It turned out to be the investment department of JP Morgan. 1933, the United States experienced the Great Depression. Congress passed glass-steagall act, forbidding the company to provide both commercial and investment banking services. 1935, JPMorgan Chase decided to maintain the original commercial banking business, while some senior partners and employees quit the company and set up Morgan Stanley Securities Company.
JPMorgan Chase 1
JPMorgan Chase (J.P. Morgan) is a comprehensive financial company with a high reputation in the world, which mainly provides commercial banks, investment banks and other financial services.
2. Morgan Stanley
Is an international financial service company established in new york, USA, providing various financial services including securities, asset management, corporate mergers and acquisitions, credit cards, etc.
3. JPMorgan Chase
JPMorgan Chase is a multinational financial service institution and one of the largest banks in the United States, with business in more than 60 countries, including investment banking, financial transaction processing, investment management, commercial financial services and personal banking. JPMorgan Chase was formed by the merger of Chase Manhattan Bank and J.P. Morgan Company in 2000, and acquired Chicago First Bank, Bear Stearns Bank and Washington Mutual Bank respectively.
Extended data
JP Morgan first founded the famous investment bank JP Morgan (named after himself). During the Great Depression, because there was no central bank (Federal Reserve) at that time, the American financial market was in chaos, and the Morgan Consortium played the role of the central bank at that time, so that many people later thought that Morgan saved the United States in crisis.
During the period of 1929-1933, the great depression led to the promulgation of 1933' s glass-steagall act, which separated commercial banks from investment banks and laid the basic pattern of separate operation. Due to the change of regulatory regulations in the United States, Morgan Group separated its investment banking business from JPMorgan Chase under the requirement of separate operation of the financial industry in the United States. The company established by the separated investment banking business was Morgan Stanley, so JPMorgan Chase only engaged in commercial banking business.
Since 1980s, with the end of separate operation and the rise of mixed operation represented by financial holding companies, JPMorgan Chase resumed its participation in non-traditional commercial banking such as investment banks, and Morgan Stanley also transformed into a bank holding company after the subprime mortgage crisis. In other words, the two companies are now two financial groups that originated from the same ancestor.
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