When was chase founded

Unfortunately, these greenbacks didn't solve the country's currency problem because they were backed only by government credit and banks continued to issue their own notes, backed by gold and silver. To improve the system and standardize the look and feel of bank notes, a uniform template was adopted and the Bureau of Engraving and Printing in Washington DC took over the job of printing all notes issued by banks.

Proofreaders, generally women, were hired to examine the notes for inconsistencies. It took until the s to fully replace bank notes with Federal Reserve notes, the national currency in use today.

Nancy: Did you know that the core values and business principles of JPMorgan Chase today were established over years ago by three generations of Morgan men? The story begins with Junius Morgan, a New England businessman who established the Morgan name in the world's financial markets while working as a merchant banker in London in the s. With Junius' guidance, his son, J. Pierpont Morgan, entered the banking business. In , Pierpont joined forces with Anthony Drexel, a prominent Philadelphia-based banker, and established a new merchant bank in New York City.

It didn't take long, though, for it to become the preeminent private bank in the US. Under Pierpont's leadership the firm, later renamed J. Morgan and Company, was largely responsible for financing and organizing the railroads, steel, and utility companies that established the United States as a modern industrial power.

Pierpont also played a critical role in times of financial crises, stemming international panics in both and He became known for his integrity and judgment, the same standards by which he measured his colleagues and clients. In a statement to the Senate Banking Committee in , Pierpont noted that, 'the first thing is character,' before money or anything else'.

After Pierpont's death in , his son, J. Morgan Jr, better known as Jack, took over as senior partner of the firm. Jack left his own mark on J. Morgan through a series of landmark deals, leading the firm for three decades. Like his father, Jack embodied the same values of honesty and integrity, stating that, 'the idea of doing only first class business, and that in a first class way, has been before our minds.

Morgan reorganized from a private partnership to a public company, with Jack as its first chairman. Over the next 60 years, the firm remained an innovative leader in the financial industry, and in , merged with Chase Manhattan to form JPMorgan Chase. Nancy: What was J. Pierpont Morgan's role in stopping the Panic of and how did it shape the US economy? In the fall of , the world is on the verge of economic collapse. US and international markets had been wildly unsettled for months.

Six months earlier, the American stock market had crashed despite record corporate earnings. And stocks also plummeted on several foreign exchanges. Surprising as it may seem, the US had no central bank to deal with the financial crisis and no money in reserve.

As panic increased, customers rushed to their banks to withdraw whatever money remained. People sat overnight in camp chairs, bringing food and waiting for the banks to open in the morning. Banks took unconventional measures to deal with the crisis.

Tellers slowly counted out money to limit withdrawals, and some banks prominently displayed piles of cash in order to reassure worried customers. To stem the panic, it was critical that someone with influence and insight come to the rescue. And the person who stepped in, was J.

Pierpont Morgan. More importantly, Morgan had experience with similar financial crises, having rescued the US Treasury during the Panic of He'd become the lender of last resort. For two weeks, he led a team raising capital for the failing markets, contributing large sums of his own money, and functioning as the country's de facto central bank.

Although the actual panic lasted only a few weeks, its aftermath brought on an economic decline that destroyed banks and other businesses and created mass unemployment. Financial experts consider Morgan's impressive handling of the panic as the work of a bold financier who clearly understood the big picture and took decisive action. In , Congress passed a currency act allowing banks to form reserve associations that could issue money temporarily, in economic emergencies.

And in , shortly after Morgan's death, the US established its much-needed central bank, the Federal Reserve. Elizabeth : saw the start of a war like no one had ever seen before. It was unprecedented in scale. It demanded vast numbers of people and resources and was incredibly expensive. It was known as a total war because it affected every facet of society, including banking. How did a series of bold moves by banks and their employees help the Allied cause? In , U.

At the time, it was the largest foreign loan in Wall Street history. As fighting waged across continents, tensions in the Unites States were mounting. After nearly three years of declared neutrality, in April , U. Congress declared war. Elizabeth : The transition was swift and JPMorgan Chase predecessor banks were quick to respond at home and overseas. Banks organized Liberty Loan drives imploring patriotic citizens to lend money to the government for the war effort.

These war bonds gave many Americans their first taste of investing in financial securities. Many bank executives also stepped in to lead various wartime committees like the Red Cross and the Council of National Defense.

Banks were equally supportive on the front lines. Guaranty Trust Company raised money for an ambulance and sent an armored mobile bank to service soldiers in France. Thousands of bank employees enlisted to fight in the war and sent home dramatic tales from the field that made their way into bank newsletters.

Soldier 2 : "We saw shrapnel from the defense guns. It was bursting high in the air. Soldier 3 : "The mines upset and ruined the tanks. It was a masterly defense, one of the best military feats of the war. Elizabeth : Women stepped in to fill vacant jobs as tellers, clerks and loan officers. In addition to their bank duties, these women were instrumental in fundraising and relief work. Partnering with the Red Cross, they knitted socks and sweaters and packaged surgical dressings for soldiers overseas.

In November , World War I came to an end. Many JPMorgan Chase predecessor banks advocated for the rehiring of veterans and erected memorials to honor bank employees who had given their lives for their country.

Though international banking played an unprecedented role during the war, it was the banks' dedicated men and women, working at home and fighting overseas, who battled tyranny and enabled democracy to prevail for all. Rachel: The blue octagon is an iconic and recognizable logo that's become synonymous with the Chase retail brand today. But did you know that its creation sparked a new movement in the design of corporate logos? In fact, when the octagon was first launched it represented a benchmark in corporate culture showing how firms were beginning to understand the significance of a strong brand and how they were perceived in what was already a fast paced world.

But what prompted the bank to reassess its logo back in ? Shortly after the merger that created the Chase Manhattan Bank, then Vice Chairman, David Rockefeller, chose the design firm Chermayeff and Geismar Associates, to create a logo that would best reflect Chase Manhattan's increasing global reach and complement the modern design of the company's brand new 60 story headquarters in Lower Manhattan.

The previous logo failed to capture the unique feel of the brand. Its complex design used five different elements from the company's two main heritage banks, the Bank of the Manhattan Company and Chase National Bank.

Rockefeller knew the logo needed a strong graphic, something recognizable around the world. Inspired by a simple geometric shape the design firm hired by Rockefeller created the octagon logo, a visual that was sleek, attractive and timeless.

On November 21st, , the new logo was unveiled, one of the first abstract logos used in banking. With its clean lines and modern look the dynamic symbol mapped against Chase Manhattan's corporate vision demonstrating, as the designers put it, how all activity is centered around a square, implying growth from a central foundation.

Just like any business, Chase and its logo have gone through subtle changes over the years. Although the original design featured multiple colors and patterns, in the solid blue octagon was adopted. While variations in the color and typeface have evolved over the years, the strength of the octagon remains the enduring symbol of the Chase brand.

Steven: As early as , JPMorgan Chase's predecessor banks used advertising to tell the public about their banking services and attract new customers. In the years since our firm was founded, banks have relied on this powerful tool to bring in new business. Early advertisements took the form of newspaper notices and text-heavy magazine ads.

But that changed during the s and '60s, a heyday of bank advertising that reached out with more creative content to a broader demographic of potential customers.

The ad industry was coming of age and JPMorgan Chase's predecessor banks used the best in the business to craft attention-grabbing promotional campaigns. In print, radio, and TV, the banks advertising agencies worked hard to change consumers' perceptions of our banks, turning them from impersonal institutions to customer-friendly financial firms, providing services to make their lives easier and better.

The ads featured people trying to relax or have fun while shackled to giant eggs. Then there were the 'You Have a Friend at Chase Manhattan' ads, which sought to personalize the banking experience globally. This iconic campaign launched in and ran for over 15 years. Whether making a deposit in Malaysia, or wiring money from Mexico, the message around the world was that no matter where you are, Chase is there for you.

In contrast to Chase's global focus, Chemical Bank targeted a more specific audience. TV ad spokesperson: The New York woman. When her needs are financial, her reaction is chemical. Chemical New York. Steven: This campaign was one of the first in the industry to market directly to women. It was right on trend as the decade saw women entering the workforce in greater numbers and gaining more economic power.

With the standard of living on the rise, the s also saw a boom in car sales and with that, auto focused ad campaigns. The bank reminded customers that, like a sponge, their old, unreliable cars soaked up money in the form of frequent repairs and gasoline.

But a Manufacturer's Hanover auto loan could put them into a new, more efficient car and help them save money. The campaign was a success, bringing in thousands of new loans for the bank. In , the same department unveiled its head turning 'Any Car' campaign, showcasing a vehicle created from the parts of 22 different cars.

It was the focal point of an aggressive auto loan program. The message? That the bank provided loans for any car, new or used. This amusing campaign featured these quirky composite cars and print, TV and radio ads and parked them in branches for customers to marvel at. During this mid-century Golden Age of Advertising, each of these banks used clever language and creative imagery to capture the spirit of the time and effectively communicate why it was a great idea to bank with us.

Steven: Technology has revolutionized how bankers and consumers handle money in amounts ranging from the single penny to billions of dollars. Early banks, including those that would become part of JPMorgan Chase, added up dollars and cents by hand, a time consuming task that left a lot of room for error. Over the years, JPMorgan Chase and its predecessors pioneered technologies that saved money and dramatically increased the speed at which bank work could be accomplished.

Around the turn of the 20th century, even simple advances improved the employee and customer experience. The hand cranked adding machine of the s did the work of two people. The direct dial phone eliminated the need for a switchboard, while the electric coin counting machine tallied with accuracy and was up to five times faster than counting by hand. In the s, check processing, the backbone of personal banking, was greatly improved with the Recordak.

Bank employees used the machine to process large volumes of checks entering the bank by photographing them, saving hours of work a day, and guarding against forgery. But it was the introduction of the electronic computer in the s that revolutionized banking, propelling the industry forward at an unprecedented pace.

Computers quickly became a staple in back offices across the country, and many of our predecessor banks built entire data processing centers devoted to the new technology. In , Chase Manhattan Bank installed an IBM computer, which enabled the staff to process transactions at lightning speed. Relying on new computer technology, employees processed checks using a high speed sorter that could read magnetic ink characters.

Within the first year, it was processing over a million checks per day. As computerization spread across the country, so too did the bank credit card, which transformed America's shopping habits. Now, instead of opening individual charge accounts with each store, bank clients could use one card for their purchases at any store. ATMs appeared in malls, airports and overseas, making it possible to get cash and perform transactions 24 hours a day. The trend for banking whenever, wherever and however you'd like continued.

With Bank One's Channel , an early home computer banking program launched in , customers could bank without ever leaving the house. The internet brought banking at home into the 21st century, allowing customers to complete transactions securely online through personal computers, while mobile apps like Chase Pay meant banking could be done with the swipe of a finger on a phone, tablet or watch from anywhere in the world.

JPMorgan Chase has come a long way, from bankers computing numbers by hand to a global team of technologists working hard to keep us ahead of the curve. Behind the scenes, the firm is developing new technologies, deploying artificial intelligence and working in the cloud to advance the financial landscape. This culture of innovation is helping employees work smarter, and customers bank better, every day.

We are responsible for preserving the history of the firm and its predecessor institutions, over of them. The firm today is a result of many bank mergers and acquisitions over the years, and is built on the legacy of those predecessor banks. Our valuable collection tells the story of JPMorgan Chase and will preserve our history for future generations to come. Let's take a look around.

This is our climate controlled storage facility, a cool enough environment to prevent paper deterioration and mold growth. We collect and preserve everything, from documents to photos, to artifacts and artwork. We use that material to answer questions about the history of the firm and to better understand its business, past and present, around the world.

Our department was founded by David Rockefeller, chairman of Chase Manhattan Bank, who understood that a bank's wealth is measured in more than just dollars and cents. These stories can be told through what's found on these shelves and in the exhibits we design in corporate offices around the world.

Our collection is constantly growing. In here, we maintain millions of records. That's over three miles of boxes. It marked the biggest banking collapse in U. The deal made JPMorgan the largest depository institution in the country.

However, as with the Bear Stearns acquisition, JPMorgan was subsequently forced to shoulder unexpected charges and costs related to major lawsuits. The deal included an option for JPMorgan to buy the rest of the company. Today, JPMorgan Cazenove operates three core businesses: Corporate Finance, which offers a full range of investment banking services to U.

InstaMed was founded in in an effort to streamline the healthcare payments system. The company expanded quickly, adding Visa and Mastercard certification in and Apple Pay capabilities in InstaMed continues to operate as a subsidiary of JPMorgan.

With the acquisition, JPMorgan expanded its suite of payment services to enhance efficiency for healthcare consumers, providers, and payers. It also represented a key expansion for the bank into different aspects of the payment processing business. JPMorgan's acquisition of WePay in was an important milestone for the bank, representing its first major fintech acquisition. WePay launched in , piloting an interface that could be used by any organization requiring a payments infrastructure, including popular crowdfunding sites like GoFundMe.

By moving into the payment processing space, JPMorgan was expanding into new areas of finance opened up by a younger generation of fintech companies. Following the acquisition, JPMorgan offered WePay technology and services to its 4 million small business clients.

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