Pay Credit J.P.Morgan
JPMorgan Chase & Co. is an American multinational financial services firm headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023.As the largest of Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale have often led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet" of capital reserves. The firm is headquartered at 383 Madison Avenue in Midtown Manhattan and is set to move into the under-construction JPMorgan Chase Building at 270 Park Avenue in 2025.
The firm's early history can be traced to 1799, with the founding of what became the Chase Manhattan Company. In 1871, J.P. Morgan & Co. was founded by J. P. Morgan who launched the House of Morgan on 23 Wall Street as a national purveyor of commercial, investment, and private banking services. The present company was formed after the two predecessor firms merged in 2000, creating a diversified holding entity. It is a major provider of investment banking services, through corporate advisory, mergers and acquisitions, sales and trading, and public offerings. Their private banking franchise and asset management division are among the world's largest in terms of total assets. Its retail banking and credit card offerings are provided via the Chase brand in the U.S. and United Kingdom.
With US $3.9 trillion in total assets,JPMorgan Chase is the fifth-largest bank in the world by assets. The firm operates the largest investment bank in the world by revenue.It occupies 24th place on the Fortune 500 list of the largest U.S. corporations by revenue. It produces institutional research on financial markets, economics, geopolitics, and personal finance across its business lines. The company's balance sheet, geographic footprint, and thought leadership have yielded a substantial market share in banking and a high level of brand loyalty. Alternatively, it receives routine criticism for its risk management, broad financing activities, and large-scale legal settlements.
First Republic Bank
On May 1, 2023, in what was now the second largest bank failure behind JPMorgan's acquisition of Washington Mutual fifteen years earlier, the company acquired "the substantial majority of assets" and inherited the deposits of First Republic Bank. Under terms disclosed by JPMorgan Chase & Co., it will make a $10.6 billion payment to the Federal Deposit Insurance Corporation, return $25 billion in funds that other banks deposited with First Republic in March in a lifeline negotiated with the US Department of Treasury at that time, and will eliminate a $5 billion deposit it had made with First Republic.As a result of the takeover, First Republic Bank shareholders lost all their equity.
The FDIC estimates that the cost to the Deposit Insurance Fund will be about $13 billion.
By https://en.wikipedia.org/wiki/JPMorgan_Chase