94-452: Chase Manhattan most frequently refers to Chase Bank , especially prior to its merger with J.P. Morgan & Co. to form JPMorgan Chase . Chase Manhattan may also refer to: Chase Bank JPMorgan Chase Bank, N.A. , doing business as Chase , is an American national bank headquartered in New York City that constitutes the consumer and commercial banking subsidiary of
188-533: A $ 3 billion deal and also bought a $ 1.6 billion portfolio of retail credit cards from Citigroup Inc. On October 14, 2010, GE announced the acquisition of data migration & SCADA simulation specialists Opal Software. In December 2010, for the second time that year (after the Dresser acquisition), GE bought the oil sector company Wellstream , an oil pipe maker, for 800 million pounds ($ 1.3 billion). In March 2011, GE announced that it had completed
282-526: A controlling interest in the company, while GE would retain a 49% stake and would buy out shares owned by Vivendi. Vivendi would sell its 20% stake in NBCUniversal to GE for US$ 5.8 billion. Vivendi would sell 7.66% of NBCUniversal to GE for US$ 2 billion if the GE/Comcast deal was not completed by September 2010 and then sell the remaining 12.34% stake of NBCUniversal to GE for US$ 3.8 billion when
376-536: A cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup . Dimon became CEO in January 2006 and chairman in December 2006 after Harrison's resignation. Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD . These two large banking companies were themselves created through
470-417: A crucial first tenant of Rockefeller Center . They rescued that major project in 1930. The bank is also closely associated with and has financed the oil industry , having longstanding connections with its board of directors to the successor companies of Standard Oil , especially ExxonMobil , which are also part of Rockefeller holdings. In 1955, Chase National Bank and The Manhattan Company merged to create
564-577: A division of GE called GE Information Systems (GEIS). The new company, named GXS , is based in Gaithersburg, Maryland . GXS is a provider of business-to-business e-commerce solutions. GE maintains a minority stake in GXS. Also in 2002, GE Wind Energy was formed when GE bought the wind turbine manufacturing assets of Enron Wind after the Enron scandals . In 2004, GE bought 80% of Vivendi Universal Entertainment,
658-565: A few years later with Thomson-Houston Electric Company , led by Charles Coffin . In 1887, Hart left to become superintendent of the Edison Electric Company. General Electric was formed through the 1892 merger of Edison General Electric Company and Thomson-Houston Electric Company with the support of Drexel, Morgan & Co. The original plants of both companies continue to operate under the GE banner to this day. The General Electric business
752-507: A joint venture in steam turbines, plus a €3.1 billion cash investment. In June 2014, a formal offer from GE worth $ 17 billion was agreed by the Alstom board. Part of the transaction involved the French government taking a 20% stake in Alstom to help secure France's energy and transport interests and French jobs. A rival offer from Siemens Mitsubishi Heavy Industries was rejected. The acquisition
846-531: A lawsuit which cited evasive dealings and misleading statements by several Chase executives including Securities Vice President Adam Gelcich, Legal Fair Lending Department Vice President Deb Vincent, and an unnamed executive director and assistant general counsel. In addition to closing accounts for sex workers, the bank has also been using its "morality clause" to disassociate from other types of businesses. Some of these other businesses include medical marijuana dispensaries and any that are "gun related". Another
940-467: A long-time Edison supporter and investor, proposed to consolidate all of business interests. The proposal was supported by Samuel Insull - who served as his secretary and, later, financier - as well other investors. In 1889, Drexel, Morgan & Co. —a company founded by J.P. Morgan and Anthony J. Drexel —financed Edison's research and helped merge several of Edison's separate companies under one corporation, forming Edison General Electric Company, which
1034-509: A manufacturer of dynamos and large electric motors in Schenectady, New York ; Bergmann & Company, a manufacturer of electric lighting fixtures , sockets , and other electric lighting devices; and Edison Electric Light Company, the patent -holding company and financial arm for Edison's lighting experiments, backed by J. P. Morgan (1837–1913) and the Vanderbilt family . Henry Villard,
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#17328525237171128-479: A result of the takeover, Washington Mutual shareholders lost all their equity . Through the acquisition, JPMorgan became owner of the former accounts of Providian Financial , a credit card issuer WaMu acquired in 2005. The company completed the rebranding of Washington Mutual branches to Chase in late 2009. In the first quarter of 2006, Chase purchased Collegiate Funding Services , a portfolio company of private equity firm Lightyear Capital , for $ 663 million. CFS
1222-454: A retail presence from any of the "Big Four" , with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area. Chase had previously considered buying National City branches from PNC that were required for divesture following that bank's acquisition of National City in 2009, but were instead sold to First Niagara Bank (since absorbed into KeyBank ); it had been speculated that PNC intentionally sold
1316-575: A similar expansion within the area the previous year. Even though Chase entered the market organically as opposed to a merger & acquisition, they still had to receive approval from the Office of the Comptroller of the Currency to open branches due to Chase's size as a whole. Before Chase and Bank of America expanded its retail presence into the market, Pittsburgh had been one of the largest U.S. cities without
1410-513: Is one of GE's four multifunctional shared services centers worldwide in Pudong , China; Budapest , Hungary; and Monterrey , Mexico. In April 2015, GE announced its intention to sell off its property portfolio, worth $ 26.5 billion, to Wells Fargo and The Blackstone Group . It was announced in April 2015 that GE would sell most of its finance unit and return around $ 90 billion to shareholders as
1504-535: The Manhattan Company (est. 1799) Chase National Bank of the City of New York (est. 1877) In 2004, JPMorgan Chase merged with Chicago -based Bank One Corp. , bringing on board its current chairman and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison Jr. 's successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on
1598-628: The Fortune 500 as the 33rd largest firm in the United States by gross revenue . In 2023, the company was ranked 64th in the Forbes Global 2000 . In 2011, GE ranked among the Fortune 20 as the 14th most profitable company, but later very severely underperformed the market (by about 75%) as its profitability collapsed. Two employees of GE— Irving Langmuir (1932) and Ivar Giaever (1973)—have been awarded
1692-544: The Chase National Bank , which was founded in 1877; the merged bank was called The Chase Manhattan Bank. Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street: After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, Aaron Burr established the Manhattan Company, with
1786-559: The DATANET-30 and Datanet 355 message switching computers (DATANET-30 and 355 were also used as front end processors for GE mainframe computers). A Datanet 500 computer was designed but never sold. In 1956 Homer Oldfield had been promoted to General Manager of GE's Computer Department. He facilitated the invention and construction of the Bank of America ERMA system, the first computerized system designed to read magnetized numbers on checks. But he
1880-497: The Multics operating system on the GE 645 mainframe computer. The project took longer than expected and was not a major commercial success, but it demonstrated concepts such as single-level storage , dynamic linking , hierarchical file system , and ring-oriented security . Active development of Multics continued until 1985. GE got into computer manufacturing because, in the 1950s, they were
1974-566: The NBC television network for $ 6.28 billion; this merger surpassed the Capital Cities/ABC merger from earlier that year as the largest non-oil company merger in world business history. The remainder of RCA's divisions and assets were sold to various companies, including Bertelsmann Music Group which acquired RCA Records . Thomson SA , which licensed the manufacture of RCA and GE branded electronics, traced its roots to Thomson-Houston, one of
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#17328525237172068-543: The National Broadcasting Company (NBC), which built two radio broadcasting networks. In 1930, General Electric was charged with antitrust violations and was ordered to divest itself of RCA. In 1927, Ernst Alexanderson of GE made the first demonstration of television broadcast reception at his General Electric Realty Plot home at 1132 Adams Road in Schenectady, New York. On January 13, 1928, he made what
2162-568: The Nazi occupation . The Chase branch chief in Paris, France, Carlos Niedermann, told his supervisor in New York that there had been an "expansion of deposits". Also, Niedermann was, "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree with retroactive provisions prohibiting such release might be published in
2256-564: The Nobel Prize . Following the Great Recession of the late 2000s decade, General Electric began selling off various divisions and assets, including its appliances and financial capital divisions, under Jeff Immelt 's leadership as CEO. John Flannery, Immelt's replacement in 2017, further divested General Electric's assets in locomotives and lighting in order to focus the company more on aviation. After restrictions on air travel during
2350-602: The United Kingdom retail banking market by launching an app-based current account and Deposit account under the Chase brand. This is the company's first retail banking operation outside of the United States. A press release from the National Archives and Records Administration (NARA) in 2004 announced that many of the new Federal Bureau of Investigation (FBI) files had become declassified. This declassification enabled
2444-478: The largest bank in the United States as well as the bank with the most branches in the United States and the only bank with a presence in all of the contiguous United States . JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States. The Bank of The Manhattan Company (New York) was founded on September 1, 1799, and continued under that name until 1955, when it merged with
2538-546: The receivership of the Federal Deposit Insurance Corporation (FDIC). That night, the Office of Thrift Supervision , in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase Bank, NA for $ 1.888 billion, which re-opened the bank the following day. As
2632-626: The transmission of electrical power . In 1896, General Electric was one of the original 12 companies listed on the newly formed Dow Jones Industrial Average , where it remained a part of the index for 122 years, though not continuously. In 1911, General Electric absorbed the National Electric Lamp Association (NELA) into its lighting business. GE established its lighting division headquarters at Nela Park in East Cleveland, Ohio . The lighting division has since remained in
2726-506: The $ 16 billion JPMorgan Chase has paid, about $ 8.5 billion were for fines and settlements resulting from illegal actions taken by bank executives, according to Richard Eskow at the Campaign for America's Future, who cited a new report from Joshua Rosner of Graham Fisher & Co. The $ 16 billion total does not include a recent settlement that calls for JPMorgan Chase to pay $ 100 million to waive $ 417 million in claims it had made against clients of
2820-399: The 9HA. After the break, GE developed new protective coatings and heat treatment methods. Gas turbines represent a significant portion of GE Power's revenue, and also represent a significant portion of the power generation fleet of several utility companies in the United States. Chubu Electric of Japan and Électricité de France also had units that were impacted. Initially, GE did not realize
2914-480: The Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders. For Chase Manhattan Bank's new logo, Chermayeff & Geismar designed a stylized octagon in 1961, which remains part of the bank's logo today. It has been reported that the Chase logo was a stylized representation of the primitive water pipes laid by
Chase Manhattan - Misplaced Pages Continue
3008-530: The COVID-19 pandemic caused General Electric's revenue to fall significantly in 2020, GE's final CEO Larry Culp announced in November 2021 that General Electric was to be broken up into three separate, public companies— GE Aerospace , GE HealthCare , and GE Vernova —by 2024. The new companies are respectively focused on aerospace, healthcare, and energy. GE HealthCare's spin-off was finalized on January 4, 2023. This
3102-505: The Chase Manhattan Bank. As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken over. The deal was therefore structured as an acquisition by
3196-639: The Denver television station until in 1986, when General Electric bought out RCA and made it into an owned-and-operated station by NBC . It even stayed on until 1995 when it was transferred to a joint venture between CBS and Group W in a swap deal, alongside KUTV in Salt Lake City for longtime CBS O&O in Philadelphia, WCAU-TV . Stations are arranged in alphabetical order by state and city of license . Led by Sanford Alexander Moss , GE moved into
3290-613: The FBI began its investigation in October 1940. The purpose of the investigation was to follow German-Americans who had bought the Marks. However, Chase National Bank's executives were never federally prosecuted because Chase's lead attorney threatened to reveal FBI , Army , and Navy "sources and methods" in court. Publicly naming the sources and methods could have posed security risks and threatened future intelligence gathering . To avoid such revelations,
3384-542: The French government formed a commission to report findings to Prime Minister Lionel Jospin . Claire Andrieu , a commission member and history professor at the Sorbonne , said that under the Vichy regime, French banks received visits from Nazi officials but U.S. banks did not. At that time, they did not have to report Jewish accounts, but they did just as the French banks did. She goes on to say that an American ambassador protected
3478-725: The German government paid the commissions (to its agents, including Chase) through the sale of discounted, blocked Marks that came mainly from Jews who had fled Germany ." In other words, Nazi Germany was able to offer these Marks below face-value because they had been stolen from émigrés fleeing the Nazi regime. Between 1936 and 1941, the Nazis amassed over $ 20 million, and the businesses enabling these transactions earned $ 1.2 million in commissions. Of these commissions, over $ 500,000 went to Chase National Bank and its subagents. These facts were discovered when
3572-401: The Manhattan Company, but this story was refuted in 2007 by Ivan Chermayeff himself. According to Chermayeff, the Chase logo was merely intended to be distinctive and geometric, and was not intended at all to resemble a cross-section of a wooden water pipe. According to Chase, the sides of the octagon represent forward motion, while the blank space in the middle suggests progress originates from
3666-782: The Nazi government. The order, which blocked access to French accounts in the U.S. by anyone, especially the Nazis, was issued by Secretary of the Treasury, Henry Morgenthau Jr., with the approval of FDR. Despite this order, Chase unblocked the accounts within hours and the funds were transferred through South America to Nazi Germany. U.S. Treasury officials wanted an investigation of French subsidiaries of American banks, including: Chase Bank, J.P. Morgan & Co , National City Corporation , Guaranty Bank , Bankers Trust , and American Express . Of these banks, only Chase and Morgan remained open in France during
3760-553: The U.S. multinational banking and financial services holding company , JPMorgan Chase . The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955. The bank merged with Chemical Bank New York in 1996 and later merged with Bank One Corporation in 2004 and in 2008 acquired
3854-524: The U.S. Army Air Corps to select GE to develop the nation's first jet engine during the war. This experience, in turn, made GE a natural selection to develop the Whittle W.1 jet engine that was demonstrated in the United States in 1941. GE was ranked ninth among United States corporations in the value of wartime production contracts. However, their early work with Whittle's designs was later handed to Allison Engine Company . GE Aviation then emerged as one of
Chase Manhattan - Misplaced Pages Continue
3948-520: The U.S. and Canada. The exact terms of the sale were not disclosed, but the final price would be based on the value of the assets at closing, plus a premium according to the parties. In October 2015, activist investor Nelson Peltz 's fund Trian bought a $ 2.5 billion stake in the company. In January 2016, Haier acquired GE's appliance division for $ 5.4 billion. In October 2016, GE Renewable Energy agreed to pay €1.5 billion to Doughty Hanson & Co for LM Wind Power during 2017. At
4042-560: The U.S. subsidiaries. In May 1999, Chase Manhattan reached a settlement with 20 plaintiffs who filed an asset reparations lawsuit, such as the Claims Conference , a Jewish restitution organization, and the WJC. The settlement subjected Chase to an independent probe of its conduct of activity which occurred from the company's offices in Paris and Châteauneuf-sur-Cher , in southern France, during
4136-554: The World War II-era. The settlement also made possible the company having to eventually a pay modest but symbolically important, payouts to former Chase customers after the probe was completed. It was determined that Chase only owned a sum that was well under $ 1 million in asset reparations by this point in time. The settlement made Chase Manhattan the first bank to reach a settlement over Holocaust -related claims. In February 2000, more than fifty years after information regarding
4230-443: The acquisition of Hydril Pressure & Control in 2008 for $ 1.1 billion. GE Plastics was sold in 2008 to SABIC (Saudi Arabia Basic Industries Corporation). In May 2008, GE announced it was exploring options for divesting the bulk of its consumer and industrial business. On December 3, 2009, it was announced that NBCUniversal would become a joint venture between GE and cable television operator Comcast . Comcast would hold
4324-455: The acquisition of privately held Lineage Power Holdings from The Gores Group . In April 2011, GE announced it had completed its purchase of John Wood plc's Well Support Division for $ 2.8 billion. In 2011, GE Capital sold its $ 2 billion Mexican assets to Santander for $ 162 million and exited the business in Mexico. Santander additionally assumed the portfolio debts of GE Capital in
4418-512: The branches to a much smaller competitor due to not wanting to compete with a "Big Four" bank in its home market. In August 2021, Chase announced that it was the first bank to have a retail presence in all 48 of the contiguous United States . The last state in the US to have a Chase branch was Montana , with the branch in Billings the first branch in the state. In September 2021, JPMorgan Chase entered
4512-862: The center; and is a single unit made up of separate parts, like the bank. The bank included an asset management business called the Chase Investors Management Corporation. Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller , the bank reorganized as a bank holding company , the Chase Manhattan Corporation . The mergers and acquisitions during this period allowed Chase Manhattan to expand its influence over many non-financial corporations. A 1979 study titled "The Significance of Bank Control over Large Corporations" found that: "The Rockefeller-controlled Chase Manhattan Bank tops
4606-415: The closing date of the acquisition. According to data from SNL Financial (data as of June 30, 2008), this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches. In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market. The suits allege that by managing giant positions in silver futures and options, the banks influenced
4700-792: The company expanded into cable with the launch of a franchise, which was awarded to a non-exclusive franchise in Schenectady through subsidiary General Electric Cablevision Corporation. On February 15, 1965, General Electric expanded its holdings in order to acquire more television stations to meet the maximum limit of the FCC, and more cable holdings through subsidiaries General Electric Broadcasting Company and General Electric Cablevision Corporation. The company also owned television stations such as KOA-TV (now KCNC-TV ) in Denver and WSIX-TV (later WNGE-TV, now WKRN ) in Nashville, but like WRGB, General Electric sold off most of its broadcasting holdings, but held on to
4794-404: The company was renamed back to Baker Hughes. In May 2017, GE had signed $ 15 billion of business deals with Saudi Arabia . Saudi Arabia is one of GE's largest customers. In September 2017, GE announced the sale of its Industrial Solutions Business to ABB . The deal closed on June 30, 2018. On August 15, 2019, Harry Markopolos , a financial fraud investigator known for his discovery of
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#17328525237174888-620: The company's longtime stake in television and film media. In April 2013, GE acquired oilfield pump maker Lufkin Industries for $ 2.98 billion. In April 2014, it was announced that GE was in talks to acquire the global power division of French engineering group Alstom for a figure of around $ 13 billion. A rival joint bid was submitted in June 2014 by Siemens and Mitsubishi Heavy Industries (MHI) with Siemens seeking to acquire Alstom's gas turbine business for €3.9 billion, and MHI proposing
4982-522: The country. Following this, GE Capital focused on its core business and shed its non-core assets. In June 2012, CEO and President of GE Jeff Immelt said that the company would invest ₹ 3 billion to accelerate its businesses in Karnataka . In October 2012, GE acquired $ 7 billion worth of bank deposits from MetLife Inc . On March 19, 2013, Comcast bought GE's shares in NBCU for $ 16.7 billion, ending
5076-509: The deal was completed or to the public via an IPO if the deal was not completed. On March 1, 2010, GE announced plans to sell its 20.85% stake in Turkey-based Garanti Bank. In August 2010, GE Healthcare signed a strategic partnership to bring cardiovascular Computed Tomography (CT) technology from start-up Arineta Ltd. of Israel to the hospital market. In October 2010, GE acquired gas engines manufacturer Dresser Industries in
5170-445: The deposits and most assets of Washington Mutual . In May 2023, it acquired the assets of First Republic Bank . Chase offers more than 4,700 branches and 15,000 ATMs nationwide and has 18.5 million checking accounts and 25 million debit card users as of 2023. JPMorgan Chase & Co. has 250,355 employees (as of 2016) and operates in more than 100 countries. JPMorgan Chase & Co. had assets of $ 3.31 trillion in 2022 which makes it
5264-500: The discovery that before and during the early years of World War II , the German government sold a special kind of Reichsmark , known as Rückwanderer [returnee] Marks, to American citizens of German descent. Chase National Bank, along with other businesses, were involved in these transactions. Through Chase, this allowed Nazi sympathizers to purchase Marks with dollars at a discounted rate. Specifically, "The financial houses understood that
5358-426: The end of October 2016, it was announced that GE was under negotiations for a deal valued at about $ 30 billion to combine GE Oil & Gas with Baker Hughes . The transaction would create a publicly traded entity controlled by GE. It was announced that GE Oil & Gas would sell off its water treatment business, GE Water & Process Technologies, as part of its divestment agreement with Baker Hughes. The deal
5452-782: The executives' violations of the Johnson Act , the Espionage Act , and the Foreign Agents Registration Act were never prosecuted. During the occupation of France by the Nazis, there was a controversial scheme known as the Rückwanderer Mark Scheme. In addition to this, NARA records revealed another controversy involving the release of funds to Nazi Germany. From the late 1930s until June 14, 1941, when President Franklin D. Roosevelt (FDR) issued an Executive Order freezing German assets, Chase National Bank worked with
5546-668: The firm MF Global . The U.S. Treasury 's Office of Foreign Assets Control found that JPMorgan had illegally aided dictatorships in Cuba , Sudan , Liberia and Iran , including transferring 32,000 ounces of gold bullion (valued at approximately $ 20,560,000) to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose the Iranian matter to OFAC . Among its other transgressions, JPMorgan has been found to have: During 2013 and 2014, Chase and other banks received media attention for
5640-633: The firm looked to trim down on its holdings and rid itself of its image of a "hybrid" company, working in both banking and manufacturing. In August 2015, GE Capital agreed to sell its Healthcare Financial Services business to Capital One for US$ 9 billion. The transaction involved US$ 8.5 billion of loans made to a wide array of sectors, including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals, and medical devices. Also in August 2015, GE Capital agreed to sell GE Capital Bank's on-line deposit platform to Goldman Sachs . Terms of
5734-576: The illegal seizure of assets during World War Two and has since turned his attention toward Chase. The World Jewish Congress (WJC), entered into discussions with Chase and a spokesperson for the WJC said, "Nobody at Chase today is guilty. They were not involved in whatever happened, but they do accept that they have an institutional responsibility." A Chase spokesman said, "This is a moral issue that we take very seriously." Chase general counsel McDavid added, "that Chase intends to compensate Jewish account holders whose assets were illegally plundered". In 1999,
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#17328525237175828-466: The largest banking mergers to date. The combined company was renamed JPMorgan Chase . In 2004, the bank acquired Bank One , making Chase the largest credit card issuer in the United States. JPMorgan Chase added Bear Stearns and Washington Mutual to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have approximately 5,410 branches in 23 states as of
5922-495: The largest user of computers outside the United States federal government , aside from being the first business in the world to own a computer. Its major appliance manufacturing plant " Appliance Park " was the first non-governmental site to host one. However, in 1970, GE sold its computer division to Honeywell , exiting the computer manufacturing industry, though it retained its timesharing operations for some years afterward. GE
6016-487: The list, controlling 16 companies." In 1985, Chase Manhattan expanded into Arizona by acquiring Continental Bank. In 1991, Chase Manhattan expanded into Connecticut by acquiring two insolvent banks. In August 1995, Chemical Bank of New York and Chase Manhattan Bank announced plans to merge. The merger was completed in August 1996. Chemical's previous acquisitions included Manufacturers Hanover Corporation , in 1991, and Texas Commerce Bank , in 1987. Although Chemical
6110-923: The merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in Chicago. The following is an illustration of Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list): City National Bank & Trust Company (Columbus, Ohio) Farmers Saving & Trust Company First Chicago Corp (est. 1863) NBD Bancorp (Formerly National Bank of Detroit ) (est. 1933) Louisiana's First Commerce Corp. On September 25, 2008, JPMorgan Chase bought most banking operations of Washington Mutual from
6204-413: The near future by the occupying Nazi authorities" . In 1998, Chase general counsel William McDavid said that Chase did not have control over Niedermann. Whether that claim was true or not, Chase Manhattan Bank acknowledged seizing about 100 accounts during the Vichy regime . Kenneth McCallion, a partner in the New York firm Goodkind Labaton Rudoff & Sucharow, led a lawsuit against Barclays Bank for
6298-452: The new field of aircraft turbo superchargers . This technology also led to the development of industrial gas turbine engines used for power production. GE introduced the first set of superchargers during World War I and continued to develop them during the interwar period . Superchargers became indispensable in the years immediately before World War II. GE supplied 300,000 turbo superchargers for use in fighter and bomber engines. This work led
6392-496: The original components of GE. Also in 1986, Kidder, Peabody & Co. , a U.S.-based securities firm, was sold to GE and following heavy losses was sold to PaineWebber in 1994. In 1997, Genpact was founded as a unit of General Electric in Gurgaon . The company was founded as GE Capital International Services (GECIS). In the beginning, GECIS created processes for outsourcing back-office activities for GE Capital such as processing car loans and credit card transactions. It
6486-441: The ostensible aim of bringing clean water to the city from the Bronx River but in fact, designed as a front for the creation of New York's second bank, rivaling Alexander Hamilton 's Bank of New York . In 2006, the modern-day Chase bought the retail banking division of the Bank of New York, which then only months later merged with Pittsburgh -based Mellon Financial to form the present-day BNY Mellon . Chase National Bank
6580-502: The parent of Universal Pictures from Vivendi . Vivendi bought 20% of NBC, forming the company NBCUniversal . GE then owned 80% of NBCUniversal and Vivendi owned 20%. In 2004, GE completed the spin-off of most of its mortgage and life insurance assets into an independent company, Genworth Financial , based in Richmond, Virginia . In May 2007, GE acquired Smiths Aerospace for $ 4.8 billion. Also in 2007, GE Oil & Gas acquired Vetco Gray for $ 1.9 billion, followed by
6674-464: The practice of cancelling the personal and business accounts of hundreds of legal sex workers , citing in some instances the " morality clause " of their account agreement. Later it was discovered that this practice included mortgage accounts and business loans. Chase canceled the mortgage refinancing process for one individual, that the bank had initiated, whose production company made soft core films like those broadcast on Cinemax . This resulted in
6768-555: The prices of silver on the New York Stock Exchange 's Comex Exchange since early 2008. The following is an illustration of the company's major mergers and acquisitions and historical predecessors to 1995 (this is not a comprehensive list): The Chemical Bank of New York (est. 1823) Texas Commerce Bank (Formerly Texas National Bank of Commerce) (merged 1864) Manufacturers Trust Company (est. 1905) Hanover Bank (est. 1873) Bank of
6862-509: The remedies proposed by GE were insufficient to resolve the competition concerns resulting from the proposed acquisition of Honeywell". On June 27, 2014, GE partnered with collaborative design company Quirky to announce its connected LED bulb called Link. The Link bulb is designed to communicate with smartphones and tablets using a mobile app called Wink . In December 1985, GE reacquired the RCA Corporation , primarily to gain ownership of
6956-685: The same location. Owen D. Young, who was then GE's general counsel and vice president, through GE, founded the Radio Corporation of America (RCA) in 1919. This came after Young, while working with senior naval officers, purchased the Marconi Wireless Telegraph Company of America , which was a subsidiary of the British company Marconi Wireless and Signal Company. He aimed to expand international radio communications. GE used RCA as its retail arm for radio sales. In 1926, RCA co-founded
7050-439: The ties between Chase and Nazi Germany was revealed during Congressional hearings, Chase Manhattan publicly acknowledged the deal its predecessor Chase National Bank made with Nazi Germany which helped the German government exchange marks and which also likely originated from the forced sale of assets by Jewish refugees. JPMorgan Chase has paid $ 16 billion in fines, settlements, and other litigation expenses from 2011 to 2013. Of
7144-505: The time, and GE increased engineering and supplies for the Wind Division and doubled the annual sales to $ 1.2 billion in 2003. It acquired ScanWind in 2009. In 2018, GE Power garnered press attention when a model 7HA gas turbine in Texas was shut down for two months due to the break of a turbine blade . This model uses similar blade technology to GE's newest and most efficient model,
7238-596: The transaction were not disclosed, but the sale included US$ 8 billion of on-line deposits and another US$ 8 billion of brokered certificates of deposit. The sale was part of GE's strategic plan to exit the U.S. banking sector and to free itself from tightening banking regulations. GE also aimed to shed its status as a "systematically important financial institution". In September 2015, GE Capital agreed to sell its transportation finance unit to Canada's Bank of Montreal . The unit sold had US$ 8.7 billion (CA$ 11.5 billion) of assets, 600 employees, and 15 offices in
7332-500: The turbine blade issue of the 9FB unit would impact the new HA units. GE was one of the eight major computer companies of the 1960s along with IBM , Burroughs , NCR , Control Data Corporation , Honeywell , RCA , and UNIVAC . GE had a line of general purpose and special purpose computers, including the GE 200 , GE 400 , and GE 600 series general-purpose computers, the GE/PAC 4000 series real-time process control computers, and
7426-461: The world's largest engine manufacturers, bypassing the British company Rolls-Royce plc . Some consumers boycotted GE light bulbs, refrigerators, and other products during the 1980s and 1990s. The purpose of the boycott was to protest against GE's role in nuclear weapons production. In 2002, GE acquired the wind power assets of Enron during its bankruptcy proceedings. Enron Wind was the only surviving U.S. manufacturer of large wind turbines at
7520-599: Was a major provider of computer time-sharing services through General Electric Information Services (GEIS, now GXS), offering online computing services that included GEnie . In 2000, when United Technologies Corp. planned to buy Honeywell, GE made a counter-offer that was approved by Honeywell. On July 3, 2001, the European Union issued a statement that "prohibit the proposed acquisition by General Electric Co. of Honeywell Inc.". The reasons given were it "would create or strengthen dominant positions on several markets and that
7614-529: Was a woman-owned condom manufacturing company called Lovability Condoms . Company founder Tiffany Gaines was rejected by Chase Paymentech services "as processing sales for adult-oriented products is a prohibited vertical" and was told that it was a "reputational risk" to process payment for condoms. Gaines then started a petition to ask Chase to review and change its policy of classifying condoms as an "adult oriented product". The bank later reversed its decision and invited Gaines to submit an application citing that
7708-499: Was already doing business with a "wide variety of merchants, including grocers and drug stores, that sell similar products". General Electric General Electric Company ( GE ) was an American multinational conglomerate founded in 1892, incorporated in the state of New York and headquartered in Boston . The company had several divisions, including aerospace , energy , healthcare , and finance . In 2020, GE ranked among
7802-597: Was an experimental concept at the time and the beginning of the business process outsourcing (BPO) industry. GE sold 60% stake in Genpact to General Atlantic and Oak Hill Capital Partners in 2005 and hived off Genpact into an independent business. GE is still a major client to Genpact today for services in customer service, finance, information technology, and analytics. In 2001, GE acquired Spanish-language broadcaster Telemundo and incorporated it into NBC. In 2002, Francisco Partners and Norwest Venture Partners acquired
7896-644: Was cleared by the EU in May 2017, and by the United States Department of Justice in June 2017. The merger agreement was approved by shareholders at the end of June 2017. On July 3, 2017, the transaction was completed, and Baker Hughes became a GE company and was renamed Baker Hughes, a GE Company (BHGE). In November 2018, GE reduced its stake in Baker Hughes to 50.4%. On October 18, 2019, GE reduced its stake to 36.8% and
7990-557: Was expected to be completed in 2015. In October 2014, GE announced it was considering the sale of its Polish banking business Bank BPH . Later in 2014, General Electric announced plans to open its global operations center in Cincinnati , Ohio. The Global Operations Center opened in October 2016 as home to GE's multifunctional shared services organization. It supports the company's finance/accounting, human resources, information technology, supply chain, legal and commercial operations, and
8084-604: Was fired from GE in 1958 by Ralph J. Cordiner for overstepping his bounds and successfully gaining the ERMA contract. Cordiner was strongly against GE entering the computer business because he did not see the potential in it. In 1962, GE started developing its GECOS (later renamed GCOS) operating system , originally for batch processing , but later extended to time-sharing and transaction processing . Versions of GCOS are still in use today. From 1964 to 1969, GE and Bell Laboratories (which soon dropped out) joined with MIT to develop
8178-523: Was followed by the spin-off of GE's portfolio of energy businesses on April 2, 2024, into GE Vernova. Following these transactions, General Electric Company changed its trading name to GE Aerospace, pivoted to aviation, and ceased to exist as a conglomerate. During 1889, Thomas Edison (1847–1931) had business interests in many electricity-related companies, including Edison Lamp Company, a lamp manufacturer in East Newark, New Jersey ; Edison Machine Works ,
8272-462: Was formed in 1877 by John Thompson . It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase , although Chase (having died four years earlier) did not have a connection with the bank. The Chase National Bank acquired a number of smaller banks in the 1920s through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank . However, its most significant acquisition
8366-585: Was incorporated in New York on April 24, 1889. The new company acquired Sprague Electric Railway & Motor Company in the same year. The consolidation did not involve all of the companies established by Edison; notably, the Edison Illuminating Company , which would later become Consolidated Edison , was not part of the merger. In 1880, Gerald Waldo Hart formed the American Electric Company of New Britain, Connecticut , which merged
8460-452: Was incorporated in New York, with the Schenectady plant used as headquarters for many years thereafter. Around the same time, General Electric's Canadian counterpart, Canadian General Electric , was formed. In 1893, General Electric bought the business of Rudolf Eickemeyer in Yonkers, New York , along with all of its patents and designs. Eickemeyer's firm had developed transformers for use in
8554-433: Was said to be the first broadcast to the public in the United States on GE's W2XAD : the pictures were picked up on 1.5 square inches (9.7 square centimeters) screens in the homes of four GE executives. The sound was broadcast on GE's WGY (AM) . Experimental television station W2XAD evolved into the station WRGB , which, along with WGY and WGFM (now WRVE ), was owned and operated by General Electric until 1983. In 1965,
8648-474: Was that of the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller Jr. This made Chase the largest bank in the US and the world. Chase was primarily a wholesale bank dealing with other prominent financial institutions and major corporate clients such as General Electric , which had, through its RCA subsidiary, leased prominent space and become
8742-471: Was the nominal survivor, the merged company retained the Chase name since not only was it better known (particularly outside the United States), but also the original charter of Chase required that the name be retained in any future business ventures. Hence, even today, it is known as JPMorgan Chase. In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co. in one of
8836-727: Was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance. In April of that same year, Chase acquired the Bank of New York Co. 's retail and small business banking network. This gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey , Connecticut, and Indiana . In 2019, Chase began opening retail branches in Pittsburgh and other areas within Western Pennsylvania ; this coincided with Bank of America starting
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