J. P. Morgan

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J. P. Morgan
John Pierpont Morgan
BirthplaceHartford, Connecticut, U.S.
Financier, banker, art collector

Morgan, J. P. (John Pierpont)

(1837–1913) financier, art collector, philanthropist; born in Hartford, Conn. He worked in various banking houses, including his father's (Junius Spencer Morgan) in London, until 1871 when he established Drexel, Morgan & Co. with Anthony J. Drexel. The firm—known as J. P. Morgan & Co. after 1895 – became one of the most powerful banking houses in the world. In 1873 the U.S. treasury allowed his firm to secure part of a government loan, thereby breaking a monopoly held by the unscrupulous Jay Cooke, and although Morgan definitely worked to advance his own fortune, he established a reputation as a positive force for the nation's financial and industrial base. He helped stabilize the railroads, for instance, and in 1895 he stanched the gold drain from the U.S. treasury reserves. In 1901 he bought out Andrew Carnegie's and others' companies to form the United States Steel Corporation. By this time he was the best known, richest, and most influential financier America had ever seen, and inevitably he was attacked by many, but he emerged from a 1912 Congressional investigation with his reputation largely intact. He gave away large sums to a variety of institutions. A knowledgeable collector of art, he was a major benefactor of the Metropolitan Museum of Art. His large and superb collection of books, manuscripts, and drawings were left to the Morgan Library in New York City.
The Cambridge Dictionary of American Biography, by John S. Bowman. Copyright © Cambridge University Press 1995. Reproduced with permission.
References in periodicals archive ?
PwC, which has been JP Morgan's auditor for the past 10 years, could still retain the business as the incumbent auditor, as the company does not have to rotate for another decade.
JP Morgan Asset Management, with assets under management of USD 1.7 trillion (as of March 31, 2019), is a global leader in investment management.
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The new appointment was contained in an internal memo issued to employees by Nicolas Aguzin, chief executive officer at JP Morgan in Asia Pacific.
They will be responsible for building and managing JP Morgan's regional presence across all lines of business and will play a significant role in delivering the firm's global capabilities to local clients, the investment bank and financial services company said in a statement.
"JP Morgan is undertaking a global review of its banking relationships both on profitability and on compliance.
Morgan is the most suited partner, recognized for its expertise, wide banking network, and trade processing capability.' Meanwhile, Mark Garvin, Chairman of JP Morgan Treasury and Securities Services International said that, 'JP Morgan's collaboration with APICORP, to meet trade finance demand from the multilateral development bank's clients in the Middle East, has resulted in much needed additional liquidity in the global trade finance markets.
JP Morgan Metals & Concentrates will operate under the new name Freepoint Metals & Concentrates LLC after the transaction is completed.
Active Biotech's Israeli collaborator, Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA), may abandon the clinical studies with Laquinimod and this risk creates an additional downside of at least 25%, JP Morgan said.
Active Biotech's partner, Israeli Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA), may abandon the clinical trials with Laquinimod and this risk creates an additional downside of at least 25%, JP Morgan said.
Senior country officers are responsible for building and managing JP Morgan's regional presence across lines of business, including the investment bank, asset management, treasury & securities services and the global corporate bank.