, California, Newark, Delaware; Orlando, Florida; Tampa, Florida; Indianapolis, Indiana; Louisville, Kentucky; Brooklyn, New York; Rochester, New York; Columbus, Ohio; Dallas, Texas; Fort Worth, Texas; Plano, Texas; and Milwaukee, Wisconsin.

        Operation centers in Canada are located in Burlington, Ontario; and Toronto, Ontario.

        Operations centers in the United Kingdom are located in Bournemouth, Glasgow, London, Liverpool, and Swindon. The London location also serves as the European headquarters.

        Additional offices and technology operations are located in Manila, Philippines; Cebu, Philippines; Mumbai, India; Bangalore, India; Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; Sao Paulo, Brazil; Mexico City, Mexico, and Jerusalem, Israel.

        In the late autumn of 2017, JPMorgan Chase opened a new global operations center in Warsaw, Poland.[154]

        Credit derivatives[edit]

        The derivatives team at JPMorgan (including Blythe Masters) was a pioneer in the invention of credit derivatives such as the credit default swap. The first CDS was created to allow Exxon to borrow money from JPMorgan while JPMorgan transferred the risk to the European Bank of Reconstruction and Development. JPMorgan's team later created the 'BISTRO', a bundle of credit default swaps that was the progenitor of the Synthetic CDO.[155][156] As of 2013 JPMorgan had the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank.[157][158]

        Multibillion-dollar trading loss[edit]

        Main article: 2012 JPMorgan Chase trading loss

        In April 2012, hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities of Bruno Iksil, a trader for JPMorgan Chase & Co., referred chase bank pre qualified credit card as "the London whale" in reference to the huge positions he was taking. Heavy opposing bets to his positions are known to have been made by traders, including another branch of J.P. Morgan, who purchased the derivatives offered by J.P. Morgan in such high volume.[159][160] Early reports were denied and minimized by the firm in an attempt to minimize exposure.[161] Major losses, $2 billion, were reported by the firm in May 2012, in relation to these trades and updated to $4.4 billion on July 13, 2012.[162] The disclosure, which resulted in headlines in the media, did not disclose the exact nature of the trading involved, which remains in progress and as of June 28, 2012, was continuing to produce losses which could total as much as $9 billion under worst-case scenarios.[163][164] The item traded, possibly related to CDX IG 9, an index based on the default risk of major U.S. corporations,[165][166] has been described as a "derivative of a derivative".[167][168] On the company's emergency conference call, JPMorgan Chase Chairman, CEO and President Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".[169] The episode is being investigated by the Federal Reserve, the SEC, and the FBI.[170]

        On September 18, 2013, JPMorgan Chase agreed to pay a total of $920 million in fines and penalties to American and UK regulators for violations related to the trading loss and other incidents. The fine was part of a multiagency and multinational settlement with the Federal Reserve, Office of the Comptroller of the Currency and the Securities and Exchange Commission in the United States and the Financial Conduct Authority in the UK. The company also admitted breaking American securities law.[172] The fines amounted to the third biggest banking fine levied by US regulators, and the second-largest by UK authorities.[171] As of September 19, 2013[update], two traders face criminal proceedings.[171] It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws.[173]

        A report by the SEC was critical of the level of oversight from senior management on traders, and the FCA said the incident demonstrated "flaws permeating all levels of the firm: from portfolio level right up to senior management."[171]

        On the day of the fine, the BBC reported from the New York Stock Exchange that the fines "barely registered" with traders there, the news had been an expected development, and the company had prepared for the financial hit.[171]

        Art collection[edit]

        See also: J. P. Morgan § Collector of art, books, and gemstones

        The collection was begun in 1959 by David Rockefeller,[174] and comprises over 30,000 objects, of which over 6,000 are photographic-based,[175] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[176] The One Chase Manhattan Plaza building was the original location at the start of collection by the Chase Manhattan Bank, the current collection containing both this and also those works that the First National Bank of Chicago had acquired prior to assimilation into the JPMorgan Chase organization.[177] L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[178] whose art program staff is completed by an additional three full-time members and one registrar.[179] The advisory committee at the time of the Rockefeller initiation included A. H. Barr, and D. Miller, and also J. J. Sweeney, R. Hale, P. Rathbone and G. Bunshaft.[180]

        [edit]

        • Chase Field (formerly Bank One Ballpark), Phoenix, Arizona – Arizona Diamondbacks, MLB
        • Chase Center (San Francisco) – Golden State Warriors, NBA
        • Major League Soccer
        • Chase Auditorium (formerly Bank One Auditorium) inside of Chase Tower (Chicago) (formerly Bank One Tower)
        • The JPMorgan Chase Corporate Challenge, owned and operated by JPMorgan Chase, is the largest corporate costco business hours san jose racing series in the world with over 200,000 participants in 12 cities in six countries on five continents. It has been held annually since 1977 and the races range in size from 4,000 entrants to more than 60,000.
        • JPMorgan Chase is the official sponsor of the US Open
        • J.P. Morgan Asset Management is the Principal Sponsor of the English Premiership Rugby 7s Series
        • Sponsor of the Jessamine Stakes, a two-year-old fillies horse race at Keeneland, Lexington, Kentucky since 2006.

        The European Super League[edit]

        On April high interest online savings account comparison, 2021, JP Morgan pledged $5 billion towards the European Super League.[181][182] a controversial breakaway group of football clubs seeking to create a monopolistic structure where the founding members would be guaranteed entry to the competition in perpetuity. While the absence of promotion and relegation is a common sports model in the US, this is an antithesis to the European competition-based pyramid model and has led to widespread condemnation from Football federations internationally as well as at government level.[183]

        However, JPMorgan has been involved in European football for almost 20 years. In 2003, they advised the Glazer ownership of Manchester United. It also advised Rocco Commisso, the owner of Mediacom, to purchase ACF Fiorentina, and Dan Friedkin on his takeover of A.S. Roma. Moreover, It aided Inter Milan and A.S. Roma to sell bonds backed by future media revenue, and Spain's Real Madrid CF to raise funds to refurbish their Santiago Bernabeu Stadium.[184]

        Leadership[edit]

        Jamie Dimon is the Chairman and CEO of JPMorgan Chase. The acquisition deal of Bank One in 2004, was designed in part to recruit Dimon to JPMorgan Chase. He became chief executive at the end of 2005.[185] Dimon has been recognized for his leadership during the 2008 financial crisis.[186] Under his leadership, JPMorgan Chase rescued two ailing banks during the crisis.[187] Although Dimon has publicly criticized the American government's strict immigration policies,[188] as of July 2018, his company has $1.6 million worth of stocks in Sterling Construction (the company contracted to build a massive wall on the U.S.-Mexico border).[189]

        Board of directors[edit]

        As of April 1, 2021:[190]

        • Jamie Dimon, chairman and CEO of JPMorgan Chase
        • Linda Bammann, former JPMorgan and Bank One executive
        • Steve Burke, chairman of NBCUniversal
        • Todd Combs, CEO of GEICO
        • James Crown, president of Henry Crown and Company
        • Timothy Flynn, former chairman and CEO of KPMG
        • Mellody Hobson, CEO of Ariel Investments
        • Michael Neal, CEO of GE Capital
        • Phebe Novakovic, Chairwoman and CEO of General Dynamics
        • Virginia Rometty, Executive Chairwoman of IBM, former Chairwoman, President and CEO of IBM

        Senior leadership[edit]

        List of former chairmen[edit]

        1. William B. Harrison Jr. (2000–2006)[192]

        List of former chief executives[edit]

        1. William B. Harrison Jr. (2000–2005)[192]

        Notable former employees[edit]

        Business[edit]

        Politics and public service[edit]

        • Frederick Ma – Hong Kong Secretary for Commerce and Economic Development (2007–08)
        • Tony Blair – Prime Minister of the United Kingdom (1997–2007)[194]
        • William M. Daley – U.S. Secretary of Commerce (1997–2000), U.S. White House Chief of Staff (2011–2012)
        • Michael Forsyth, Baron Forsyth of Drumlean – Secretary of State for Scotland (1995–97)
        • Thomas S. Gates, Jr. – U.S. Secretary of Defense (1959–61)
        • David Laws – UK Chief Secretary to the Treasury (May 2010) Minister of State for Schools
        • Rick Lazio – member of the U.S. House of Representatives (1993–2001)
        • Antony Leung – Financial Secretary of Hong Kong (2001–03)
        • Dwight Morrow – U.S. Senator (1930–31)
        • Margaret Ng – member of the Hong Kong Legislative Council
        • George P. Shultz – U.S. Secretary of Labor (1969–70), U.S. Secretary of Treasury (1972–74), U.S. Secretary of State (1982–89)
        • John J. McCloy – president of the World Bank, U.S. High Commissioner for Germany, chairman of Chase Manhattan Bank, chairman of the Council on Foreign Relations, a member of the Warren Commission, and a prominent United States adviser to all presidents from Franklin D. Roosevelt to Ronald Reagan
        • Mahua Moitra – Indian Member of Parliament, Lok Sabha

        Other[edit]

        Awards[edit]

        • Best Banking Performer, United States of America in 2016 by Global Brands Magazine Award.[197]

        See also[edit]

        Index products[edit]

        References[edit]

        1. ^"2Q21 Earnings Supplement"(PDF). JPMorgan Chase. June 30, 2021. Retrieved September 20, 2021.
        2. ^"J.P. Morgan Chase & Co. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
        3. ^"JP Morgan Chase Annual Report 2020"(PDF). .jpmorganchase.com. Retrieved February 1, 2021.
        4. ^"10-K". 10-K. Retrieved June 1, 2019.
        5. ^"2Q21 Earnings Supplement"(PDF). JPMorgan Chase. June 30, 2021. Retrieved September 20, 2021.
        6. ^ abNauman, Billy (October 6, 2020). "JPMorgan Chase promises to shift portfolio away from fossil fuels". Financial Times. Retrieved September 12, 2021.
        7. ^"Banks Ranked by Total Deposits". Usbanklocations.com. Retrieved November 12, 2017.
        8. ^ abc"History of Our Firm". JPMorganChase.
        9. ^de la Merced, Michael J. (June 16, 2008). "JPMorgan's Stately Old Logo Returns for Institutional Business". The New York Times. Retrieved December 14, 2009.
        10. ^"The History of J.P. Morgan Chase & Company"(PDF). 2008. Archived from the original(PDF) on September 27, 2011. Retrieved March 6, 2018.
        11. ^Schulz, Bill (July 29, 2016). "Hamilton, Burr and the Great Waterworks Ruse". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
        12. ^ abHansell, Saul (August 29, 1995). "Banking's New Giant: The Deal; Chase and Chemical Agree to Merge in $10 Billion Deal Creating Largest U.s. Bank". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
        13. ^ abHansell, Saul (September 3, 1996). "After Chemical Merger, Chase Promotes Itself as a Nimble Bank Giant". The New York Times. ISSN 0362-4331. Retrieved October chase bank pre qualified credit card, 2019.
        14. ^Kahn, Joseph; McGeehan, Patrick (September 29, 1999). "Chase Agrees to Acquire Hambrecht & Quist". The New York Times. ISSN 0362-4331. Retrieved October 30, 2019.
        15. ^Journal, Michael R. SesitStaff Reporter of The Wall Street (April 12, 2000). "Chase to Acquire Robert Fleming In $7.73 Billion Stock-Cash Deal". Wall Street Journal. ISSN 0099-9660. Retrieved October 30, 2019.
        16. ^Jimmy Lee's Global ChaseArchived June 28, 2011, at the Wayback Machine. The New York Times, April 14, 1997
        17. ^Kingpin of the Big-Time Loan. The New York Times, August 11, 1995
        18. ^ ab"JPMorgan Chase & Co.

          Check If You’re Pre-Approved & Pre-Qualified for Credit Cards – 2021

          See all Pre-Approved, Pre-Qualified Credit Cards Offers, Promotions, and Bonuses here.

          If you are interested in signing up for a credit card, then you should be aware of cards that are already pre-qualified for you. There is a difference between signing up for a card as a fresh, new member and signing up for a card pre-approved for you. Generally, the credit cards that are pre-approved have better deals.

          You might be asking, “How do I know if I am pre-approved for a credit card?” Well, this article will show you just how to that. Most credit card issuers now allow you to view pre-approval online. Below you will find simpli banking login list of credit card issuers that allow you to view your pre-approval status.

          Note: Being pre-qualified does not mean you will be approved for the credit card. Issuers will perform a hard pull on your credit before they approve you, so if your financial circumstances have changed since pre-qualification, then you will be denied the credit card.

          Chase Sapphire Reserve Card

          The Chase Sapphire Reserve offers 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards.

          Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit.

          You'll earn
          • 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards immediately after the first $300 is spent on travel purchases annually.
          • 5X total points on air travel
          • 3X points on other travel and dining
          • 1 point per $1 spent on all other purchases

          When redeeming your points for travel through Chase Ultimate Rewards, you'll get 50% more value.

          This card does carry a $550 annual fee and there are no foreign transaction fees. However, you're able to earn a $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year & up to $100 application fee credit for Global Entry or TSA Pre✓®.

          Learn More About This Card Here

          Table of Contents

          Pre-Approved American Express Cards

          American Express allows you to view your pre-qualification status online. You’ll just need to visit the American Express Pre-Qualification Statuspage and click ‘Check for Offer’ on the top. Fill out your personal information, and then click View My Card Offers. You will then be able to see a list of all the credit card offers you have been pre-qualified for.

          Additionally, you are able to check if you are pre-qualified for small business credit cards. You just need to go to American Express Small Business Credit Cards.Scroll to the bottom of the page and fill out the form. Be sure to check the box saying that you accept to receive promotional offers from American Express.

          Pre-Approved Bank of America Cards

          You can view different Bank of America opportunities by clicking on Bank of America Customized Offers.You’ll need to fill out your name, address, DOB, and the last 4 digits of your SSN. Check the small box saying that you understand, and click on Get Customized Offers. The picture below will show you what the page looks like.

          Pre-Approved Barclaycard Cards

          *BarclayCard recently pulled their pre-approved checker*

          Pre-Approved Capital One Cards

          You will need to visit the Capital One Pre-Qualification page. On this page you will have to fill out the entire form with your personal information. Be credit one reviews to check the box that says “I understand that this is not a credit card application.” After clicking, you’ll be able to see a list of credit cards you might have been pre-qualified for.

          CardMatch by CreditCards.com

          On CreditCards.com there is a tool called CardMatch. It was designed to reduce the amount of websites you needed to check for your pre-qualification status. To get started, go to CardMatch.Click on Get Started for Free. You’ll need to fill out your personal information and continue through the process in order to find some card matches just for you. 

          Chase Pre-Qualified Offers

          For Chase, you can check your status by visiting Chase Pre-Qualified Card Offers.Like the other sties, you’ll need to provide your personal information in order to see which cards you are pre-qualified for you.

          If you haven’t opened a Chase bank account, go ahead and check out our Chase Bank Account Promotions for cash bonuses.

          Pre-Approved Citibank Cards

          Citibank also has a link where you can check if you have been pre-approved for a credit card. Go ahead and check out the Pnc bank routing number cleveland ohio Pre-Qualification Form. Again, you’ll have to fill out your personal information in order to gain access to your pre-qualified cards.

          Pre-Approved Discover Cards

          Like most of the other banks, you’ll have to visit their page Discover Find My Offer.Fill out all the information needed (first name, last name, last 4 of your SSN), and you will be able to see which cards you are offered and pre-qualified for.

          Pre-Approved US Bank Cards

          US Bank recently re-added their pre-qualification checker, which you can view by clicking on US Bank Pre-Qualification Checker. Like the others, you’ll need to enter your full name, address and last four digits of your SSN. You’ll also need to tell them what you look for most in a credit card.

          Pre-Approved USAA Cards

          USAA is a bit different from usual card issuers when it comes to qualified offers because you WILL need to be a member prior to searching any existing pre-qualified offers. You will need to log into your account and they’ll show you pre-selected offers: search for ‘offers’, select ’My Offers Page’

          Conclusion

          Being pre-approved for a credit card provides numerous benefits for you as opposed to just freshly applying for one. Banks know if you have a good credit score and are more inclined to give you opportunities to bank with them, resulting in more benefits for you! Be sure to check with each bank to see if you are pre-qualified for their specific credit cards.

          If you liked this article, go ahead and check out our Credit Card Offers found only on BankCheckingSavings!

          Filed under: Card News, Credit Cards

          Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

          About Anthony Nguyen

          Anthony Nguyen, founder of Bankcheckingsavings.com, has a passion for finding the best deals, bank promotions, credit card offers, cash back, points & miles, and everything in between. Contact Anthony for media/advertising.

          Источник: https://www.bankcheckingsavings.com/pre-approved-pre-qualified-credit-cards/

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          Chase Preapproved & Prequalified Offers: The Difference, Avoiding 5/24 & Becoming a 2 Sapphire Reserve Household!

          This post may contain affiliate links; please read our advertiser disclosure for more information.

          Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Links in this post may provide us with a commission.

          Chase Preapproved & Prequalified Offers 5/24

          Chase Preapproved & Prequalified Offers 5/24

          With the recent release of the Chase Sapphire Reserve card and the stricter implementation of the 5/24 rule, many people are looking for ways to get approved for Chase cards even if they have opened up 5 or more new accounts within the past 24 months. One of the known methods of getting around Chase’s 5/24 rule is via preapproved offers.

          The Question

          Several people this week have pointed out Chase’s Prequalified Offers site and have asked if that is the same thing as Preapproved Offers that can be found in a branch. Let’s take a look at that topic.

          Prequalified Offers

          Chase Preapproved & Prequalified Offers 5/24

          Chase has a website that displays prequalified offers for you. To get your offers to show, you simply need to input your name, address and the last four digits of your social security number. It is not a credit application and is not a hard inquiry. In the past they have occasionally shown better offers on this page for some people, but that hasn’t been the case lately.

          Preapproved Offers

          If you go into a Chase branch and speak to a banker, they have the ability to pull up your customer profile in their system to see if you are preapproved for any offers. Generally this information can be pulled up quickly and if you get to know a banker, sometimes you can call to have them check.

          Prequalified vs. Preapproved

          Chase Preapproved & Prequalified Offers 5/24

          While Chase obviously doesn’t share their internal policies and underwriting guidelines, prequalified and preapproved offers seem to be treated quite different. In other words, checking the online site may or may not show an offer you are approved for. Additionally, prequalified offers online do not seem to skirt the 5/24 rule. Based on anecdotal evidence from others, prequalified offers are treated the same as a normal online application when it comes to 5/24.

          On the other hand, preapproved offers found only by a Chase banker in a branch seem to bypass 5/24 in most cases. This has especially been true based on data reported by readers when it comes to the Chase Sapphire Reserve card. Many people who were preapproved in a branch have had their applications approved despite being well over 5/24.

          2 Separate Systems & 2 Reserve Household

          Yesterday my wife called up our Chase banker (we got to know him through opening up bank accounts during the recent bonuses) and had him check if she was preapproved for the Sapphire Reserve. She is significantly over 5/24 with little hope of soon getting under, so this was her only shot. Thankfully he informed her that she was indeed preapproved and this morning she went into the branch, applied and was approved for the card with a huge credit limit. We are now a two Reserve household!

          As a counter point, she searched the Chase website for prequalified offers before applying and found this:

          Chase Preapproved and Chase Prequalified Offers 5/24

          Takeaways

          While there is nothing concrete with Chase or any bank for that matter, here are some personal takeaways about these offers based on my own experiences and what others have reported to me:

          • Prequalified offers do not help with 5/24 whereas Preapproved offers applied for in a branch seem to.
          • Just because you don’t have prequalified offers online doesn’t mean you won’t have preapproved offers in a branch. It never hurts to check if you are looking to apply for a specific card.
          • Sapphire Reserve specifically seems to be fairly easy to get if you are preapproved in a branch. (At least for now.) I have seen only a few data points old navy visa account login people who are preapproved being denied.
          • With Chase it generally pays to have a good customer relationship, so it might be beneficial to have bank accounts with them and/or get to know a banker so they can check offers for you periodically. In fact, some speculate that you need bank accounts with Chase to even become preapproved.

          Do you have anything to add regarding Chase preapproved and Chase prequalified offers? Please share in the comments!

          Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. 

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          Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

          Источник: https://milestomemories.com/chase-preapproved-and-chase-prequalified-offers-524/

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