JPMorgan Chase & acquisition history

JPMorgan Chase agreed to merge with Chicago-based Bank One in a stock-for-stock deal that created the second-largest U.S. banking franchise by core deposits, with about 2,300 branches across seventeen states and top-tier positions in retail banking, credit cards, investment banking and asset management. The companies projected roughly $2.2 billion of pre-tax cost savings over three years. William Harrison became chairman and CEO and Bank One's Jamie Dimon became president and COO, positioning Dimon to succeed to the top job. All-stock merger — 1.32 JPMorgan Chase shares exchanged for each Bank One share; the combination created a firm with roughly $1.1 trillion in assets and about $130 billion in combined market capitalization.

This landmark transaction will create one of the world's great financial services companies.William B. Harrison — Chairman and CEO, JPMorgan Chase

The merger of Bank One and JPMorgan Chase makes tremendous sense strategically.James Dimon — Chairman and CEO, Bank One

At the height of the 2008 financial crisis, JPMorgan Chase agreed to rescue the failing investment bank Bear Stearns. An amended merger agreement raised the exchange ratio to 0.21753 JPMorgan shares per Bear Stearns share (about $10 per share, up from the initial roughly $2), and JPMorgan separately agreed to purchase 95 million newly issued Bear Stearns shares to lock in control. JPMorgan agreed to bear the first $1 billion of losses on a $30 billion pool of Bear Stearns assets financed by the Federal Reserve Bank of New York. All-stock — 0.21753 JPMorgan Chase shares per Bear Stearns share (implied about $10 per share); JPMorgan also agreed to buy 95 million newly issued shares, or 39.5% of Bear Stearns.

We believe the amended terms are fair to all sides and reflect the value and risks of the Bear Stearns franchise, and bring more certainty for our respective shareholders.Jamie Dimon — Chairman and CEO, JPMorgan Chase

The substantial share issuance to JPMorgan brings enhanced coverage and certainty for our customers, counterparties, and lenders.Alan Schwartz — President and CEO, Bear Stearns

JPMorgan Chase acquired all deposits, assets and certain liabilities of Washington Mutual's banking operations from the FDIC after the thrift was seized, paying about $1.9 billion. The deal created the largest U.S. depository institution at the time, with over $900 billion of customer deposits, and expanded Chase's branch network into California, Florida and Washington State while strengthening its presence in New York, Texas, Illinois and other states. JPMorgan did not acquire the assets or liabilities of Washington Mutual's holding company or its non-bank subsidiaries. Approximately $1.9 billion paid to the FDIC.

As we have said in the past, increasing our regional banking presence not only strengthens our Retail business, but also benefits our other businesses.Jamie Dimon — Chairman and CEO, JPMorgan Chase

After First Republic Bank was placed into FDIC receivership during the 2023 regional-banking stress, JPMorgan Chase acquired the substantial majority of its assets and assumed certain liabilities from the FDIC. JPMorgan took on about $173 billion of loans and $30 billion of securities and assumed roughly $92 billion of deposits, paid $10.6 billion to the FDIC, and entered into loss-share arrangements with the FDIC on most acquired loans. JPMorgan did not assume First Republic's corporate debt or preferred stock. $10.6 billion paid to the FDIC; acquired about $173 billion of loans and $30 billion of securities, assumed roughly $92 billion of deposits and $28 billion of FHLB advances.

JPMorgan agreed to buy out the remaining stake in J.P. Morgan Cazenove, the UK investment-banking joint venture it had formed with Cazenove Group five years earlier and in which it already held a roughly 49.99% interest. Cazenove ordinary shareholders were to receive GBP 5.35 per share. The enlarged business continued to operate under the J.P. Morgan Cazenove brand, and JPMorgan combined the venture's cash equities and research operations with its existing EMEA business. Cazenove shareholders to receive GBP 5.35 per share, valuing Cazenove at about GBP 1 billion and the joint venture at about GBP 2 billion.

Our joint venture with J.P. Morgan has been a great success; benefiting our clients, our shareholders and our people.David Mayhew — Chairman, J.P. Morgan Cazenove

Five years ago, J.P. Morgan and Cazenove agreed to combine their talented people and prestigious brands.Jes Staley — CEO of J.P. Morgan's investment bank

JPMorgan Chase acquired InstaMed, a U.S. healthcare-payments technology company whose platform helps consumers, providers and payers move money in the healthcare system, reduce paper and lower the cost of collecting payments. The deal expanded the firm's Wholesale Payments capabilities in the healthcare vertical.

We have opened new branches, announced strategic acquisitions like InstaMed, and invested in digital products to deepen our engagement with our customers.JPMorgan Chase — 2Q19 earnings press release (Item 2.02 Ex-99.1)

JPMorgan Chase agreed to acquire Nutmeg, one of the UK's leading independent digital wealth managers, to complement the digital retail bank it was launching in the UK under the Chase brand. Founded in 2012, Nutmeg had grown to more than 140,000 investors and over GBP 3.5 billion of assets under management.

JPMorgan Chase agreed to acquire OpenInvest, a financial-technology company that helps advisers build, customize and report on values-based and ESG investment portfolios. Founded in 2015, OpenInvest was integrated into JPMorgan's Private Bank and Wealth Management offerings while retaining its brand.

JPMorgan Chase acquired the Global Loyalty business of cxLoyalty Group Holdings, including its loyalty technology platforms, a full-service travel agency, and gift-card and merchandise services. The deal expanded Chase's ability to offer travel and rewards experiences to its card customers, who continued to use Ultimate Rewards.

On December 31, 2020, JPMorgan Chase acquired the Global Loyalty business of cxLoyalty Group Holdings, Inc. This includes cxLoyalty's technology platforms, full-service travel agency, and gift card and merchandise services.JPMorgan Chase — FY2020 10-K, Acquisitions note

JPMorgan Chase acquired 55ip, a financial-technology firm and leading provider of automated, tax-smart investment strategies delivered through model portfolios. The technology was applied across J.P. Morgan Asset Management's advisor platforms.

On December 31, 2020, JPMorgan Chase acquired 55ip, a financial technology company and leading provider of automated tax-smart investment strategies.JPMorgan Chase — FY2020 10-K, Acquisitions note

JPMorgan agreed to acquire Renovite Technologies, a cloud-native payments-technology company, to help build its next-generation merchant-acquiring platform and advance its payments-modernization and cloud strategy. Renovite was headquartered in Fremont, California with offices in the UK and India.

JPMorgan agreed to acquire Aumni, a provider of investment-analytics software for venture-capital and private investors. Founded in 2018, Aumni's platform structures and analyzes the legal and economic terms behind private-market transactions; JPMorgan had first invested in the company in 2021.

JPMorgan completed the acquisition of Global Shares, a cloud-based provider of share-plan (employee equity) management software. Founded in 2005 and headquartered in Cork, Ireland, Global Shares administered equity plans for roughly 650 corporate clients covering more than 800,000 employee participants. The deal positioned J.P. Morgan as a provider of employee-ownership solutions alongside its wealth and banking services.

JPMorgan Chase acquired Frank, a college financial-aid resource platform aimed at helping students navigate financial-aid applications and connect with schools. The acquisition was disclosed in JPMorgan's third-quarter 2021 10-Q among a series of tuck-in deals.

On September 14, 2021, JPMorgan Chase acquired college financial aid resource platform Frank.JPMorgan Chase — 3Q21 10-Q, Business Changes and Developments note

Chase acquired WePay, a payments company focused on integrated payments for independent software vendors and platforms serving small businesses. The deal let software providers offer instant merchant onboarding backed by Chase's network and fraud protection, giving developers access to Chase's small-business client base.

JPMorgan Chase acquired The Infatuation, a restaurant-discovery and dining-recommendation platform (owner of the Zagat brand), to enhance the dining and lifestyle content and experiences offered to its card customers. The deal was disclosed in JPMorgan's third-quarter 2021 10-Q.

On September 13, 2021, JPMorgan Chase acquired restaurant discovery platform The Infatuation.JPMorgan Chase — 3Q21 10-Q, Business Changes and Developments note

Highbridge Capital Management is a New York-based alternative asset manager known for its hedge fund strategies. JPMorgan Chase acquired a majority interest in the firm in the fourth quarter of 2004, adding scale to its asset management franchise. The deal broadened JPMorgan's offerings in alternative investments for institutional and high-net-worth clients.

Vastera was a provider of global trade management solutions and software. JPMorgan Chase acquired the company on April 1, 2005 for approximately $129 million. The purchase added automated import/export compliance and trade-services technology to JPMorgan's treasury and securities services offerings.

Neovest was a provider of high-performance trading technology and direct market access. JPMorgan Chase completed its acquisition of Neovest on September 1, 2005. The deal enhanced JPMorgan's electronic trading platform and direct-access execution capabilities for its clients.

Collegiate Funding Services was a leader in student loan servicing and consolidation. JPMorgan Chase acquired the company on March 1, 2006 for approximately $663 million. The acquisition expanded JPMorgan's education finance business within its retail banking operations.

JPMorgan Chase acquired The Bank of New York's retail and regional middle-market banking business, adding roughly 339 branches serving about 600,000 households and more than 100,000 businesses. The transaction was structured as a business swap in which JPMorgan exchanged its corporate trust business, plus a net cash payment of approximately $150 million, for the Bank of New York branch network. The deal, announced April 7, 2006 and completed October 2, 2006, significantly expanded Chase's branch presence across the New York metropolitan region. $2.30B + $150M cash.