If you’ve ever wondered who owns Chase Bank, the answer is JPMorgan Chase & Co. The Investment Bank uses the Chase brand, while the Private Banking division is managed by JPMorgan Chase Bank, N.A. JPMorgan Chase is also a major player in the retail banking industry and provides many services.
In the 1920s, Wiggin arranged for the acquisition of seven major New York City banks. One of the largest acquisitions the bank ever made was the Equitable Trust Company, which was owned by John D. Rockefeller and Winthrop Aldrich.
Wiggin’s biggest contribution to the bank was arranging a series of mergers. In 1930, Chase absorbed seven major New York City banks, bringing its total resources to more than $1 billion.
By the 1950s, Rockefeller had become a Chase vice-president and head of the metropolitan department. He was involved in the merger of Bank of Manhattan with Chase.
He was entrusted with the task of developing the largest bank in New York City. This merger paved the way for the creation of the modern JPMorgan Chase Corporation.
However, the bank has a long history of controversy. In the 1970s, the bank’s chairman, David Rockefeller, was involved in the Shah of Iran scandal, which involved the bank’s relationship with the Middle East. Chase’s deposits with the shah totaled $2.5 billion in 1975, about eight percent of the total deposits. Rockefeller was instrumental in getting the shah to the United States.