Welcome to the Investors Trading Academy event of the week. Each week our staff of educators tries to introduce you to a person of interest in the financial world. This could be a person in government or banking or an important investors or trader, on just someone making the financial headlines in recent days. One of the most well-known names in the financial markets, a name that commands respect from professional and new investors is that of JP Morgan. Although most investors know the man by the company that bears his name, but most know nothing about the man himself.
JPMorgan Chase & Co. is one of the oldest, largest and best-known financial institutions in the world. The firm's legacy dates back to 1799 when its earliest predecessor was chartered in New York City.
The firm is built on the foundation of more than 1200 predecessor institutions. Its major heritage firms — J.P. Morgan, Chase Manhattan, Chemical, Manufacturers Hanover (in New York City) and Bank One, First Chicago, and National Bank of Detroit (in the Midwest) were each closely tied, in their time, to innovations in finance and the growth of the United States and global economies. As JPMorgan Chase & Co does today, these firms also made significant contributions to their local communities.
J.P. Morgan founded the banking company J.P. Morgan & Co., one of the leading financial firms in the country, in 1871. Born on April 17, 1837, in Hartford, Connecticut, J.P. Morgan would later become one of the most famous financiers in business history. In 1871, Morgan began his own private banking company, which later became known as J.P. Morgan & Co., one of the leading financial firms in the country. Morgan died on March 31, 1913, in Rome, Italy. He was hailed as a master of finance at the time of his death, and continues to be considered one of the country's leading businessmen.
His company became one of the leading financial firms in the country. It was so powerful that even the U.S. government looked to the firm for help with the depression of 1895. The company also assisted in thwarting the 1907 financial crisis.
During his career, his wealth, power, and influence attracted a lot of media and government scrutiny. During the late 1800s and even after the turn of the century, much of the country's industries were in the hands of a few powerful business leaders, especially Morgan. He was criticized for creating monopolies by making it difficult for any business to compete against his. Morgan dominated two industries in particular -- he helped consolidate railroad industry in the East and formed the United States Steel Corporation in 1901.
Today, Morgan is considered one of America's leading businessmen, and is credited for helping to shape the nation into what it is today.
By Barry Norman, Investors Trading Academy - ITA