Difference between revisions of "JPMorgan Chase & Co."

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| foundation =    2004 as JPMorgan Chase & Co. (Original 1799, See main page on MarketsWiki)
 
| foundation =    2004 as JPMorgan Chase & Co. (Original 1799, See main page on MarketsWiki)
 
| location =      Corp HQ - New York City; Retail financial services - Chicago, IL
 
| location =      Corp HQ - New York City; Retail financial services - Chicago, IL
| employees =      10,000 +
+
| employees =      256,981 (Q4 2019)
 
| products =      Financial services
 
| products =      Financial services
 
| twitter =        Chase
 
| twitter =        Chase
| linkedin =      https://www.linkedin.com/company/jpmorgan-chase/
+
| linkedin =      jpmorganchase
 
| stocktwits =    <!-- StockTwits ID for the company, e.g. JohnLothian, or leave blank -->
 
| stocktwits =    <!-- StockTwits ID for the company, e.g. JohnLothian, or leave blank -->
 
| facebook =      jpmorganchase
 
| facebook =      jpmorganchase
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}}
 
}}
  
JPMorgan Chase & Co. is a global financial services firm that focuses on investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.<ref>{{cite web|name="JPMorgan Chase”|url=http://investor.shareholder.com/jpmorganchase/index.cfm|org=JPMorgan Chase Investor Relations|date=February 14, 2019}}</ref> The common stock is also listed on the London and Tokyo stock exchanges.  
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JPMorgan Chase & Co. is a global financial services firm that focuses on investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.<ref>{{cite web|name="JPMorgan Chase”|url=http://investor.shareholder.com/jpmorganchase/index.cfm|org=JPMorgan Chase Investor Relations|date=February 14, 2019}}</ref> It is the largest bank in the U.S. according to ''Bankrate'', a financial services information company.<ref>{[cite web|url=https://www.bankrate.com/banking/biggest-banks-in-america/|name=Top 15 largest banks in the US|org=Bankrate|date=August 25, 2020}}</ref> With a primary listing on the New York Stock Exchange, its common stock is also listed on the London and Tokyo stock exchanges.  
  
 
== Cryptocurrency and Blockchain ==
 
== Cryptocurrency and Blockchain ==
  
James Dimon, the chairman and CEO of the company, once famously called [[bitcoin]] a "fraud", but that [[blockchain]] technology held promise.  
+
James "Jamie" Dimon, the chairman and CEO of the company, once famously called [[bitcoin]] a "fraud" but added that [[blockchain]] technology held promise.  
  
Forbes reported In March 2019 that JPMorgan Chase was the only financial firm listed on the job-hunting site Indeed.com in the top ten companies posting jobs including the terms "blockchain," "cryptocurrency," or "bitcoin" over the past year. According to the Forbes story, the main competing firms were [[IBM]], Cisco, [http://www.marketswiki.com/wiki/Accenture Accenture], EY, [http://www.marketswiki.com/wiki/KPMG_LLP KPMG], Microsoft, [[ConsenSys]], Conduent, and [http://www.marketswiki.com/wiki/Deloitte Deloitte].<ref>{{cite web|url=https://www.forbes.com/sites/michaeldelcastillo/2019/03/28/jpmorgan-is-hiring-more-blockchain-jobs-than-any-other-wall-street-firm/#15f3366668c8|name=JPMorgan Is Hiring For More Blockchain Jobs Than Any Other Wall Street Firm|org=Forbes|date=March 29, 2019}}</ref>  
+
Forbes reported in March 2019 that JPMorgan was the only financial firm listed on the job-hunting site Indeed.com in the top ten companies posting jobs including the terms "blockchain," "cryptocurrency," or "bitcoin" over the past year. According to the Forbes story, the main competing firms were [[IBM]], Cisco, [http://www.marketswiki.com/wiki/Accenture Accenture], EY, [http://www.marketswiki.com/wiki/KPMG_LLP KPMG], Microsoft, [[ConsenSys]], Conduent, and [http://www.marketswiki.com/wiki/Deloitte Deloitte].<ref>{{cite web|url=https://www.forbes.com/sites/michaeldelcastillo/2019/03/28/jpmorgan-is-hiring-more-blockchain-jobs-than-any-other-wall-street-firm/#15f3366668c8|name=JPMorgan Is Hiring For More Blockchain Jobs Than Any Other Wall Street Firm|org=Forbes|date=March 29, 2019}}</ref>  
  
=== Coin ===
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In September 2019, JPMorgan. sent out a note to their clients, saying that [[stablecoins]] such as [[Facebook]]'s [[Libra]] are potentially prone to gridlock in periods of stress. According to JPM analysts led by Joshua Younger, this is because of the way stablecoins like Libra are currently designed; the note said that stablecoins lack certain microstructures - such as short-term liquidity facilities common in other payments systems - meaning the activity of the coins may grow faster than the coin can support.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-09-05/jpmorgan-says-crypto-stablecoins-like-libra-may-face-bottlenecks|name=JPMorgan Fears New Breed of Crypto Like Libra Face ‘Gridlock’|org=Bloomberg|date=September 6, 2019}}</ref>
In February 2019 JPMorgan Chase & Co. announced that it had created its own [[cryptocurrency]], [[JPM Coin]], a [[digital token]] created to improve payment settlements between JPMC clients. This product will not likely be available for retail investors, so it cannot be traded like bitcoin, or similar [[digital assets]]. CNBC reported at the time of the announcement that testing for this product would begin "in a few months" from the announcement.<ref>{{cite web|url=https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html|name=JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business|org=CNBC|date=February 14, 2019}}</ref><ref>{{cite web|name=DealBook Briefing: JPMorgan Has Its Own Cryptocurrency|url=https://www.nytimes.com/2019/02/14/business/dealbook/jpmorgan-cryptocurrency.html|org=The New York Times|date=February 14, 2019}}</ref>
+
 
 +
=== JPM Coin ===
 +
In February 2019 JPMorgan announced that it had created its own [[cryptocurrency]], [[JPM Coin]], a [[digital token]] created to improve payment settlements between JPMC clients. This product will not likely be available for retail investors, so it cannot be traded like bitcoin, or similar [[digital assets]]. CNBC reported at the time of the announcement that testing for this product would begin "in a few months" from the announcement.<ref>{{cite web|url=https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html|name=JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business|org=CNBC|date=February 14, 2019}}</ref><ref>{{cite web|name=DealBook Briefing: JPMorgan Has Its Own Cryptocurrency|url=https://www.nytimes.com/2019/02/14/business/dealbook/jpmorgan-cryptocurrency.html|org=The New York Times|date=February 14, 2019}}</ref>
 +
 
 +
According to an October 27, 2020 report by CNBC, Takis Georgakopoulos, JPMorgan's global head of wholesale payments, said that one of the bank's large technology clients was using JPM Coin commercially for the first time, sending payments around the world. The bank also said that it had established a new business line called "Onyx" with a 100-person dedicated staff, which will let the bank commercialize its blockchain and digital currency developments.<ref>{{cite web|url=https://www.coindesk.com/jpmorgans-jpm-coin-is-live-exec-says|name=JPMorgan’s ‘JPM Coin’ Is Live, Execs Say|org=CNBC|date=October 27, 2020}}</ref>
  
 
=== Interbank Information Network ===
 
=== Interbank Information Network ===
In April 2019, JPMorgan head of global clearing John Hunter said that the bank was "looking at the ability to do more at the point of settlement" with blockchain technology, specifically with the Interbank Information Network (IIN), a blockchain-based digital payments platform set up in partnership with the Australian bank ANZ bank and the Royal Bank of Canada in 2017.
+
In April 2019, JPMorgan head of global clearing John Hunter said that the bank was "looking at the ability to do more at the point of settlement" with blockchain technology, specifically with the Interbank Information Network (IIN), a blockchain-based digital payments platform set up in partnership with the Australian bank ANZ bank and the Royal Bank of Canada in 2017. were 220 banks included in the IIN at that time. The IIN was useful in particular for correcting mistakes and errors in settlement instructions for interbnk transfers.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-expanding-blockchain-project-with-220-banks-to-include-payments?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic|name=JPMorgan Expanding Blockchain Project With 220 Banks to Include Payments|org=Coindesk|date=April 22, 2019}}</ref>
 +
 
 +
While reporting in September 2019 that Deutsche Bank, the world’s biggest clearer of euro denominated payments, had joined the IIN, JPMorgan noted that there were 310 banks signed up to use the service.<ref>{{cite web|url=https://www.ft.com/content/6363036a-d597-11e9-a0bd-ab8ec6435630|name=Deutsche Bank joins JPMorgan-led blockchain network|org=Financial Times|date=September 16, 2019}}</ref>
  
There were 220 banks included in the IIN at that time. The IIN was useful in particular for correcting mistakes and errors in settlement instructions for interbnk transfers.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-expanding-blockchain-project-with-220-banks-to-include-payments?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic|name=JPMorgan Expanding Blockchain Project With 220 Banks to Include Payments|org=Coindesk|date=April 22, 2019}}</ref>
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In late October 2020, the bank unveiled a new business line, "[[Onyx]]," which includes the Interbank Information Network, itself rebranded to "Liink."<ref{{cite web|url=https://www.jpmorgan.com/onyx/liink.htm|name=Liink by J.P. Morgan, Transforming how information moves|org=JPMorgan chase & Co.|date=October 27, 2020}}</ref>
  
 
=== Quorum ===
 
=== Quorum ===
JPMorgan developed Quorum, a private blockchain written in [[Ethereum]] Go (Ethereum's programming language), which doesn't run on the Ethereum blockchain, was presented by JPMorgan at the annual Sibos conference in 2016. The platform was built in conjunction with [[EthLab]] and was made open source.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-ethereum-blockchain-quorum|name=JP Morgan is Quietly Developing a Private Ethereum Blockchain|org=CoinDesk|date=May 28, 2019}}</ref> In April 2018, the bank disclosed that it had run a successful debt issuance experiment using Quorum with National Bank of Canada. Other participants in the experiment were Goldman Sachs Asset Management, Pfizer Inc and Legg Mason Inc’s  Western Asset as well as other investors in debt instrument.<ref>{{cite web|url=https://www.reuters.com/article/us-jpmorgan-blockchain/jpmorgan-national-bank-of-canada-others-test-debt-issuance-on-blockchain-idUSKBN1HR0CM|name=JPMorgan, National Bank of Canada, others test debt issuance on blockchain|org=Reuters|date=May 28, 2019}}</ref>  
+
JPMorgan developed Quorum, a private blockchain written in [[Ethereum]] Go (Ethereum's programming language) but which does not run on the public Ethereum blockchain. Quorum was presented by JPMorgan at the annual Sibos conference in 2016. The platform was built in conjunction with [[EthLab]] and was made open source.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-ethereum-blockchain-quorum|name=JP Morgan is Quietly Developing a Private Ethereum Blockchain|org=CoinDesk|date=May 28, 2019}}</ref> In April 2018, the bank disclosed that it had run a successful debt issuance experiment using Quorum with National Bank of Canada. Other participants in the experiment were [[Goldman Sachs]] Asset Management, Pfizer Inc and Legg Mason Inc’s  Western Asset as well as other investors in debt instrument.<ref>{{cite web|url=https://www.reuters.com/article/us-jpmorgan-blockchain/jpmorgan-national-bank-of-canada-others-test-debt-issuance-on-blockchain-idUSKBN1HR0CM|name=JPMorgan, National Bank of Canada, others test debt issuance on blockchain|org=Reuters|date=May 28, 2019}}</ref>  
  
 
Quorum is distinguished by several features including network and peer permissions management, enhanced transaction and contract privacy, voting-based consensus mechanisms, and higher transaction-processing performance.<ref>{{cite web|url=https://blockchainatberkeley.blog/introduction-to-quorum-blockchain-for-the-financial-sector-58813f84e88c|name=Introduction to Quorum: Blockchain for the Financial Sector|org=Blockchain at Berkeley|date=May 28, 2019}}</ref> JPMorgan told Coindesk in May 2019 that it had developed an extension to a fully decentralized, cryptographic protocol. called Zether, for confidential payments that it is likely to use it with Quorum. Zether uses zero-knowledge proofs which allow one party to prove knowledge of some secret value or information without conveying any details about that secret.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-adds-new-privacy-features-to-its-ethereum-based-quorum-blockchain|name=JPMorgan Adds Privacy Features to Ethereum-Based Quorum Blockchain|org=CoinDesk|date=May 28, 2019}}</ref>  
 
Quorum is distinguished by several features including network and peer permissions management, enhanced transaction and contract privacy, voting-based consensus mechanisms, and higher transaction-processing performance.<ref>{{cite web|url=https://blockchainatberkeley.blog/introduction-to-quorum-blockchain-for-the-financial-sector-58813f84e88c|name=Introduction to Quorum: Blockchain for the Financial Sector|org=Blockchain at Berkeley|date=May 28, 2019}}</ref> JPMorgan told Coindesk in May 2019 that it had developed an extension to a fully decentralized, cryptographic protocol. called Zether, for confidential payments that it is likely to use it with Quorum. Zether uses zero-knowledge proofs which allow one party to prove knowledge of some secret value or information without conveying any details about that secret.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-adds-new-privacy-features-to-its-ethereum-based-quorum-blockchain|name=JPMorgan Adds Privacy Features to Ethereum-Based Quorum Blockchain|org=CoinDesk|date=May 28, 2019}}</ref>  
  
According to the FAQ issued by JPMorgan when it first announced JPM Coin, its cryptocurrency will be issued on Quorum but be available on all other "standard Blockchains."<ref>{{cite web|url=https://www.jpmorgan.com/global/news/digital-coin-payments|name=J.P. Morgan Creates Digital Coin for Payments|org=JPMorgan Chase & Co.|date=May 28, 2019}}</ref>
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According to the FAQ issued by JPMorgan when it first announced JPM Coin, its cryptocurrency will be issued on Quorum but be available on all other "standard Blockchains."<ref>{{cite web|url=https://www.jpmorgan.com/global/news/digital-coin-payments|name=J.P. Morgan Creates Digital Coin for Payments|org=JPMorgan Chase & Co.|date=May 28, 2019}}</ref>
  
 +
In a potentially transformative transaction for [[ConsenSys]], the Ethereum-focused software development and consulting firm, the company announced on August 25, 2020 that it had acquired Quorum. The company said it would merge its existing protocol with Quorum, allowing it to choose the best of both protocols. The bank made an investment in ConsenSys of an undisclosed amount at the same time. The company said that JPMorgan will be a customer for the advanced features that are developed.<ref>{{cite web|url=https://www.businesswire.com/news/home/20200825005497/en/ConsenSys-Acquires-Quorum%C2%AE-Platform-J.P.-Morgan|name=ConsenSys Acquires Quorum Platform from J.P. Morgan|org=PR Newswire|date=August 25, 2020}}</ref>
  
 
== Full page on MarketsWiki ==
 
== Full page on MarketsWiki ==

Latest revision as of 13:43, 27 October 2020


JPMorgan Chase & Co.
Jpmclogo.jpg
Founded 2004 as JPMorgan Chase & Co. (Original 1799, See main page on MarketsWiki)
Headquarters Corp HQ - New York City; Retail financial services - Chicago, IL
Key People James Dimon, Chairman and CEO
Employees 256,981 (Q4 2019)
Products Financial services
Twitter @Chase
LinkedIn Profile
Facebook jpmorganchase
Website JPMorgan Chase & Co. Homepage

JPMorgan Chase & Co. is a global financial services firm that focuses on investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.[1] It is the largest bank in the U.S. according to Bankrate, a financial services information company.[2] With a primary listing on the New York Stock Exchange, its common stock is also listed on the London and Tokyo stock exchanges.

Cryptocurrency and Blockchain

James "Jamie" Dimon, the chairman and CEO of the company, once famously called bitcoin a "fraud" but added that blockchain technology held promise.

Forbes reported in March 2019 that JPMorgan was the only financial firm listed on the job-hunting site Indeed.com in the top ten companies posting jobs including the terms "blockchain," "cryptocurrency," or "bitcoin" over the past year. According to the Forbes story, the main competing firms were IBM, Cisco, Accenture, EY, KPMG, Microsoft, ConsenSys, Conduent, and Deloitte.[3]

In September 2019, JPMorgan. sent out a note to their clients, saying that stablecoins such as Facebook's Libra are potentially prone to gridlock in periods of stress. According to JPM analysts led by Joshua Younger, this is because of the way stablecoins like Libra are currently designed; the note said that stablecoins lack certain microstructures - such as short-term liquidity facilities common in other payments systems - meaning the activity of the coins may grow faster than the coin can support.[4]

JPM Coin

In February 2019 JPMorgan announced that it had created its own cryptocurrency, JPM Coin, a digital token created to improve payment settlements between JPMC clients. This product will not likely be available for retail investors, so it cannot be traded like bitcoin, or similar digital assets. CNBC reported at the time of the announcement that testing for this product would begin "in a few months" from the announcement.[5][6]

According to an October 27, 2020 report by CNBC, Takis Georgakopoulos, JPMorgan's global head of wholesale payments, said that one of the bank's large technology clients was using JPM Coin commercially for the first time, sending payments around the world. The bank also said that it had established a new business line called "Onyx" with a 100-person dedicated staff, which will let the bank commercialize its blockchain and digital currency developments.[7]

Interbank Information Network

In April 2019, JPMorgan head of global clearing John Hunter said that the bank was "looking at the ability to do more at the point of settlement" with blockchain technology, specifically with the Interbank Information Network (IIN), a blockchain-based digital payments platform set up in partnership with the Australian bank ANZ bank and the Royal Bank of Canada in 2017. were 220 banks included in the IIN at that time. The IIN was useful in particular for correcting mistakes and errors in settlement instructions for interbnk transfers.[8]

While reporting in September 2019 that Deutsche Bank, the world’s biggest clearer of euro denominated payments, had joined the IIN, JPMorgan noted that there were 310 banks signed up to use the service.[9]

In late October 2020, the bank unveiled a new business line, "Onyx," which includes the Interbank Information Network, itself rebranded to "Liink."<refLiink by J.P. Morgan, Transforming how information moves. JPMorgan chase & Co..</ref>

Quorum

JPMorgan developed Quorum, a private blockchain written in Ethereum Go (Ethereum's programming language) but which does not run on the public Ethereum blockchain. Quorum was presented by JPMorgan at the annual Sibos conference in 2016. The platform was built in conjunction with EthLab and was made open source.[10] In April 2018, the bank disclosed that it had run a successful debt issuance experiment using Quorum with National Bank of Canada. Other participants in the experiment were Goldman Sachs Asset Management, Pfizer Inc and Legg Mason Inc’s Western Asset as well as other investors in debt instrument.[11]

Quorum is distinguished by several features including network and peer permissions management, enhanced transaction and contract privacy, voting-based consensus mechanisms, and higher transaction-processing performance.[12] JPMorgan told Coindesk in May 2019 that it had developed an extension to a fully decentralized, cryptographic protocol. called Zether, for confidential payments that it is likely to use it with Quorum. Zether uses zero-knowledge proofs which allow one party to prove knowledge of some secret value or information without conveying any details about that secret.[13]

According to the FAQ issued by JPMorgan when it first announced JPM Coin, its cryptocurrency will be issued on Quorum but be available on all other "standard Blockchains."[14]

In a potentially transformative transaction for ConsenSys, the Ethereum-focused software development and consulting firm, the company announced on August 25, 2020 that it had acquired Quorum. The company said it would merge its existing protocol with Quorum, allowing it to choose the best of both protocols. The bank made an investment in ConsenSys of an undisclosed amount at the same time. The company said that JPMorgan will be a customer for the advanced features that are developed.[15]

Full page on MarketsWiki

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References