How JP Morgan Chase Became The Largest Bank In The US
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0:04 - 0:08J.P. Morgan is right now the biggest
bank in the United States. -
0:08 - 0:09Probably in the history
of the United States. -
0:09 - 0:10J.P. Morgan
-
0:10 - 0:10J.P. Morgan
-
0:10 - 0:11J.P. Morgan
-
0:11 - 0:16Over the last century of the notable
bank mergers that have taken place, -
0:16 - 0:21J.P. Morgan and its predecessors have
been involved in almost one fourth. -
0:21 - 0:24It's the largest bank in America.
-
0:24 - 0:27More than $2 trillion dollars in assets.
-
0:27 - 0:32Right now, they're also the biggest bank
in the world by market capitalization. -
0:32 - 0:38From the panic of 1907 to 2007,
-
0:38 - 0:39the subprime mortgage crisis
and the financial collapse thereafter, -
0:39 - 0:44J.P. Morgan Chase has been at the center
of American banking for over a century. -
0:48 - 0:52The company has an unabashed
CEO not afraid to speak his mind. -
0:52 - 0:56He weighs in on you know
on politics on a pretty frequent basis. -
0:56 - 0:59I would also tell the president
that his two of his advisors told him -
0:59 - 1:00and I'm not gonna name them
-
1:00 - 1:03but they told him
there would be no retaliation. -
1:03 - 1:04We said there actually will be
and they were wrong. -
1:04 - 1:06This man is a criminal..
-
1:06 - 1:10Probably the most notable
banker of the past 25 years. -
1:10 - 1:13The company helps finance
the largest economy on Earth. -
1:13 - 1:19And even after millions
were hit by the Great Recession, -
1:19 - 1:20J.P. Morgan came out
bigger and stronger. -
1:20 - 1:24That's likely just how J.P. Morgan
himself would have done it. -
1:25 - 1:27So let's start at the beginning.
-
1:28 - 1:35The man behind the Empire
J.P. Morgan was born John Pierpont in 1837 -
1:35 - 1:36to a prominent
New England family. -
1:36 - 1:38After traveling Europe,
-
1:38 - 1:41Morgan returned home
to launch his financial career. -
1:41 - 1:45His father was in many ways
the most important person in his life -
1:45 - 1:51and his father Junius
was a very straight shooter. -
1:51 - 1:56Very moral, very convinced
that in a in the high risk -
1:56 - 1:57high stakes business
of investment banking -
1:57 - 2:00your word is your bond,
your reputation is everything. -
2:00 - 2:06In 1871, J.P. Morgan along with
the help of a former banker -
2:06 - 2:07Anthony Drexel created
a private merchant -
2:07 - 2:13partnership called
'Drexel Morgan and Company.' -
2:13 - 2:14It later became J.P. Morgan and Co.
-
2:14 - 2:19The U.S. was the emerging
economy in the 19th century -
2:19 - 2:20Booming
-
2:20 - 2:21Busting.
-
2:21 - 2:26Just going through all the growth
patterns of what was becoming -
2:26 - 2:27a major
industrial economy. -
2:27 - 2:32What they were doing was
funneling investments from Europe -
2:32 - 2:33to these American
companies, -
2:33 - 2:37not putting their own
capital into the railroads. -
2:37 - 2:38A little bit, they did.
-
2:38 - 2:43When Morgan died,
he had very minor investments -
2:43 - 2:44in the companies
that he had brokered. -
2:44 - 2:48Morgan became heavily involved in
reorganizing and consolidating railroads. -
2:48 - 2:54If a railroad manager was
suddenly playing fast and loose, -
2:54 - 2:59cheating his investors
really getting his company -
2:59 - 3:04into trouble, Pierpont
Morgan would step in -
3:04 - 3:05and fire the managers,
hire new ones. -
3:05 - 3:11Morgan was trying to monitor and discipline the
companies whose had sold securities to his clients. -
3:11 - 3:12Morgan's next target?
-
3:13 - 3:18The steel industry. Andrew Carnegie had
built the best steel company in the world. -
3:18 - 3:21He figured out about
economies of scale. -
3:21 - 3:25He was able to out-produce an
under-price all of his competitors. -
3:26 - 3:34Morgan decided in 1900,
1901 that essentially -
3:34 - 3:35he would do for the steel industry
what he'd done for the railroad industry, -
3:35 - 3:38which was consolidate a lot of smaller
companies into one giant -
3:38 - 3:38And he put together U.S.
-
3:38 - 3:42Steel capitalized at $1 billion dollars in 1901.
-
3:42 - 3:51That was an unheard of sum for that time
and people were staggered or horrified, were skeptical. -
3:51 - 3:55He did revolutionize the financial markets.
-
3:55 - 3:57And it wasn't only railroads and steel.
-
3:58 - 4:05J.P. Morgan was influential in creating
what would later become AT&T -
4:05 - 4:06and he helped finance
America's electrification. -
4:06 - 4:10His own house was the first private
house ever illuminated entirely by electricity. -
4:11 - 4:16His own private study caught on fire the
couple of days after they installed the system. -
4:17 - 4:19And he said do it again.
-
4:19 - 4:20I'm not giving up.
-
4:20 - 4:27Morgan combined Edison Electric
with one of his chief rivals -
4:27 - 4:28and that became
General Electric in 1892. -
4:28 - 4:30Morgan was not
without controversy. -
4:30 - 4:37What he was doing was very good for lenders from
Europe, for wealthy people who had money to invest. -
4:37 - 4:40It was very good for the growing
American economy overall. -
4:41 - 4:44It was not good for farmers and small
businessmen who had to borrow money. -
4:44 - 4:47He was basically keeping
the dollar really strong. -
4:47 - 4:50It cost them more to pay back their
loans than what they had borrowed. -
4:50 - 4:51And that was really painful.
-
4:51 - 4:54And there was a huge
populist opposition to Morgan. -
4:54 - 4:58It was very controversial
and continued to be controversial. -
4:58 - 5:00Then came the panic of 1907.
-
5:01 - 5:05It's regarded as the first worldwide
financial crisis to hit the modern world. -
5:06 - 5:13The American economy
was growing so fast -
5:13 - 5:14and with so little supervision
so little government regulation. -
5:14 - 5:17So few people who really
knew how to govern it. -
5:17 - 5:23There was a panic or a devastating crash
in depression just about every 10 years. -
5:23 - 5:29Despite reporting strong, corporate earnings, the stock market
crashed and stocks plummeted on foreign exchanges. -
5:29 - 5:34The U.S. government lacked the funds to stop the bleeding
and there was no central bank. -
5:34 - 5:40Morgan delegated two groups of men: one, young lieutenants who would stay up all night and assess the
-
5:40 - 5:46health of these trust companies to see whether they were worth saving or had to be let go.
-
5:46 - 5:51And then two other senior bankers along with himself
who would be making the top level decisions. -
5:52 - 5:55The group functioned as
the country's unofficial central bank. -
5:55 - 6:00The New York Stock Exchange didn't have enough money to complete its trades and the head of the exchange came out across
-
6:00 - 6:06the street to Morgan and said we're going to have to close before 3 o'clock because we can't keep the trades going.
-
6:06 - 6:10Morgan said you can't do that in this in
this climate it will make things so much worse. -
6:10 - 6:12We've got to keep the stock exchange open.
-
6:12 - 6:20So he called several of the leading bankers to his office
and said we need $20 million dollars in 20 minutes -
6:20 - 6:22to send across the street
to stock exchange. -
6:22 - 6:26And these guys without
flinching put up that money. -
6:27 - 6:31It's evidence of how much
they trusted Morgan -
6:31 - 6:32that they knew he was the guy
who could stop this and he wasn't -
6:32 - 6:34going to do
anything tricky with it. -
6:34 - 6:39Later that week New York City
couldn't pay meet its payroll. -
6:39 - 6:43It went on like this for
two harrowing, terrible weeks. -
6:43 - 6:45And finally
it began to subside. -
6:46 - 6:48One of the headlines
in the middle of this. -
6:48 - 6:52Something like stocks
stabilized for the moment and J.P. -
6:52 - 6:53Morgan has a cold.
-
6:54 - 6:55He did he had a terrible cold.
-
6:55 - 6:59He was as some of this was going on
he was just sneezing and coughing -
6:59 - 7:00and making calculations
on a piece of paper. -
7:00 - 7:04But it was just he was totally
exhausted and not young. -
7:05 - 7:10While Morgan was celebrated on Wall Street for saving
the economy, people quickly realized that perhaps one -
7:10 - 7:13banker shouldn't have
so much power. -
7:13 - 7:18For about a minute
after the end of the panic, -
7:18 - 7:19Morgan was an
international hero. -
7:19 - 7:29But the minute after that the idea of that much power residing with one private banker really was not OK.
-
7:30 - 7:36It's set in motion a number of financial reforms
including, eventually, the creation of the Federal Reserve. -
7:36 - 7:38But Morgan never
got to see the Fed. -
7:39 - 7:43J.P. Morgan died
on March 31, 1913 in Rome. -
7:44 - 7:48The New York Stock Exchange was closed until
noon on the day he died to honor his memory. -
7:50 - 7:52His son J.P. Morgan Jr. took over.
-
7:52 - 7:58And the company continued to play
a prominent role in financing major American projects. -
7:59 - 8:04In 1915, the bank facilitated
the largest foreign loan in history. -
8:04 - 8:10$500 million to the English and the French to
support the war effort during World War I. -
8:11 - 8:17When the Depression-era Glass-Steagall Act of 1933 forced banks to split from investment banks,
-
8:17 - 8:19J.P. Morgan and Company
was broken up. -
8:19 - 8:23Grandson Henry Sturgis Morgan went on to found Morgan Stanley.
-
8:24 - 8:28But that is the history for only half of what became today's J.P. Morgan Chase.
-
8:28 - 8:33The other side has an interesting history too that goes back even further to the 1700s.
-
8:34 - 8:40Aaron Burr, famous for winning a duel against Alexander Hamilton and exiled after being tried for treason,
-
8:40 - 8:45but he is also credited with creating the earliest predecessor to J.P. Morgan Chase.
-
8:45 - 8:48He founded the Manhattan company in April 1799.
-
8:49 - 8:54It sought out a charter that would enable the company to supply purified water to New York City residents
-
8:54 - 8:57in an effort to stave off yellow fever.
-
8:57 - 9:01It also got a banking charter to take on Alexander Hamilton's Bank of New York.
-
9:02 - 9:08In fact, J.P. Morgan Chase to this day has the pistol that Aaron Burr used to shoot Alexander Hamilton.
-
9:09 - 9:15After a slew of mergers over 150 years, it became
Chase Manhattan Bank in 1955. -
9:17 - 9:23While J.P. Morgan and Company floundered as a major player in finance, another company emerged:
-
9:23 - 9:23Chemical Bank.
-
9:24 - 9:30What started as a chemical company in New York City in the 1800s became one of the foremost banks in the Northeast.
-
9:30 - 9:38In 1969, it created the first cash dispensing machine that was installed in the Rockville Centre branch on Long Island.
-
9:38 - 9:40Now we call these ATMS.
-
9:41 - 9:48And all of that brings us
to the major banking consolidation, -
9:48 - 9:49of the 1990s that created the behemoth
that is J.P. Morgan Chase today -
9:49 - 9:56The global economy, technology and the rise of Wall Street's political power got Washington to change the rules.
-
9:56 - 9:59Deregulation from
the 1990s came in two parts: -
9:59 - 10:04One would be a national banking
in the ability to have greater efficiency. -
10:04 - 10:09I still remember you had to take traveler's checks if
you went from the east coast to the west coast. -
10:09 - 10:11I mean how inefficient it was that.
-
10:11 - 10:15Chemical Bank merged
with Chase Manhattan in 1996. -
10:16 - 10:18A huge bank merger
is in the news this morning. -
10:18 - 10:23Chemical Bank and Chase Manhattan are joining forces to become the biggest banking company in the nation
-
10:23 - 10:27with assets of nearly
$300 billion dollars. -
10:27 - 10:31Then in 1999, the law that originally split up J.P.
-
10:31 - 10:34Morgan and Company in the 1930s was repealed.
-
10:34 - 10:41Today, we proved that we could deal with the large issue facing our country and every other advanced economy in the world.
-
10:44 - 10:48Now the elimination of Glass-Steagall,
that was much more controversial. -
10:48 - 10:52I believe this legislation in its current
form will do more harm than good. -
10:53 - 10:55In 2000, Chase merged with J.P.
-
10:55 - 10:58Morgan to create
the country's largest bank. -
10:58 - 11:03Chase had a very good brand name but we think J.P. Morgan is a better brand name.
-
11:03 - 11:06That gave a little extra cachet.
-
11:06 - 11:09J.P. Morgan a good brand name, long legacy.
-
11:10 - 11:14But you know
despite the vision, -
11:14 - 11:15the vision was to better compete
against like Goldman Sachs and -
11:15 - 11:17Morgan Stanley,
Merrill Lynch. -
11:17 - 11:20You know the banks
they were second tier. -
11:20 - 11:23Size didn't equal success
in the early years. -
11:23 - 11:28I mean these were big bureaucratic
error prone lumbering giants. -
11:29 - 11:31But the consolidation
didn't stop there. -
11:32 - 11:36The company merged with
Midwest giant Bank One in 2004. -
11:36 - 11:39It's the biggest financial
deal to hit Wall Street in six years. -
11:39 - 11:43J.P. Morgan buying Bank One for
roughly $58 billion dollars in stock. -
11:43 - 11:46We negotiated and I think we did it
to be great for our shareholders. -
11:46 - 11:49Jp Morgan wow look how far they've come.
-
11:50 - 11:55Five of the eight money center banks of the 1980s are in J.P. Morgan.
-
11:55 - 12:01In fact, over the last century of the
notable bank mergers that have taken place, J.P. -
12:01 - 12:05Morgan and its predecessors have been involved in almost one fourth.
-
12:06 - 12:09That set up Jamie Dimon to be the next CEO of the company.
-
12:09 - 12:15To me as a bank analyst who has covered the space for three decades that was a defining moment.
-
12:15 - 12:21That was when J.P. Morgan and its legacy firms got a new religion.
-
12:21 - 12:28And at some point the platitudes got pretty heavy I mean fortress balance sheet this, fortress balance sheet that and you know
-
12:28 - 12:37he's a fast talker and a lot of good signs from Jamie Dimon but there is also a degree of OK the jury is out on this leader Jamie Dimon.
-
12:37 - 12:44While there are lots of external factors we cannot control, we must expect increasing tough competition around the world.
-
12:44 - 12:52I would say a defining moment also happened during the financial crisis and that would be the acquisition of Bear Stearns.
-
12:52 - 12:55The firm that I keep hearing
-
12:55 - 12:58that's most likely to buy it will be J.P. Morgan Chase
-
12:58 - 13:01obviously helping with the bank, helping with the financing the bailout.
-
13:01 - 13:05And that showed the value of having a fortress balance sheet.
-
13:05 - 13:09It showed the value of having strength when others are weak.
-
13:09 - 13:12Just like one hundred years before, J.P. Morgan
-
13:12 - 13:15had to grapple with a collapsing financial system.
-
13:15 - 13:17I called up my whole operating committee.
-
13:17 - 13:21I told them we're about to have a catastrophe take place.
-
13:21 - 13:23All hands on deck the next day.
-
13:23 - 13:28I think I called my board that Saturday and said we have a national emergency.
-
13:28 - 13:31And when you told them how bad it could get what did you tell them?
-
13:31 - 13:36That you're going to see the worst week ever in American financial history since the Great Depression.
-
13:36 - 13:38That in my opinion Lehman is going to go bankrupt.
-
13:38 - 13:43That AIG is a possibility and that might be a domino effect after that.
-
13:43 - 13:45But the company kept playing a role as a buyer.
-
13:45 - 13:49J.P. Morgan Chase followed up with the acquisition of WaMu.
-
13:49 - 13:52And the company emerged in the crisis stronger.
-
13:52 - 14:00If you made one move more than any other if you're investing
in bank stocks since 2004, it should have been to own J.P. -
14:00 - 14:02Morgan Chase as an investment.
-
14:02 - 14:05Since the bank one merger of the last 15 years
-
14:05 - 14:13J.P. Morgan Chase has outperformed the bank stock index by an average of 600 percentage points each year.
-
14:14 - 14:16That's tremendous outperformance versus the banks.
-
14:18 - 14:23Despite the company's relative strength, Dimon was called in front of Congress to defend the bank's actions
-
14:23 - 14:29after the industry received more than $700 billion dollars in government bailout money.
-
14:29 - 14:36The question that I, nor any one, will ever be able to answer is what would have happened had that not been
-
14:36 - 14:39injected when and how was injected.
-
14:39 - 14:41He even called for more systemic regulation.
-
14:41 - 14:46I think would be a tremendous benefit to have one regulator looking at anything
-
14:46 - 14:48that could cause systematic risk.
-
14:48 - 14:52Well you know I would make a distinction between regulation and red tape.
-
14:52 - 14:58So thank you regulators for making the banking industry stronger than it's been in a few decades
-
14:58 - 15:00and they've done it with very clear rules.
-
15:00 - 15:04OK. You won't have as much leverage which means more capital
-
15:04 - 15:08and capital protects banks from unexpected problems during tough times.
-
15:09 - 15:14But it hasn't always been completely smooth sailing for Dimon at the helm of J.P. Morgan.
-
15:14 - 15:18The annual shareholder letter from JP Morgan Chase CEO Jamie Dimon.
-
15:19 - 15:21It addresses the London Whale issue right off the bat.
-
15:21 - 15:23He says it was an extremely embarrassing episode.
-
15:23 - 15:27The most embarrassing episode that he has ever dealt with and it also cost the firm money.
-
15:27 - 15:34The company lost more than $6 billion dollars on the trade and Dimon was marched in front of Congress again.
-
15:43 - 15:46Well I went to the annual meeting after J.P. Morgan had the London Whale incident.
-
15:46 - 15:52It was down in Tampa, Florida and I went to ask questions of the lead director to find out how much the
-
15:52 - 15:56board was overseeing Jamie Dimon in the rest of the management team.
-
15:56 - 15:57So it was certainly an issue.
-
15:57 - 16:00And you know J.P. Morgan Chase said you know what,
-
16:00 - 16:03we still earned money that quarter.
-
16:03 - 16:07Yeah that's kind of like OK you're you're texting while driving, never do that.
-
16:07 - 16:11You hit the guard rail and you cause like you know $500 hundred dollars worth of damage to your car.
-
16:11 - 16:12See it was only $500 dollars.
-
16:13 - 16:16No. The point is you could have gone off the edge and killed a few people.
-
16:16 - 16:19OK. Could have been much greater damage than it was.
-
16:19 - 16:24And in 2013, J.P. Morgan settled with the Department of Justice.
-
16:24 - 16:30The charges were that the company overstated the quality of mortgages it sold to investors in the run up
-
16:30 - 16:31to the financial crisis.
-
16:31 - 16:35It cost the company $13 billion dollars.
-
16:35 - 16:40Overall. J.P. Morgan Chase has settled more than a dozen government cases and private lawsuits in
-
16:40 - 16:42connection with the financial crisis.
-
16:42 - 16:47That's according to a CNBC analysis of KBW's litigation tracker.
-
16:47 - 16:51Some of the settlements were liabilities from the Bear Stearns and WaMu acquisitions.
-
16:52 - 16:56In total, though they've cost the company more than $30 billion dollars.
-
16:56 - 17:02While there still is some outstanding litigation for the most part the company has put the crisis behind it.
-
17:02 - 17:04J.P. Morgan Chase has gained market share.
-
17:04 - 17:10they're now ranked number one in
global investment banking and trading activity. -
17:10 - 17:15That's from a second and third class status a couple of decades ago.
-
17:15 - 17:15Now they're number one.
-
17:16 - 17:20On the retail side, J.P. Morgan Chase especially Chase, the retail brand name,
-
17:20 - 17:23you know they ranked number one, two or three in most categories and
-
17:23 - 17:29they're ranked number one in digital banking an area of you know tremendous growth.
-
17:29 - 17:36So now you look at it and for the last 10 years despite flat market share, J.P. Morgan has improved its deposit
-
17:36 - 17:40market share nationally
from 7% to over 10%. -
17:40 - 17:44Who is using JP Morgan Chase
more than ever before? -
17:44 - 17:46Young people.
Millennials. -
17:46 - 17:50They're taking all these processes
that used to be very paper heavy -
17:50 - 17:51or very sort of people
heavy like you had -
17:51 - 17:55to go to a to a branch
and they're turning that digital. -
17:55 - 17:56And they're putting it
so that if you wanted to -
17:56 - 17:57if you want to apply for a mortgage
you could do it through your mobile phone. -
17:57 - 18:02If you wanted to
trade stocks easily for free, -
18:02 - 18:03you could do it through
the mobile phone. -
18:03 - 18:06You also have something
called Sapphire Reserve. -
18:06 - 18:09It's a hugely popular credit card
that they rolled out in 2016. -
18:10 - 18:16Tons of millennials
have bought into that -
18:16 - 18:16primarily because they get extra
points, reward points for things -
18:16 - 18:21like dining out and travel. Things that
millennials supposedly like to do a lot. -
18:21 - 18:26This is a play to get people relatively
early on in their in their financial lives. -
18:26 - 18:31I mean is it do you think
millennials wake up say -
18:31 - 18:32"oh we want to do business
with a big institution, a big bank?' -
18:32 - 18:34That's not the thought process.
-
18:34 - 18:37The thought process is hey
they better digital banking. -
18:37 - 18:38They've better online banking.
-
18:38 - 18:40They make our lives easier.
-
18:40 - 18:42Let's go to J.P. Morgan Chase.
-
18:42 - 18:43You're seeing this
some other banks too. -
18:43 - 18:46But J.P. Morgan Chase certainly
is a leader in that category. -
18:46 - 18:49And what would JP Morgan think of
the company bearing his name -
18:49 - 18:51being back
at the top of banking? -
18:51 - 18:55He'd think that was
perfectly appropriate.
- Title:
- How JP Morgan Chase Became The Largest Bank In The US
- Description:
-
From the railroad and steel consolidations brokered by John Pierpont Morgan on Wall Street more than a century ago, to banking consolidation, the financial crisis and Jamie Dimon's leadership, J.P. Morgan Chase has been at the center of finance for more than a century. Here's the story of how the country's largest bank got to where it is today.
Biographer of J.P. Morgan Jean Strouse, longtime bank analyst Mike Mayo and CNBC banking reporter Hugh Son help tell the story. You’ll learn about how Aaron Burr and Alexander Hamilton are part of the bank’s history, along with the first ATM, and the company’s position moving forward into the future of digital banking.
Watch the video above to see how the country’s largest bank got to where it is today.
***Clarification*** Since 2004, investors in JPM stock have outperformed the bank stock index by an average of 6% return every year. That's more than 6x the return of the index yearly (13:52)
In February, J.P. Morgan Chase announced it was in growth mode, expanding its branch network to cover 93 percent of the U.S. population by the end of 2022.
The aggressive growth plans will allow it to reach 80 million more consumers, or about one-quarter of the U.S. population, versus its footprint in 2018, the New York-based bank says.
The expansion of physical branches comes amid a consumer shift to mobile and online banking. The average number of teller transactions per customer has plunged 41 percent since 2014, according to J.P. Morgan's presentation at its investor day meeting.
But convenient branch locations are a key consideration for people thinking about switching banks, and most of the firm's growth in deposits has been fueled by people who use branches frequently, the bank said.
The company made it clear it had flexibility in its growth plans: More than 75 percent of its branches could be shuttered within five years or kept open for more than a decade.
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How JP Morgan Chase Became The Largest Bank In The US
- Video Language:
- English
- Duration:
- 19:02
Alexandre Clemente edited English subtitles for How JP Morgan Chase Became The Largest Bank In The US | ||
Alexandre Clemente edited English subtitles for How JP Morgan Chase Became The Largest Bank In The US | ||
Alexandre Clemente edited English subtitles for How JP Morgan Chase Became The Largest Bank In The US | ||
Alexandre Clemente edited English subtitles for How JP Morgan Chase Became The Largest Bank In The US | ||
Alexandre Clemente edited English subtitles for How JP Morgan Chase Became The Largest Bank In The US | ||
Alexandre Clemente edited English subtitles for How JP Morgan Chase Became The Largest Bank In The US | ||
Alexandre Clemente edited English subtitles for How JP Morgan Chase Became The Largest Bank In The US | ||
Alexandre Clemente edited English subtitles for How JP Morgan Chase Became The Largest Bank In The US |