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This Day In Market History: Chase National Merges With Bank of Manhattan

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This Day In Market History: Chase National Merges With Bank of Manhattan

Each day, Benzinga will take a look back at a notable market-related moment that happened on this date.

What Happened? On this day in 1955, Chase National merged with Bank of Manhattan.

What Else Was Going On In The World? In 1955, the U.S. launched the USS Nautilus, the world’s first operational nuclear-powered submarine. “The Mickey Mouse Club” debuted on ABC. The average cost of a new house was $10,950.

That Path To A U.S. Megabank: Incredibly, the roots of JPMorgan Chase & Co. (NYSE: JPM), the largest U.S. bank, go back all the way to 1799 when Aaron Burr founded The Manhattan Company in a house on 40 Wall Street. Chase National Bank was founded in 1877 by John Thompson.

In 1930, Chase National became the largest bank in the world after acquiring the Equitable Trust Company of New York.

Chase National merged with Bank of Manhattan in 1955. At the time, Chase Manhattan was the second-largest U.S. bank.

In December 2000, Chase Manhattan merged with J.P. Morgan to become the familiar JPMorgan Chase. During the financial crisis in 2008 and 2009, JPMorgan continued to grow by buying the assets of distressed Bear Stearns and Washington Mutual.

Today, JPMorgan Chase has become the largest U.S. bank with roughly $3.25 trillion in assets. It's also the world’s most valuable bank with a market cap of around $427 billion. In 2019, JPMorgan reported $110 billion in revenue and $36.4 billion in net income.

Photo credit: Flowerlamp, Wikimedia Commons

 

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