J.P. Morgan is an American multinational banking corporation with a large presence in the United Kingdom. There are offices in London (which serves as the headquarters), Bournemouth, Glasgow and Edinburgh. The Bournemouth office is the largest private sector employer in Dorset and in Glasgow, J.P. Morgan is one of the largest technology employers in Scotland.
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History
J.P. Morgan's founder is J. Pierpont Morgan. His father, Junius, 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 the Chase bank.
During December 2010 an announcement was made that the previous headquarters of Lehman Brothers in Canary Wharf would be purchased to function as the companies European head office.
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Asset Management
J.P. Morgan Asset Management provides investment solutions to financial institutions, sovereigns, intermediaries and private individuals. It is based in London.
Private Banking
A franchise that provides wealth management services to ultra-high-net-worth individuals and families.
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.
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.
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 while Worldwide Securities Services stores, values, clears and services securities and alternative investments for investors and broker-dealers.
The bank joined CHAPS during 2010.
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.
The structure of the companies organisation in fact limits the powers of the FSA to act within the guidelines of English law. This is because the legal authority for jurisdiction of the U.K. branches of the company belong instead to powers within the U.S. of America's legal organisation.
Post office accounts
The company is currently providing the banking licence and the electronic benefits transfer banking engine for the card accounts of the Post office for the financial issuances of the DWP, after an application to the High Courts of England and Wales on the 24th of January 2006 for transfer of banking operations from the previous provider Citibank. The deal of exchange of services was valued at $380,000,000.
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, and elsewhere as caused by the efforts of ring-fencing.
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.
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.
Source of the article : Wikipedia
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