Chase Manhattan Bank

Chase Manhattan Bank[edit]

Main article: Chase Manhattan Bank

The logo used by Chase following the merger with the Manhattan Bank in 1954

The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by The Bank of the Manhattan Company (established in 1799),^[12] the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed the company from a water carrier into a bank.^[13]

According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:

At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called The Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today JPMorgan Chase, the largest bank in the United States.^{[citation needed]}

Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banks, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name.^[14][15] Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion.^[16] In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.^[17]

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