Clanton

The corporate structure of JPMorgan Chase & Co. has changed throughout its history through various mergers and acquisitions as well as geographic expansion. In the United States, it owns and operates two key legal subsidiaries: [149] JPMorgan Chase Bank, N.A. JPMorgan Securities, LLC. The modern JPMorgan Chase is broken up into the following four business segments: [150] Asset and Wealth Management (J.P. Morgan) Consumer and Community Banking (Chase) Corporate and Investment banking (J.P. Morgan) Commercial Banking (Chase) 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. [151] [152]  In August 2008, the bank announced plans to construct a new European headquarters at  Canary Wharf , London. [153]  These plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at  25 Bank Street  fo...

CEO-to-worker pay ratio [ edit ] For the first time in 2018, a  U.S. Securities and Exchange Commission  rule mandated under the  Dodd–Frank Wall Street Reform and Consumer Protection Act  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. [144]  According to SEC filings, JPMorgan Chase & Co. paid its CEO $28,320,175 in 2017, while the average worker employed by JPMorgan Chase & Co. was paid $77,799 in 2017, marking a CEO-to-worker pay ratio of 364 to 1. [145]  As of April 2018, steelmaker Nucor represented the median CEO-to-worker pay ratio from SEC filings with values of 133 to 1. [146] [ importance? ]  On May 2, 2013,  Bloomberg BusinessWeek  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. [147] [ importance? ]  Total 2018 ...

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. [94] 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 . [95]  In 2008, J.P. Morgan acquired the UK-based  carbon offsetting  company  ClimateCare . [96]  JPMorgan Chase was the biggest bank at the end of 2008 as an individual bank (exclusive of its subsidiaries) during the  2008 financial crisis . [97] [ dead link ] In November 2009, J.P. Morgan announced it would acquire the balance of J.P. Morgan Cazenove, an advisory and underwriting joint venture established in 2004 with the  Cazenove Group . [98]  Earlier in 2011, the company announced that by the use of  supercomp...

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. [85] On November 24, 2022, two women who accused Jeffrey Epstein of sex trafficking and sexual abuse also sued JPMorgan and Deutsche Bank, accusing them of benefiting and closing their eyes to Epstein's sex trafficking operations. [ neutrality  is  disputed ]  According to the lawsuits, banks knew that Epstein's accounts were used to finance sex trafficking crimes. [86] Bernie Madoff  opened a business account at Chemical Bank in 1986 and maintained it until 2008, long after Chemical acquired Chase...

Lawsuits and legal settlements [ edit ] This section may  lend  undue weight  to certain ideas, incidents, or controversies . Please help to  create a more balanced presentation . Discuss and  resolve  this issue before removing this message.  ( January 2023 ) 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. [55]  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. [56] 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. Th...

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 Res...