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Chase bank

The meaning of «chase bank»

JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in Manhattan, New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. 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.[2] Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955.[3] The bank merged with Bank One Corporation in 2004[4] and later acquired the deposits and most assets of Washington Mutual.

Chase offers more than 5,100 branches and 17,000 ATMs nationwide.[5] 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 trillion in 2016.

JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States.[6][7]

From September 1, 1799, to 1955, it was called 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.[8][9]

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:[2]

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.

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 BNY Mellon.[11][12]:23–26

Chase National Bank was formed in 1877 by John Thompson.[2] It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase,[3] although Chase did not have a connection with the bank.[2]

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.

However, its most significant acquisition was that of the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr.[13] This made Chase the largest bank in the US and indeed, in the world.

Chase was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients, such as General Electric,[14]:450 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.

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