JPMorgan Chase is an American multinational banking corporation with a large presence in the United Kingdom. The corporation's European subsidiaries J.P. Morgan Europe Limited, J.P. Morgan International Bank Limited and J.P. Morgan Securities plc are headquartered in London.

History

J.P. Morgan's founder is J. Pierpont Morgan. His father, Junius Spencer Morgan, was in the merchant banking business in London from 1854 until his death in 1890. In 1873, the Scottish American Investment Trust, a predecessor firm (Robert Fleming & Co. was sold to Chase Manhattan in 2000) was formed. In 1887, Jarvis-Conklin Mortgage Trust Company opened in London and through a series of mergers and reorganizations, this firm became part of Chase Bank.[1]

The bank joined CHAPS during 2010.[2]

The company has provided the Post Office card account since 2006,[3][4][5] acquired investment bank Cazenove in 2010[6] and acquired London based online investment firm Nutmeg in June 2021.[7] JPMorgan Chase launched a retail banking operation in the UK in September 2021 under the Chase brand name.

Locations

J.P. Morgan Chase does not operate bank branches in the UK but has offices in London (which serves as the headquarters), Bournemouth, Glasgow and Edinburgh. The Bournemouth office is the largest private sector employer in Dorset, while in Glasgow J.P. Morgan is one of the largest technology employers in Scotland.[8]

During December 2010 an announcement was made that the previous headquarters of Lehman Brothers at 25 Bank Street in Canary Wharf would be purchased to function as the company's European head office.[9]

Commercial and investment banking services

Asset Management

J.P. Morgan Asset Management provides investment solutions to financial institutions, sovereigns, intermediaries and private individuals. It is based in London.[10]

Global Corporate Bank

Provides corporate banking services to large corporations, financial institutions and public sector organizations. Services include financing, risk management, working capital, cash management and investments.[11]

Investment Bank

The investment bank is one of the largest in the United Kingdom. It offers banking services including M&A advisory, corporate banking, debt capital markets, capital raising and risk management.[12]

J.P. Morgan Cazenove

J.P. Morgan Cazenove became a wholly owned part of J.P. Morgan in 2010, having originally operated as a joint venture between J.P. Morgan and the UK investment bank Cazenove. Its three core businesses are corporate finance, cash equities and equity research. It is based in London.[13] J.P Morgan Cazenove is a trading name of J.P. Morgan Securities plc.

Post office card account contract

J.P. Morgan Europe Ltd is currently providing the banking licence and the electronic benefits transfer banking engine for the Post Office card account, since 24 January 2006 having taken over from the previous provider Citibank.[14][15][16] The deal of exchange of services was valued at $380,000,000.[17] New applications for a Post Office card account were closed on 11 May 2020, with existing accounts remaining open until November 2022.[18]

The Post Office Card Account (POca) is a cash handling account allowing customers to receive benefit payments. The Card Account cannot be accessed anywhere other than a Post Office Counter or ATM at a post office branch. These accounts can only receive issuances of the DWP benefit payments and HMRC Tax Credits and Child Benefit payments. To open an account, you must be in receipt of benefits and a referral is made via Jobcentre Plus.[19]

Private Banking

A franchise that provides wealth management services to ultra-high-net-worth individuals and families.[20]

Treasury & Securities Services

Made up of two divisions, Treasury and Worldwide Securities Services. Treasury Services provides cash management products, trade finance and logistics solutions, wholesale card products, and short-term liquidity management capabilities to small and mid-sized companies, multinational corporations, financial institutions and government entities[21] while Worldwide Securities Services stores, values, clears and services securities and alternative investments for investors and broker-dealers.[22]

Retail banking

Chase

Chase
TypeTrading division
IndustryBanking
Founded2021
Headquarters25 Bank Street,
London
,
United Kingdom
Key people
Sanoke Viswanathan (CEO)
ServicesRetail banking
OwnerJPMorgan Chase
ParentJ.P. Morgan Europe Ltd
Websitechase.co.uk

Chase is a UK-based retail banking brand operating as a division of J.P. Morgan Europe Ltd.

History

In January 2021, JP Morgan Chase announced that it was to enter the UK retail banking sector, under the Chase brand, later that year,[23] establishing its first non-US retail banking operation in its history.[24] The first Chase branded products in the UK were launched in September 2021.[25] It was named the fastest-growing fintech app in 2022, beating the likes of Starling and Monzo.[26]

In May 2023, Chase announced it had attracted over 1.6 million customers since it launched in the UK, and held £1.5 billion of customer deposits.[27]

In September 2023, Chase announced it would ban all cryptocurrency purchases made from 16 October 2023.[28]

Services

The Chase branded app-based current account and linked savings account was launched in Late September 2021 .[29] The account allows customers to send and receive money via Faster Payments and since March 2022, the option to pay by direct debits.[30] Chase plans to launch further products in the next three to four years including, savings and investment accounts, personal lending and mortgage loans.[31] A savings account was launched in March 2022.[32]

Banking errors

November 2002-July 2009

The bank was fined £33,320,000 for failing to protect the money of the clientele of the bank during November 2002 and July 2009. The lack of due consideration was given as resulting from error,[33][34] and elsewhere as caused by the efforts of ring-fencing.[35]

April 2012

A senior executive of the bank resigned in April 2012 having been found to have committed a civil crime amounting to market abuse, as defined by the FSA.[36]

May 2012

The chief officer and others having made errors during May 2012, causing losses to the bank amounting to £1.2 billion, were expected to resign. At the time of the report JP Morgan was stated as considering the closure of the London investment unit.[37]

References

  1. ↑ "J.P. Morgan UK History".
  2. ↑ Association for Financial Professionals Archived 2013-01-25 at archive.today 22 Jun 10 - Retrieved 2012-06-07
  3. ↑ 3 February 2006 - The London Gazette Retrieved 2012-06-07
  4. ↑ Post Office Benefits and Pensions Retrieved 2012-06-07
  5. ↑ ICM Research December 2009 - financial services group - Beyond POCA: How to better meet the needs of consumers at the Post Office Retrieved 2012-06-07
  6. ↑ "J.P. Morgan Cazenove".
  7. ↑ Jackson-Obot, Ima (25 June 2021). "What does the future look like for Nutmeg and JPMorgan Chase?". FT Adviser. Retrieved 26 September 2023.
  8. ↑ "IFSD Glasgow".
  9. ↑ BBC News-20 December 2010 Retrieved 2012-06-07
  10. ↑ "J.P. Morgan Asset Management UK".
  11. ↑ "J.P. Morgan Global Corporate Bank".
  12. ↑ "J.P. Morgan Investment Bank".
  13. ↑ "J.P. Morgan Cazenove".
  14. ↑ 3 February 2006 - The London Gazette Retrieved 2012-06-07
  15. ↑ Post Office Benefits and Pensions Retrieved 2012-06-07
  16. ↑ ICM Research December 2009 - financial services group - Beyond POCA: How to better meet the needs of consumers at the Post Office Retrieved 2012-06-07
  17. ↑ Shearman & Stirling LLP Archived 2006-10-27 at the Wayback Machine 6 Jan 2004 Retrieved 2012-06-07
  18. ↑ "Post Office card accounts closure extended until November 2022". 11 August 2022.
  19. ↑ "DWP to end benefit payments to Post Office card accounts". 6 May 2020.
  20. ↑ "J.P. Morgan Private Banking".
  21. ↑ "J.P. Morgan Treasury Services".
  22. ↑ "J.P. Morgan Worldwide Securities Services".
  23. ↑ "JPMorgan Chase to launch digital consumer banking in the U.K."
  24. ↑ Megaw, Nicholas; Morris, Stephen (16 September 2021). "JPMorgan to open digital retail bank in UK". Financial Times.
  25. ↑ Stefania Spezzati (21 September 2021). "JPMorgan Joins U.K. Consumer Market With New Digital Bank". Bloomberg. Retrieved 12 October 2021.
  26. ↑ "JP Morgan's Chase UK fastest growing fintech app in 2022". AltFi. 18 January 2023. Retrieved 23 May 2023.
  27. ↑ "Chase UK hits £15bn, reaches 1.6m customers". AltFi. 23 May 2023. Retrieved 23 May 2023.
  28. ↑ Asgari, Nikou; Venkataramakrishnan, Siddharth (26 September 2023). "Chase UK to ban cryptocurrency purchases over fraud fears". Financial Times. Retrieved 26 September 2023.
  29. ↑ "Make more of every day". Chase. Retrieved 12 October 2012.
  30. ↑ "Direct Debits". Chase.
  31. ↑ Megaw, Nicholas; Morris, Stephen (16 September 2021). "JPMorgan to open digital retail bank in UK". Financial Times. Retrieved 12 October 2021.
  32. ↑ "Chase saver account". Chase. Retrieved 7 May 2022.
  33. ↑ "UK fines JPMorgan record $49 million". Reuters. 3 June 2010. Retrieved 7 May 2022.
  34. ↑ K Ridley reporting 3 Jun 2010 for Reuters Retrieved 2012-06-07
  35. ↑ "Bankers JP Morgan fined record £33m for failing to 'ring-fence' clients' money". Daily Record. 3 June 2010. Retrieved 7 May 2022.
  36. ↑ "Senior banker at JP Morgan resigns". The Guardian. 3 April 2012. Retrieved 7 May 2022.
  37. ↑ R Neate reporting 14 May 2012 on the Wall Street Journal in The Guardian newspaper Retrieved 2012-06-07
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