Examine individual changes

'{{for|the buildings|Chase Tower (Chicago)|Bank of the Manhattan Company Building (disambiguation){{!}}Bank of the Manhattan Company Building}} {{short description|National bank headquartered in Manhattan, New York City}} {{Infobox company | name = JPMorgan Chase Bank, N.A. | logo = Chase logo 2007.svg | logo_caption = The current logo, in use since 2005 | trade_name = Chase Bank | type = [[Subsidiary]] | predecessor = [[The Manhattan Company]] | founded = {{Start date and age|1799|9|1}} | hq_location_city = [[New York City]], [[New York (state)|New York]] | hq_location_country = [[United States|USA]] | num_locations = 5,100 branches<br/>16,000 [[ATMs]] nationwide<br/>100 countries (2016) | area_served = [[United States]] | key_people = [[Jamie Dimon]]<br>([[Chairperson]] and [[Chief executive officer|CEO]]) | industry = [[Bank]]ing | products = [[Financial services]] | services = Retail Financial Services<br>Card Services<br>Commercial Banking | revenue = US$109.029 billion | revenue_year = 2018 | net_income = US$32.474 billion | net_income_year = 2018 | assets = US$2.623 trillion | assets_year = 2018 | num_employees = 189,315 | num_employees_year = 2016 | parent = [[JPMorgan Chase]] | footnotes = <ref name="Financial">{{Cite web|url=https://www.jpmorganchase.com/corporate/investor-relations/document/financial-highlights-2018.pdf |title=Financial Highlights}}</ref> | homepage = {{URL|https://www.chase.com}} }} [[File:JPMorgan Chase footprint 2010-03.png|270px|thumb|Chase branches in the U.S. in 2010]] '''JPMorgan Chase Bank, N.A.''', [[doing business as]] '''Chase Bank''', is a [[national bank]] headquartered in [[Manhattan]], [[New York City]], that constitutes the [[retail banking|consumer]] and [[commercial bank]]ing subsidiary of the U.S. [[Multinational corporation|multinational]] banking and financial services [[holding company]], [[JPMorgan Chase]]. The bank was known as Chase Manhattan Bank until it merged with [[J.P. Morgan & Co.]] in 2000.<ref name=1799hist>{{cite book| title=The History of JPMorgan Chase & Co.| url=http://www.jpmorganchase.com/corporate/About-JPMC/document/shorthistory.pdf| publisher=JPMorgan Chase & Co.| year=2008| accessdate=October 14, 2011| archive-url=https://web.archive.org/web/20110927133631/http://www.jpmorganchase.com/corporate/About-JPMC/document/shorthistory.pdf| archive-date=September 27, 2011| url-status=dead}}</ref> Chase Manhattan Bank was formed by the merger of the Chase National Bank and [[The Manhattan Company]] in 1955.<ref name=history>{{cite web| title=J.P. Morgan Chase & Co.| work=International Directory of Company Histories| publisher=St. James Press| year=2001| url=http://www.fundinguniverse.com/company-histories/JP-Morgan-Chase-amp;-Co-Company-History.html| accessdate=November 4, 2007}}</ref> The bank merged with [[Bank One Corporation]] in 2004<ref name="OurFirm">{{cite web| title=History of Our Firm| url=http://www.jpmorganchase.com/corporate/About-JPMC/jpmorgan-history.htm| publisher=JPMorgan Chase & Co.| accessdate=October 14, 2011}}</ref> and later acquired the deposits and most assets of [[Washington Mutual|The Washington Mutual]]. Chase offers more than 5,100 branches and 16,000 [[Automated teller machine|ATMs]] nationwide. JPMorgan Chase & Co. has 250,355 employees (as of 2016) and operates in more than 100 countries. JPMorgan Chase & Co. had their assets of $2.49 [[10^12|trillion]] in 2016. JPMorgan Chase, through its Chase subsidiary, is one of the [[Big Four (banking)#United States|Big Four banks]] of the United States.<ref name="CNNmoneyb4">{{cite news| url=http://money.cnn.com/2009/02/27/news/economy/tully_banks.fortune/index.htm | title=Will the banks survive?| last=Tully| first=Shawn| date=February 27, 2009| publisher=Fortune Magazine/CNN Money| accessdate=December 17, 2009}}</ref><ref name="USATodayb4">{{cite news| url=https://www.usatoday.com/money/companies/earnings/2008-10-16-citigroup_N.htm| title=Citigroup posts 4th straight loss; Merrill loss widens| date=October 16, 2008| agency=Associated Press| accessdate=December 17, 2009| work=[[USA Today]]}}</ref> ==History== {{multiple image | align = right | image1 = AaronBurr.jpg | width1 = 150 | alt1 = | caption1 = [[Aaron Burr]], 3rd Vice President of the United States and founder of The Manhattan Company. | image2 = John D. Rockefeller, Jr. (1915).jpg | width2 = 120 | alt2 = | caption2 = [[John D. Rockefeller, Jr.]] and the [[Rockefeller family]] were the largest shareholders of Chase National Bank. | footer = }} From September 1, 1799, to 1955, it was called [[The Manhattan Company|The Bank of The Manhattan Company]] (New York); after a 1955 merger with the Chase National Bank (which existed separately from 1877 to 1954) it was called The Chase Manhattan Bank.<ref>{{Cite news|title=$7.5 Bil. Chase Manhattan Bank Merger Set |url=http://www.americanbanker.com/175/seven-billion-dollar-chase-manhattan-bank-merger-set-1039702-1.html |archiveurl=https://web.archive.org/web/20131110171916/http://www.americanbanker.com/175/seven-billion-dollar-chase-manhattan-bank-merger-set-1039702-1.html |archivedate=November 10, 2013 |date=January 14, 1955 |work=[[American Banker]] |accessdate=November 10, 2013 |url-status=dead }}</ref> [[File:Chase Tower, Downtown PHX.jpg|thumb|Chase's southwest regional headquarters in Phoenix, Arizona. |356x356px]] ===The Texas Company=== {{main|Bank of the Manhattan Company}} Chase traces its history back to the founding of The Manhattan Company by [[Aaron Burr]] on September 1, 1799, in a house at 40 Wall Street:<ref name=1799hist/> {{quote|After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, [[Aaron Burr]] established the Manhattan Company, with the ostensible aim of bringing clean water to the city from the [[Bronx River]] but in fact designed as a front for the creation of New York's second bank, rivaling [[Alexander Hamilton]]'s [[Bank of New York]].|''[[The Economist]]''<ref name="economist">{{cite news| title=Soaking the poor| url=http://www.economist.com/node/330993| work=[[The Economist]]| first=Gerard T.| last=Koeppel| date=March 16, 2000| accessdate=October 14, 2011}}</ref>}} In 2006, the modern-day Chase bought the [[retail banking]] division of the Bank of New York, which then only months later merged with [[Pittsburgh]]-based [[Mellon Financial]] to form the present-day [[The Bank of New York Mellon|BNY Mellon]].<ref>Trebat, G., ''The Immigrants’ Son, an American Story: A Memoir'' ([[Bloomington, Indiana|Bloomington, IN]]: [[AuthorHouse]], 2012), [https://books.google.com/books?id=6J99F-Etg78C&pg=PA105 p. 105].</ref> ===Chase National Bank=== Chase National Bank was formed in 1877 by [[John Thompson (banker)|John Thompson]].<ref name=1799hist/> It was named after former [[United States Treasury Secretary]] and Chief Justice [[Salmon P. Chase]],<ref name=history/> although Chase did not have a connection with the bank.<ref name=1799hist/> The Chase National Bank acquired a number of smaller banks in the 1920s, through its Chase Securities Corporation. In 1926, for instance, it acquired [[Mechanics and Metals National Bank]]. [[File:The Chase National Bank of the City of New York, Specimen Stock Certificate.jpg|thumb|Specimen Stock Certificate]] However, its most significant acquisition was the Equitable Trust Company of New York in 1930, the largest stockholder of which was [[John D. Rockefeller, Jr.]]<ref name="memoirs">{{cite book| title=David Rockefeller: Memoirs| first=David| last=Rockefeller| place=New York| publisher=Random House| date=October 15, 2002| isbn=978-0-679-40588-7| pages=[https://archive.org/details/davidrockefeller00davi/page/124 124–25]| url=https://archive.org/details/davidrockefeller00davi/page/124}}</ref> This made Chase the largest bank in America and indeed, in the world. Chase was primarily a [[wholesale banking|wholesale bank]], dealing with other prominent financial institutions and major corporate clients, such as [[General Electric]], which had, through its [[RCA]] subsidiary, leased prominent space and become a crucial first tenant of [[Rockefeller Center]], rescuing that major project in 1930. The bank is also closely associated with and has financed the [[oil industry]], having longstanding connections with its board of directors to the successor companies of [[Standard Oil]], especially [[ExxonMobil]], which are also Rockefeller holdings. ===Merger as Chase Manhattan Bank=== [[File:Bank of the New York Company.png|thumb|200px|Manhattan Company (1799-1955) letterhead c. 1922]] [[File:Chase National Bank.png|thumb|200px|Chase National Bank (1877-1955) letterhead c. 1921]] [[File:Chase logo pre historical.jpg|thumb|200px|The 1955–1961 logo]] [[File:Chase 1962 logo.png|thumb|200px|The 1961–1976 logo]] In 1955, Chase National Bank and The Manhattan Company merged to create The Chase Manhattan Bank.<ref name=1799hist/> As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken over. The deal was therefore structured as a merger by the Bank of the Manhattan Company of Chase National, with [[John J. McCloy]] becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders. For Chase Manhattan Bank's new logo, [[Chermayeff & Geismar]] designed a stylized octagon in 1961, which remains part of the bank's logo today.<ref name="Chermayeff">{{cite web| title=Chase Manhattan Bank| url=http://cgstudionyc.com/identities/chase| publisher=Chermayeff & Geismar| accessdate=October 14, 2011}}</ref> The Chase logo is a stylized representation of the primitive water pipes laid by the Manhattan Company, which were made by nailing together wooden planks.<ref name="tett">{{cite book| last=Tett| first=Gillian| authorlink=Gillian Tett| title=Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe| place=New York| publisher=Free Press| date=May 12, 2009| page=[https://archive.org/details/foolsgoldhowbold00tett/page/82 82]| isbn=978-1-4165-9857-2| url=https://archive.org/details/foolsgoldhowbold00tett/page/82}}</ref> The bank included an asset management business called the Chase Investors Management Corporation. Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of [[David Rockefeller]], the bank became part of a [[bank holding company]], the [[Chase Manhattan Corporation]].<ref name=history/> In 1985, Chase Manhattan expanded into Arizona by acquiring Continental Bank.<ref>{{Cite news| issn = 0362-4331| title = Chase to Buy Arizona Bank| work = The New York Times| accessdate = 2020-01-19| date = 1985-10-18| url = https://www.nytimes.com/1985/10/18/business/chase-to-buy-arizona-bank.html}}</ref> In 1991, Chase Manhattan expanded into Connecticut by acquiring two insolvent banks.<ref>{{Cite news| issn = 0362-4331| last = Quint| first = Michael| title = COMPANY NEWS; Chase Adds 2 Banks To Enter Connecticut| work = The New York Times| accessdate = 2020-01-19| date = 1991-08-10| url = https://www.nytimes.com/1991/08/10/business/company-news-chase-adds-2-banks-to-enter-connecticut.html}}</ref> ===Mergers with Chemical, J.P. Morgan=== [[File:Chase logo pre merger.png|thumb|The 1976–2005 logo]] In August 1995, [[Chemical Bank]] of New York and Chase Manhattan Bank announced plans to merge.<ref>{{Cite web|url=https://www.washingtonpost.com/archive/politics/1995/08/29/chase-chemical-to-merge-creating-largest-us-bank/dc919233-bfe4-4b73-b321-286a243d9540/|title=Chase, Chemical to Merge, Creating Largest U.S. Bank|last=Mathews|first=Jay|date=29 August 1995|website=The Washington Post}}</ref> The merger was completed in August 1996.<ref>{{Cite web|url=https://www.bizjournals.com/albany/stories/1996/09/02/story6.html|title=Bank president leaves post in wake of wedding|last=Pinckney|first=Barbara|date=2 September 1996|website=www.bizjournals.com|access-date=2019-05-17}}</ref> Chemical's previous acquisitions included [[Manufacturers Hanover Corporation]], in 1991, and [[Texas Commerce Bank]], in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since it was better known (particularly outside the United States). In December 2000, the combined Chase Manhattan completed the acquisition of [[J.P. Morgan & Co.]] in one of the largest banking mergers to date. The combined company was renamed [[JPMorgan Chase]]. In 2004, the bank acquired [[Bank One]], making Chase the largest credit card issuer in the United States. JPMorgan Chase added [[Bear Stearns]] and [[Washington Mutual]] to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition.<ref name="bloomberg">{{cite news|title=WaMu lists debt of $8B in bankruptcy |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_WW5ZH_P_A0&refer=home |archiveurl=https://web.archive.org/web/20120412064207/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_WW5ZH_P_A0&refer=home |archivedate=April 12, 2012 |work=[[Bloomberg News]] |date=September 27, 2008 |first1=Jef |last1=Feeley |first2=Steven |last2=Church |accessdate=October 14, 2011 |publisher=Bloomberg |url-status=dead }}</ref><ref name="expect">{{cite news| url=http://www.chron.com/disp/story.mpl/headline/biz/6026107.html| title=Q&A What former WaMu customers can expect| work=[[Seattle Post-Intelligencer]]| date=September 26, 2008| via=[[Houston Chronicle]]| accessdate=October 14, 2011}}</ref> According to data from SNL Financial (data as of June 30, 2008), this places Chase third behind [[Wells Fargo]] and [[Bank of America]] in terms of total U.S. retail bank branches. In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market.<ref name="benoit">{{cite web| url=http://www.marketwatch.com/story/jp-morgan-hsbc-sued-for-silver-manipulation-2010-10-27| title=J.P. Morgan, HSBC sued for silver manipulation| publisher=[[MarketWatch]]| date=October 27, 2010| first=David| last=Benoit| accessdate=October 14, 2011}}</ref> The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the [[New York Stock Exchange|New York Stock Exchange's]] Comex Exchange since early 2008. [[File:Chase Bank Athens OH USA.JPG|thumb|Chase branch located in [[Athens, Ohio]]]] [[File:ChaseBankChinatownManhattan.jpg|thumb|Chase bank in [[Chinatown, Manhattan|Chinatown]], [[Manhattan]]]] [[File:Slc utah one center.jpg|thumb|Chase offices and branch in [[One Utah Center]] tower in [[Salt Lake City]]]] The following is an illustration of the company's major mergers and acquisitions and historical predecessors to 1995 (this is not a comprehensive list): {{clade | style=font-size:90%;line-height:130% |label1='''[[Chase Manhattan Bank|Chase&nbsp;Manhattan&nbsp;Bank]]'''<br/>''(merged&nbsp;1995)'' |1={{clade |label1='''[[Chemical Bank|Chemical&nbsp;Bank]]'''<br/>''(merged&nbsp;1991)'' |1={{clade |label1='''[[Chemical Bank|Chemical&nbsp;Bank]]'''<br/>''(merged&nbsp;1986)'' |1={{clade |1='''The Chemical Bank <br />of New York'''<br/>''(est.&nbsp;1823)'' |2='''[[Texas Commerce Bank]]'''<br/>(Formerly Texas National Bank of Commerce)<br/>''(merged 1864)'' }} |label2='''[[Manufacturers Hanover]]'''<br/>''(merged&nbsp;1961)'' |2={{clade |1='''Manufacturers<br />Trust Company'''<br/>''(est.&nbsp;1905)'' |2='''Hanover Bank'''<br/>''(est. 1873)'' }} }} |label2='''[[Chase Manhattan Bank|Chase&nbsp;Manhattan&nbsp;Bank]]'''<br/>(merged 1955) |2={{clade |1='''[[Bank of the Manhattan Company|Bank of the <br/>Manhattan Company]]'''<br/>''(est. 1799)'' |2='''Chase National Bank<br />of the City of New York'''<br/>''(est. 1877)'' }} }} }} ===Bank One Corporation=== {{Main|Bank One Corporation}} In 2004, JPMorgan Chase merged with [[Chicago]]-based [[Bank One Corporation|Bank One Corp.]], bringing on board its current chairman and [[Chief executive officer|CEO]] [[Jamie Dimon]] as president and [[Chief operating officer|COO]] and designating him as CEO [[William B. Harrison, Jr.]]'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at [[Citigroup]]. Dimon became CEO in January 2006 and Chairman in December 2006 after Harrison's resignation.<ref>{{cite web |last1=Touryalai |first1=Halah |title=4 Reasons JPMorgan Needs Jamie Dimon As CEO And Chairman Right Now |url=https://www.forbes.com/sites/halahtouryalai/2013/05/07/4-reasons-jpmorgan-needs-jamie-dimon-as-ceo-and-chairman-right-now/#128df573671c |website=Forbes |accessdate=22 April 2019 |language=en}}</ref> [[Bank One Corporation]] was formed upon the 1998 merger between Banc One of [[Columbus, Ohio]] and [[First Chicago Bank|First Chicago NBD]]. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition of [[Bank One]] in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in New York.<ref name="merger">{{cite press release| title=JPMorgan Chase, Bank One complete merger| date=July 1, 2004| publisher=JPMorgan Chase| url=http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=144508| accessdate=October 14, 2011| archive-url=https://web.archive.org/web/20160216155756/http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?ReleaseID=144508| archive-date=February 16, 2016| url-status=dead}}</ref><ref>Henry, D., [https://in.reuters.com/article/jpmorgan-ceo-lake/insight-how-jpmorgans-cfo-became-the-top-prospect-to-succeed-dimon-idINKCN1LV02X "Insight: How JPMorgan's CFO became the top prospect to succeed Dimon"], [[Reuters]], September 15, 2018.</ref> The following is an illustration of Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list): {{clade | style=font-size:90%;line-height:130% |label1= '''Bank&nbsp;One'''<br/>''(merged&nbsp;1998)'' |1= {{clade |label1='''Banc&nbsp;One&nbsp;Corp'''<br/>''(merged&nbsp;1968)'' |1={{clade |1='''City National Bank<br/>& Trust Company (Columbus, Ohio)''' |2='''Farmers Saving <br/>& Trust Company''' }} |label2='''[[First Chicago Bank|First&nbsp;Chicago]]&nbsp;NBD'''<br/>''(merged 1995)'' |2={{clade |1='''[[First Chicago Bank|First Chicago Corp]]'''<br/>''(est. 1863)'' |2='''[[National Bank of Detroit|NBD Bancorp]]'''<br/>(Formerly [[National Bank of Detroit]])<br/>''(est. 1933)'' }} |label3=&nbsp; |3='''Louisiana's First<br/>Commerce Corp.''' }} }} ===Washington Mutual=== {{Main|Washington Mutual}} On September 25, 2008, JPMorgan Chase bought most banking operations of Washington Mutual from the [[receivership]] of the [[Federal Deposit Insurance Corporation]] (FDIC). That night, the [[Office of Thrift Supervision]], in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase Bank, NA for $1.888 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their [[Equity investment|equity]].<ref name="Ellis">{{cite news| first1=David| last1=Ellis| first2=Jeanne| last2=Sahadi| url=http://money.cnn.com/2008/09/25/news/companies/JPM_WaMu/index.htm?postversion=2008092519| title=JPMorgan buys WaMu| publisher=CNN| date=September 25, 2008| accessdate=October 14, 2011}}</ref> Through the acquisition, JPMorgan became owner of the former accounts of [[Providian Financial]], a credit card issuer [[Washington Mutual|WaMu]] acquired in 2005. The company completed the rebranding of Washington Mutual branches to Chase in late 2009. ===Other recent acquisitions=== In the first-quarter of 2006, 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.<ref name="Collegiate">{{cite news| url=http://www.businesswire.com/news/home/20051215005717/en/Chase-Acquire-Collegiate-Funding-Services| title=Chase to Acquire Collegiate Funding Services| publisher=Business Wire| date=December 15, 2005| accessdate=October 14, 2011}}</ref> In April of that same year (2006), Chase acquired the [[Bank of New York Mellon|Bank of New York Co.]]'s retail and small business banking network. This gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, Connecticut, and Indiana.<ref>{{cite web |title=JPMorgan Chase completes acquisition of The Bank of New York's consumer, small-business and middle-market banking businesses |url=https://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=212961 |website=Investor.shareholder.com |accessdate=February 1, 2020 |archive-url=https://web.archive.org/web/20161122224058/https://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=212961 |archive-date=November 22, 2016 |url-status=dead |df=mdy-all }}</ref> ==Controversies== ===Purchase of Nazi Germany's Reichsmarks during WWII=== A press release from the [[National Archives and Records Administration]] (NARA) in 2004 announced that many of the new [[Federal Bureau of Investigation]] (FBI) files had become declassified. This declassification enabled the discovery that before and during the early years of [[World War II]], the [[Nazi Germany|German government]] sold a special kind of [[Reichsmark]], known as Rückwanderer [returnee] Marks, to American citizens of German descent. Chase National Bank, along with other businesses, were involved in these transactions. Through Chase, this allowed Nazi sympathizers to purchase Marks with [[American dollar|dollars]] at a discounted rate. Specifically, "The financial houses understood that the German government paid the commissions (to its agents, including Chase) through the sale of discounted, blocked Marks that came mainly from [[Jews]] who had fled [[Germany]]." In other words, Nazi Germany was able to offer these Marks below face-value because they had been stolen from [[emigré]]s fleeing the Nazi regime. Between 1936 and 1941, the [[Nazi Party|Nazis]] amassed over $20 million, and the businesses enabling these transactions earned $1.2 million in commissions. Of these commissions, over $500,000 went to Chase National Bank and its subagents. These facts were discovered when the FBI began its investigation in October 1940. The purpose of the investigation was to follow German-Americans who had bought the Marks. However, Chase National Bank's executives were never federally prosecuted because Chase's lead attorney threatened to reveal [[FBI]], [[United States Army|Army]], and [[United States Navy|Navy]] "sources and methods" in court (needs reference). Publicly naming the sources and methods could have posed security risks and threatened future [[intelligence gathering]]. To avoid such revelations, the executives' violations of the [[Johnson Act]], the [[Espionage Act]], and the [[Foreign Agents Registration Act]] were never prosecuted.<ref name="opened">{{cite press release| publisher=[[National Archives and Records Administration]]| title=Thousands of Intelligence Documents Opened under the Nazi War Crimes Disclosure Act| date=May 13, 2004| accessdate=September 13, 2012| url=https://www.archives.gov/press/press-releases/2004/nr04-55.html}}</ref><ref name="goda">{{cite book| first2=Norman| last2=Goda| first3=Timothy| last3=Naftali| first4=Robert| last4=Wolfe| last1=Breitman| first1=Richard| chapter=Banking on Hitler: Chase National Bank and the Rückwanderer Mark Scheme, 1936–1941| title=U.S. Intelligence and the Nazis| publisher=[[Cambridge University Press]]| date=April 4, 2005| pages=173–202| url=https://books.google.com/books?id=GnkBYN8ipYcC&printsec=frontcover&hl=es&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false| isbn=978-0521617949| accessdate=September 13, 2013}}</ref><ref name="hydra">{{cite book| last2=Hawkins| first2=John| title=The Nazi Hydra in America: Suppressed History of a Century| first1=Glen| last1=Yeadon| publisher=Progressive Press| date=June 1, 2008| location=Joshua Tree, California| page=195| accessdate=September 13, 2013| url=https://books.google.com/books?id=vh7sx2xtjGEC&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q=chase%20bank&f=false}}</ref> ===Release of funds for Nazi Germany during WWII=== Besides the controversial Rückwanderer Mark Scheme, NARA records also revealed another controversy during the [[occupation of France]] by the Nazis. From the late 1930s until June 14, 1941, when President [[Franklin D. Roosevelt]] (FDR) issued an [[Executive order (United States)|Executive Order]] freezing German assets, Chase National Bank worked with the Nazi government. The order blocking any access to French accounts in the U.S. by anyone, but especially by the Nazis was issued by [[United States Secretary of the Treasury|Secretary of the Treasury]], [[Henry Morgenthau Jr.]], with the approval of FDR. Within hours of the order, Chase unblocked the accounts and the funds were transferred through [[South America]] to Nazi Germany.<ref name=hydra /> ===Refusal to release funds belonging to Jews in Occupied France=== [[US Treasury]] officials wanted an investigation of French subsidiaries of American banks, such as Chase Bank, [[J.P. Morgan & Co]], [[National City Corporation]], [[Guaranty Trust Company of New York|Guaranty Bank]], [[Bankers Trust]], and [[American Express]]. Of these banks, only Chase and Morgan remained open in France during the [[Military Administration in France (Nazi Germany)|Nazi occupation]]. The Chase branch chief in Paris, France, Carlos Niedermann, told his supervisor in New York that there had been an "expansion of deposits". Also, Niedermann was, "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree with [[Ex post facto law|retroactive]] provisions prohibiting such release might be published in the near future by the occupying Nazi authorities". In 1998, Chase general counsel William McDavid said that Chase did not have control over Niedermann. Whether that claim was true or not, Chase Manhattan Bank acknowledged seizing about 100 accounts during the [[Vichy government|Vichy regime]]. Kenneth McCallion, a partner in the New York firm Goodkind Labaton Rudoff & Sucharow,<ref>Beckett, P., [https://www.wsj.com/articles/SB914454880838898000 "Chase Manhattan, J.P. Morgan Are Named in Suit on Holocaust"], ''[[The Wall Street Journal]]'', December 24, 1998.</ref> led a lawsuit against [[Barclays Bank]] for the illegal seizure of assets during WWII and has since turned his attention toward Chase. The [[World Jewish Congress]] (WJC), entered into discussions with Chase and a spokesperson for the WJC said, "Nobody at Chase today is guilty. They were not involved in whatever happened, but they do accept that they have an institutional responsibility." A Chase spokesman said, "This is a moral issue that we take very seriously." Chase general counsel McDavid added, "that Chase intends to compensate Jewish account holders whose assets were illegally plundered". In 1999, the French government formed a commission to report findings to [[Prime Minister of France|Prime Minister]] [[Lionel Jospin]]. Claire Andrieu, a commission member and history professor at the [[Sorbonne]], said that under the Vichy regime, French banks received visits from Nazi officials but U.S. banks did not. At that time, they did not have to report Jewish accounts, but they did just as the French banks did. She goes on to say that an American [[ambassador]] protected the U.S. subsidiaries.<ref name="siemaszko">{{cite news| last=Siemaszko| first=Corky| title=Chase Banked On Nazis - Report| work=[[Daily News (New York)|Daily News]] |location=New York| via=newsmine.org| date=December 7, 1998| url=http://newsmine.org/content.php?ol=cabal-elite/families/rockefeller/chase-rockefellers-banked-on-nazis.txt| accessdate=September 13, 2013}}</ref><ref name="bbc">{{cite news| title=Barclays to Compensate Jews |publisher=[[BBC News]] |date=December 17, 1998| accessdate=September 13, 2013| url=http://news.bbc.co.uk/2/hi/business/237392.stm}}</ref><ref name="yanowitch">{{cite news| title=World: Europe US banks gave Jewish money to Nazis| url=http://news.bbc.co.uk/2/hi/world/europe/270849.stm| date=February 3, 1999 |publisher=[[BBC News]] | accessdate=September 13, 2013}}</ref> ===Recent controversies=== JPMorgan Chase has paid $16 billion in fines, settlements and other litigation expenses from 2011 to 2013. Of the $16 billion JPMorgan Chase has paid, about $8.5 billion were for fines and settlements resulting from illegal actions taken by bank executives, according to Richard Eskow at the Campaign for America's Future, who cited a new report from Joshua Rosner of Graham Fisher & Co. The $16 billion total does not include a recent settlement that calls for JPMorgan Chase to pay $100 million to waive $417 million in claims it had made against clients of the firm [[MF Global]]. The [[United States Department of the Treasury|U.S. Treasury]]'s [[Office of Foreign Assets Control]] found that JPMorgan had illegally aided dictatorships in [[Government of Cuba|Cuba]], [[Government of Sudan|Sudan]], [[Government of Liberia|Liberia]] and [[Government of Iran|Iran]], including transferring 32,000 ounces of [[gold bullion]] (valued at approximately $20,560,000) to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose the Iranian matter to [[OFAC]].<ref>[[List of CNBC personalities#Reporters|Javers, E.]], [https://www.cnbc.com/id/44276107 "JPMorgan to Pay $88 Million for Violating US Sanctions"], [[CNBC]], August 25, 2011.</ref> Among its other transgressions, JPMorgan has been found to have:<ref>{{Cite news|url=http://www.allgov.com/news/controversies/jpmorgan-chase-still-going-strong-despite-paying-billions-for-long-list-of-misdeeds-130326?news=849546 | title=JPMorgan Chase Still Going Strong Despite Paying Billions for Long List of Misdeeds | date=March 26, 2013}}</ref><ref>{{cite web|url=http://www.hsgac.senate.gov/download/report-jpmorgan-chase-whale-trades-a-case-history-of-derivatives-risks-and-abuses-march-15-2013|title=JPMorgan Chase Whale Trades: A Case History of Derivatives RIsks and Abuses, Majority and Minority Staff Report |publisher=United States Senate, Permanent Subcommittee on Investigations, Committee on Homeland Security and Governmental Affairs, Carl Levin, Chairman, John McCain, Ranking Minority Member | date=March 15, 2013}}</ref><ref>{{cite web|url=http://www.hsgac.senate.gov/subcommittees/investigations/hearings/chase-whale-trades-a-case-history-of-derivatives-risks-and-abuses |title=JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses|date=March 15, 2013}}</ref><ref>{{Cite news|url=http://ourfuture.org/20130320/the-price-of-evil-at-jpmorgan-chase|title=The Price of Evil at JPMorgan Chase|date=March 20, 2013}}</ref><ref>{{Cite news|url=http://www.allgov.com/news/top-stories/jpmorgan-chase-caught-misrepresenting-credit-card-collections-whistleblower-fired?news=844184 | title=JPMorgan Chase Caught "Misrepresenting" Credit Card Collections; Whistleblower Fired | date=March 16, 2012}}</ref> * Misled investors * Engaged in fictitious trades * Collected illegal [[flood insurance]] commissions * Wrongfully foreclosed on soldiers; charged veterans hidden fees for refinancing * Violated the [[Federal Trade Commission Act]] by [[making false statements]] to people seeking automobile loans * Illegally increased their collection of [[overdraft fee]]s by processing large transactions before smaller ones * Helped drive [[Jefferson County, Alabama]], into [[bankruptcy]] by switching its fixed-rate debt to variable * Violated [[antitrust]] provision of the [[Sherman Act]] relating to [[bid rigging]] ====Targeted account closures==== During 2013 and 2014, Chase and other banks received media attention for the practice of canceling the personal and business accounts of hundreds of legal [[sex workers]], citing in some instances the "[[Morals clause|morality clause]]" of their account agreement.<ref name=2013Daily>{{cite news|last=Daniel|first=James|title='Moral issues' lead banks to refuse porn stars bank accounts and loans|url=http://www.dailymail.co.uk/news/article-2326550/Moral-issues-lead-banks-refuse-porn-stars-bank-accounts-loans.html|work=Daily Mail|accessdate=April 26, 2014|location=London|date=May 18, 2013}}</ref><ref name=2014Hilton>{{cite web|last=Hilton|first=Perez|title=EXCLUSIVE! Porn Stars Are Getting The Shaft From Chase Bank! AGAIN!! Accounts Closed For 100s In The Biz?!|url=http://perezhilton.com/2014-04-22-exclusive-porn-stars-dropped-by-chase-bank-for-career#.U1sE7PldWa-|publisher=Perezhilton.com|accessdate=April 26, 2014}}</ref> Later it was discovered that this practice included mortgage accounts and business loans.<ref name=2014Upstart>{{cite news|last=del Castillo|first=Michael|title="Hundreds" of porn stars reportedly blacklisted from Chase Bank|url=http://upstart.bizjournals.com/entrepreneurs/hot-shots/2014/04/24/pornstars-to-loose-chase-bank-accounts.html?page=all|work=Business Journals|accessdate=April 26, 2014}}</ref> Chase canceled the mortgage refinancing process for one individual, that the bank had initiated, whose production company made [[Softcore pornography|soft core]] films like those broadcast on [[Cinemax]].<ref name=2014NBC>{{cite news|title=Banks to porn stars your money's not welcome |url=https://www.nbcnews.com/business/banks-porn-stars-your-moneys-not-welcome-1C9967366 |archiveurl=https://web.archive.org/web/20131029112849/https://www.nbcnews.com/business/banks-porn-stars-your-moneys-not-welcome-1C9967366 |archivedate=October 29, 2013 |publisher=NBC News |accessdate=April 26, 2014 |url-status=dead }}</ref> This resulted in a lawsuit<ref name=2013CourtNews>{{cite web|last=Dotinga|first=William|title=Look Who's Talking, Porn Mogul Tells Bank|url=https://www.courthousenews.com/look-whos-talking-porn-mogul-tells-bank/|publisher=Courthouse News Service|accessdate=April 26, 2014}}</ref> which cited evasive dealings and misleading statements by several Chase executives including Securities Vice President Adam Gelcich, Legal Fair Lending Department Vice President Deb Vincent, and an unnamed executive director and assistant general counsel.<ref name=2013GreenbergSuit>{{cite news|last=Hymes|first=Tom|title=Chase Sued for Denying Porn King Loan on 'Moral' Grounds|url=http://business.avn.com/articles/legal/Chase-Sued-for-Denying-Porn-King-Loan-on-Moral-Grounds-517824.html|work=Adult Video News|date=May 15, 2013|accessdate=April 26, 2014}}</ref> [[File:Chase bank922.jpg|thumb|Chase Bank in [[Rye, New York]]]] In addition to closing accounts for sex workers, the bank has also been using its "morality clause" to disassociate from other types of businesses.<ref name=2014AVNClosures>{{cite news|last=Kernes|first=Mark|title=JPMorgan Chase Closes Porn Star Accounts, Citing ... 'Ethics'!?! The most ethical thing adult industry members can do is to close any Chase accounts they may have.|url=http://business.avn.com/articles/legal/JPMorgan-Chase-Closes-Porn-Star-Accounts-Citing-Ethics-557577.html|work=Adult Video News|accessdate=April 26, 2014}}</ref> Some of these other businesses include [[medical marijuana]] dispensaries and any that are "gun related".<ref name=2014AVNClosures/> Another was a woman-owned condom manufacturing company called [[Lovability Condoms]]. Company founder Tiffany Gaines was rejected by [[Chase Paymentech]] services "as processing sales for adult-oriented products is a prohibited vertical" and was told that it was a "reputational risk" to process payment for condoms.<ref name=2014AVNClosures/> Gaines then started a petition to ask Chase to review and change its policy of classifying condoms as an "adult oriented product". The bank later reversed its decision and invited Gaines to submit an application citing that was already doing business with a "wide variety of merchants, including grocers and drug stores, that sell similar products".<ref name=2014HuffLuvCondom>{{cite news|last=Kingkade|first=Tyler|title=Chase Will Process Payments For Lovability Condoms After All|url=http://www.huffingtonpost.com/2014/03/31/chase-condom-payments_n_5051636.html|work=The Huffington Post|accessdate=April 26, 2014|date=March 31, 2014}}</ref> In 2019 the bank faced growing criticism for its alleged practice of arbitrarily targeting the personal accounts of outspoken online personalities such as Martina Markota and [[Proud Boys]] chairman Enrique Tarrio. Although the specific motives behind the closures were not officially disclosed the assumption among many on the right was that they were political in nature.<ref>{{cite web|url=https://nypost.com/2019/05/25/jpmorgan-chase-accused-of-purging-accounts-of-conservative-activists/|title=JPMorgan Chase accused of purging accounts of conservative activists|author=John Aiden Byrne|publisher=New York Post|date=2019-05-25|accessdate=2019-05-28}}</ref> ====Dakota Access Pipeline==== Financial documents<ref>{{cite web|url=http://governance.energytransfer.com/phoenix.zhtml?c=106094&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTEwMDgwNDgzJkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3|title=EnergyTransfer.com - Investor Relations - SEC Filings|website=governance.energytransfer.com|access-date=2017-02-02|archive-url=https://web.archive.org/web/20170131060652/http://governance.energytransfer.com/phoenix.zhtml?c=106094&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTEwMDgwNDgzJkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3|archive-date=2017-01-31|url-status=dead}}</ref> from [[Energy Transfer Partners]], the pipeline builder for the [[Dakota Access Pipeline]], lists a number of large banking institutions that have provided credit for the project, including JP Morgan Chase. Because of these financial ties, Chase and other banks were a target<ref>{{cite web|url=https://www.nytimes.com/2016/11/08/business/energy-environment/environmentalists-blast-bankers-behind-dakota-pipeline.html|title=Environmentalists Target Bankers Behind Pipeline|first=Hiroko|last=Tabuchi|date=November 7, 2016|publisher=|via=NYTimes.com}}</ref> of the [[Dakota Access Pipeline protests]] during 2016 and 2017. ==== Parental leave policy ==== JPMorgan Chase agreed to pay $5 million to compensate their male employees who did not receive the same paid parental leave as women from 2011 to 2017.<ref>{{Cite web|url=https://nypost.com/2019/05/30/dad-reaches-historic-paid-leave-settlement-with-jpmorgan-chase/|title=Dad reaches historic paid leave settlement with JPMorgan Chase|last=Lapin|first=T.|date=2019-05-30|website=[[New York Post]]|language=en|access-date=2019-05-31}}</ref> In December 2017, the bank "clarified its policy to ensure equal access to men and women looking to be their new child's main caregiver".<ref>Gibson, K., [https://www.cbsnews.com/news/pmorgan-chase-to-pay-5-million-to-male-employees-who-say-they-were-unfairly-denied-parental-leave "Dad sued employer JPMorgan Chase over parental leave pay—and won"], [[CBS News]], May 30, 2019.</ref> According to the involved attorneys, this is the biggest recorded settlement in a U.S. parental leave discrimination case. JPMorgan agreed to train and monitor to ensure equal parental leave benefits and stated that "its policy was always intended to be gender-neutral".<ref>Eidelson, J., [https://www.bloomberg.com/news/articles/2019-05-30/jpmorgan-agrees-to-biggest-ever-settlement-in-anti-dad-bias-case "JPMorgan Agrees to Record Settlement in Anti-Dad Bias Case"], [[Bloomberg News]], May 30, 2019.</ref> ==== Fossil Fuel Investment ==== Chase has faced criticism and protests over its high rate of investment in various fossil fuel industries such as coal, oil, and gas. A study released in October 2019 indicated that Chase invests more ($75 billion) in fossil fuels than any other bank.<ref>{{Cite news|url=https://www.theguardian.com/environment/2019/oct/13/top-investment-banks-lending-billions-extract-fossil-fuels|title=Top investment banks provide billions to expand fossil fuel industry|last=Greenfield|first=Patrick|date=2019-10-13|work=The Guardian|access-date=2020-01-06|language=en-GB|issn=0261-3077}}</ref> ==References== {{reflist|30em}} ==Further reading== * {{cite book|title= The Chairman: John J. McCloy, the Making of the American Establishment|last= Bird|first= Kai|authorlink= Kai Bird|year= 1992|publisher= Simon & Schuster|location= New York|isbn= 978-0-671-45415-9|oclc= 25026508|url= https://archive.org/details/chairmanjohnjmc00bird}} * {{cite book |title= Water for Gotham: A History|last= Koeppel|first= Gerard T. |author-link=Gerard T. Koeppel |year=2000|publisher= Princeton Univ. Press|location= Princeton, NJ|isbn= 978-0-691-01139-4|oclc= 247735191|url= https://books.google.com/books?id=xPylbJLgq1UC&printsec=frontcover&cad=0#v=onepage&q=&f=false}} * {{cite book|title= Memoirs|last= Rockefeller|first= David|authorlink= David Rockefeller|year= 2002|publisher= Random House|location= New York|isbn= 978-0-679-40588-7|oclc= 231967677|url= https://archive.org/details/davidrockefeller00davi}} * {{cite book |title= The Chase: The Chase Manhattan Bank, N.A., 1945–1985|last= Wilson|first= John Donald|year= 1986|publisher= Harvard Business School Press|location= Boston, Mass|isbn=978-0-87584-134-2|oclc=13581810}} ==External links== <!--======================== {{No more links}} ============================ | PLEASE BE CAUTIOUS IN ADDING MORE LINKS TO THIS ARTICLE. 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