J.P. Morgan in the United Kingdom

J.P. Morgan's founder is J. Pierpont Morgan. His father, Junius Spencer Morgan, was in the merchant banking business in London from 1854 until his death in 1890. In 1873, the Scottish American Investment Trust, a predecessor firm (Robert Fleming & Co. was sold to Chase Manhattan in 2000), was formed. In 1887, Jarvis-Conklin Mortgage Trust Company opened in London, and through a series of mergers and reorganizations, this firm became part of Chase Bank.{{Cite web|title=J.P. Morgan UK History|url=http://www.jpmorgan.com/pages/jpmorgan/emea/uk/about}}

The bank joined CHAPS in 2010.[http://www.gtnews.com/news.cfm?id=12370 Association for Financial Professionals] {{Webarchive|url=https://archive.today/20130125005407/http://www.gtnews.com/news.cfm?id=12370 |date=2013-01-25 }} 22 Jun 10 - Retrieved 2012-06-07

The company provided the Post Office card account between 2006 and 2022,3 February 2006 - [http://www.london-gazette.co.uk/issues/57891/notices/631.1 The London Gazette] Retrieved 2012-06-07Post Office [http://www.postoffice.co.uk/counter-services/counter-money-services/pensions-and-benefits/post-office-card-account Benefits and Pensions] Retrieved 2012-06-07ICM Research December 2009 - financial services group - [https://docs.google.com/viewer?a=v&q=cache:Mdlr2QEelHQJ:www.consumerfocus.org.uk/assets/1/files/2010/02/ICM-report-on-banking-for-low-income-consumers-at-the-PO.pdf+&hl=en&gl=uk&pid=bl&srcid=ADGEEShS9UMSzzP4QCALa9vsY4YpLlVsKsPQNF3lu-OjSn0AWicTkInrZz8atg1WsTaR6604NgGs_v-4d5i3gEMKUiycVPffCeEsvOxDRbk7ZRryIbw5sVmK76h3eapfWPN7v7yHrdRf&sig=AHIEtbS7qOVUj-0hIIb5EShN5V-YkCONnQ Beyond POCA: How to better meet the needs of consumers at the Post Office] Retrieved 2012-06-07 acquired investment bank Cazenove in 2010{{Cite web|title=J.P. Morgan Cazenove|url=http://www.jpmorgan.com/pages/jpmorgan/emea/business/cazenove}} and acquired London based online investment firm Nutmeg in June 2021.{{cite web |last1=Jackson-Obot |first1=Ima |title=What does the future look like for Nutmeg and JPMorgan Chase? |url=https://www.ftadviser.com/investments/2021/06/25/what-does-the-future-look-like-for-nutmeg-and-jpmorgan-chase/ |website=FT Adviser |access-date=26 September 2023 |date=25 June 2021}} JPMorgan Chase launched a retail banking operation in the UK in September 2021 under the Chase UK brand name.https://www.theguardian.com/money/2021/sep/25/jp-morgan-launches-digital-only-chase-current-account-in-uk

J.P. Morgan Chase does not operate bank branches in the UK but has offices in London (which serves as the headquarters), Bournemouth, Glasgow and Edinburgh. The Bournemouth office is the largest private sector employer in Dorset, while in Glasgow J.P. Morgan is one of the largest technology employers in Scotland.{{Cite web|title=IFSD Glasgow|url=http://www.ifsdglasgow.co.uk/why-ifsd/case-studies/jp-morgan}}

During December 2010 an announcement was made that the previous headquarters of Lehman Brothers at 25 Bank Street in Canary Wharf would be purchased to function as the company's European head office.BBC News-[https://www.bbc.co.uk/news/business-12038483 20 December 2010] Retrieved 2012-06-07

J.P. Morgan Asset Management provides investment solutions{{clarify|date=February 2023}} to financial institutions, sovereigns, intermediaries and private individuals. It is based in London.{{Cite web|title=J.P. Morgan Asset Management UK|url=http://www.jpmorganassetmanagement.co.uk/}}

Provides corporate banking services to large corporations, financial institutions and public sector organizations. Services include financing, risk management, working capital, cash management and investments.{{Cite web|title=J.P. Morgan Global Corporate Bank|url=http://www.jpmorgan.com/pages/jpmorgan/gcb/home}}

The investment bank is one of the largest in the United Kingdom. It offers banking services including M&A advisory, corporate banking, debt capital markets, capital raising and risk management.{{Cite web|title=J.P. Morgan Investment Bank|url=http://www.jpmorgan.com/pages/jpmorgan/investbk}}

J.P. Morgan Cazenove became a wholly owned part of J.P. Morgan in 2010, having originally operated as a joint venture between J.P. Morgan and the UK investment bank Cazenove. Its three core businesses are corporate finance, cash equities and equity research. It is based in London.{{Cite web|title=J.P. Morgan Cazenove|url=http://www.jpmorgan.com/pages/jpmorgan/emea/business/cazenove}} J.P Morgan Cazenove is a trading name of J.P. Morgan Securities plc.

J.P. Morgan Europe Ltd is currently providing the banking licence and the electronic benefits transfer banking engine for the Post Office card account, since 24 January 2006 having taken over from the previous provider Citibank.3 February 2006 - [http://www.london-gazette.co.uk/issues/57891/notices/631.1 The London Gazette] Retrieved 2012-06-07Post Office [http://www.postoffice.co.uk/counter-services/counter-money-services/pensions-and-benefits/post-office-card-account Benefits and Pensions] Retrieved 2012-06-07ICM Research December 2009 - financial services group - [https://docs.google.com/viewer?a=v&q=cache:Mdlr2QEelHQJ:www.consumerfocus.org.uk/assets/1/files/2010/02/ICM-report-on-banking-for-low-income-consumers-at-the-PO.pdf+&hl=en&gl=uk&pid=bl&srcid=ADGEEShS9UMSzzP4QCALa9vsY4YpLlVsKsPQNF3lu-OjSn0AWicTkInrZz8atg1WsTaR6604NgGs_v-4d5i3gEMKUiycVPffCeEsvOxDRbk7ZRryIbw5sVmK76h3eapfWPN7v7yHrdRf&sig=AHIEtbS7qOVUj-0hIIb5EShN5V-YkCONnQ Beyond POCA: How to better meet the needs of consumers at the Post Office] Retrieved 2012-06-07 The deal of exchange of services was valued at $380,000,000.[http://www.shearman.com/NewsEvents/News/Detail.aspx?news=01f80b0d-cab0-4d81-8b2c-80902c57085f Shearman & Stirling LLP] {{Webarchive|url=https://web.archive.org/web/20061027120532/http://www.shearman.com/NewsEvents/News/Detail.aspx?news=01f80b0d-cab0-4d81-8b2c-80902c57085f |date=2006-10-27 }} 6 Jan 2004 Retrieved 2012-06-07 New applications for a Post Office card account were closed on 11 May 2020, with existing accounts remaining open until November 2022.{{Cite web|url=https://www.gov.uk/government/news/post-office-card-accounts-closure-extended-until-november-2022|title = Post Office card accounts closure extended until November 2022| date=11 August 2022 }}

The Post Office Card Account (POca) is a cash handling account allowing customers to receive benefit payments. The Card Account cannot be accessed anywhere other than a Post Office Counter or ATM at a post office branch. These accounts can only receive issuances of the DWP benefit payments and HMRC Tax Credits and Child Benefit payments. To open an account, you must be in receipt of benefits and a referral is made via Jobcentre Plus.{{Cite web|url=https://www.publictechnology.net/articles/news/dwp-end-benefit-payments-post-office-card-accounts|title = DWP to end benefit payments to Post Office card accounts|date = 6 May 2020}}

A franchise that provides wealth management services to ultra-high-net-worth individuals and families.{{Cite web|title=J.P. Morgan Private Banking|url=http://www.jpmorgan.com/pages/jpmorgan/private_banking}}

Made up of two divisions, Treasury and Worldwide Securities Services. Treasury Services provides cash management products, trade finance and logistics solutions{{clarify|date=February 2023}}, wholesale card products, and short-term liquidity management capabilities to small and mid-sized companies, multinational corporations, financial institutions and government entities{{Cite web|title=J.P. Morgan Treasury Services|url=http://www.jpmorgan.com/cm/ContentServer?pagename=jpmorgan/ts/TS_Content/Home&c=TS_Content&cid=1102086506985}} while Worldwide Securities Services stores, values, clears and services securities and alternative investments for investors and broker-dealers.{{Cite web|title=J.P. Morgan Worldwide Securities Services|url=http://www.jpmorgan.com/cm/ContentServer?pagename=jpmorgan%2Fts%2FTS_Content%2FWssHome&c=TS_Content&cid=1114735358205}}

J.P. Morgan Europe Ltd operate Chase UK inside the United Kingdom.

The bank was fined £33,320,000 for failing to protect the money of the clientele of the bank during November 2002 and July 2009. The lack of due consideration was given as resulting from error,{{cite web |title=UK fines JPMorgan record $49 million |url=https://www.reuters.com/article/us-britain-fine-jpmorgan-idUSTRE6521J520100603 |website=Reuters |access-date=7 May 2022 |date=3 June 2010}}K Ridley reporting 3 Jun 2010 for [https://www.reuters.com/article/us-britain-fine-jpmorgan-idUSTRE6521J520100603 Reuters] Retrieved 2012-06-07 and elsewhere as caused by the efforts of ring-fencing.{{cite web |title=Bankers JP Morgan fined record £33m for failing to 'ring-fence' clients' money |url=http://www.dailyrecord.co.uk/news/business-news/2010/06/04/bankers-jp-morgan-fined-record-33m-for-failing-to-ring-fence-clients-money-86908-22308850/ |website=Daily Record |access-date=7 May 2022 |date=3 June 2010}}

A senior executive of the bank resigned in April 2012 having been found to have committed a civil crime amounting to market abuse, as defined by the FSA.{{cite web |title=Senior banker at JP Morgan resigns |url=https://www.theguardian.com/business/2012/apr/03/jp-morgan-ian-hannam-resigns |website=The Guardian |access-date=7 May 2022 |date=3 April 2012}}

{{Main|2012 JPMorgan Chase trading loss}}

The chief officer and others having made errors during May 2012, causing losses to the bank amounting to £1.2 billion, were expected to resign. At the time of the report JP Morgan was stated as considering the closure of the London investment unit.R Neate reporting 14 May 2012 on the Wall Street Journal in [https://www.theguardian.com/business/2012/may/14/jp-morgan-executives-quit-trading-losses The Guardian newspaper] Retrieved 2012-06-07

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• [https://www.jpmorgan.com/GB/en/about-us J.P. Morgan in the United Kingdom]

{{UK banks}}

{{JPMorgan Chase}}

Category:JPMorgan Chase

Category:Financial services in the United Kingdom