It's the biggest bank in America, and also the most powerful. JP Morgan Chase moves more money in a day than most countries earn in a year. One man will rise to the top of the helm, as the bank faces its greatest challenge. I think Jamie Dimon is the best in the game right now. You're the survivor. Last man standing. It's a dangerous place to be. In one year since entering the war, the American military is unstoppable, and it quickly helps turn the tide against Germany and Japan. After early defeat, America's back in the fight in North Africa, where they've got the Nazi's on the run. Most heartening of all is the news from Egypt and North Africa. Some of the Nazis, beaten off in their first real battle with American troops, surrendered. Thanks partly to the war financing facilitated by the House of Morgan, American industries for the first time ever begins to operate with a unified goal. They were rivals before the war, now they're working together. There was a writer at the time who said it was almost as if players of the New York Yankees took a few days off to win some games for the Dodgers. And now, America is secretly building the ultimate weapon, code named The Manhattan Project, and led by theoretical physicist Robert Oppenheimer. America races to realize the creation of the world's first atomic bomb - one that possesses the potential to instantly end the war. While Oppenheimer grapples with this seemingly insurmountable task, a dire blow strikes the American finance industry. JP Morgan Jr., the king of Wall Street, passes away, falling victim to a stroke. Although Morgan was vilified by President Roosevelt for the 1929 stock market crash, in the end, he was able to help the nation by providing the financing needed for the war effort. And now, his banking empire continues on without him. Jack Morgan may be gone. The American military industrial complex he helped build is now operating at a full capacity. And soon, thousands of bombers and ships laden with tanks and troops, will head towards Europe to take part in the biggest military offense in history - the D-Day invasion. Ladies and gentlemen, the President of the United States. My fellow Americans, I asked you all to join with me in prayer. Almighty God, our sons, pride of our nation, this day have set upon a mighty endeavor. A struggle to preserve our republic, our religion, and our civilization, and to set free a suffering humanity. After 406 days, with the help of the DuPont company, Robert Oppenheimer has acquired a sufficient amount of plutonium to construct an atomic bomb. And by July 16th, 1945, the Manhattan Project succeeds. As the bombs unleash the power of the sun, wiping out Hiroshima and Nagasaki, and killing nearly a quarter of a million people, World War II is finally brought to an end. After World War II, European countries find themselves in desperate need of reconstruction. In Paris, the foreign ministers of Great Britain, the Soviet Union, and France met to discuss secretary Marshall's plan for restoring stability and peace to the nations of Europe. The introduction of the Marshall Plan opens up a new market full of opportunities for growth in the American banking industry. What can a country like the United States do to help? How about setting aside over $13 billion dollars to help rebuild the smoldering continent. By investing in the economies of European countries, the U.S helped create new markets for its exports. Many banks make great profits by extending loans, facilitating investments, and fostering trade relationships. This resulting economic cooperation leads to a booming economy for both European nations and the United States. But not all banks have benefited from this economic resurgence. The resources of Morgan Bank have been severely depleted by World War II. Without the leadership of JP Morgan Jr., the bank finds itself struggling to remain competitive. Before the Glass-Steagall Act, as an investment bank, JP Morgan and Company had towered over its rivals, but as a commercial bank it couldn't match the more plebeian banks that courted retail deposits. Nationally it fluctuated in size somewhere between 20th and 30th. This was the first time when Morgan Bank was not being led by a Morgan family member. Remember, the business had a powerful brand because of the Morgan name. Harry Morgan began to run Morgan Stanley, a more lucrative investment banking operation. Meanwhile the Morgan Bank, which is a separate commercial bank, is now run by someone named Henry Clay Alexander. As the head of Morgan Bank, Alexander faces a challenging decision. Over a third of New York's banks vanished. They had to merge if they were to grow to a size commensurate with their multinational clients. Many Morgan people opposed to merger because they liked working in a small, paternalistic bank with terrific perks. They thought a merger would cheapen the genuine article. Finally though, a decision would have to be reached. The Morgan Bank and the people running it always have this pride about themselves. They were very reluctant to merge with other banks, because they thought, they were superior. Now, Alexander must discover a way to merge with another bank, and rapidly expand its international operations, or Morgan Bank will fade into irrelevance. And through a fortunate chance encounter, he stumbles upon a company that could be the ideal candidate for merging with Morgan Bank. Guaranty Trust, one of America's largest and oldest banks, specializes in global financing, by facilitating trade and investment between the United States and other countries. By 1959, the bank is grappling with severe financial troubles, stemming from its loans and investments, especially in international markets, resulting in substantial losses. The board of directors blames the nasty failure on the bank's CEO, Jay Luthor Cleveland, and tries to remove him, but their attempts prove unsuccessful. But they soon realize there is a better way to both save the firm and oust Cleveland. It is by merging with Morgan Bank. Approval of the proposed merger of JP Morgan and Guaranty Trust Company was announced late yesterday by G. Russell Clark, state banking superintendent. The merged bank would be known as the Morgan Guaranty Trust Company. By merging with Guaranty, the House of Morgan is suddenly flushed with over $4 billion dollars in deposits. It had an unmatched number of corporate accounts, 10,000, including 97 of the 100 biggest U.S. companies. Alexander becomes the CEO of the merged firm, and the firm is instantly the 4th largest commercial bank in the country. But for Alexander, regaining Morgan Bank's dominance means it needs to become the biggest commercial bank, and to do that, the bank must explore new markets. Morgan then became a pioneer in establishing the federal funds market. Tt's a marketplace where banks can lend and borrow money from each other, to meet their reserve requirements, and manage their daily cash flows. Riding the wave of the 1960's market boom, the banking industry experiences substantial growth. This growth is driven by the invention of ATMs, credit cards, and mergers, leading to significant evolutions within the entire banking industry. At the same time, Morgan Guaranty maintains its position as one of the top three biggest commercial banks in the country, alongside Bank of America and Citibank. But none of these banks are prepared for what is about to come. With the arrival of the 1970's, America is poised to face one of its worst economic challenges ever, and soon Morgan Guaranty will be challenged by a political force unlike any it has ever faced. While strenuous diplomatic efforts are being made to bring Israel, Egypt, and other combatants in the recent Middle Eastern war to the peace table, the Arab oil producing states are continuing to wield their oil weapon against the United States, Western Europe, and Japan. The early 70's oil crisis begins in 1973, when the members of the organization of Arab Petroleum Exporting Countries impose an oil embargo in response to Western support for Israel during the Yom Kippur War. This triggers substantial hikes in oil prices, resulting in severe shortages, lengthy cues at gas stations, and economic upheaval in many countries, particularly in the U.S.. The Saudis begin to reduce their business engagements with Western banks, but with a one notable exception - the Morgan Bank. The House of Morgan had been friendly with the Saudis for a long time, as early as the 1930's, and they saw Morgan as an honorable and principal institution to do business with. In 1973, Morgan begins to trade petrodollars, reaping immense profits while the rest of the finance industry struggles to survive amidst the oil shock. Around that time, a group of countries in the Middle East, including major oil producers, like Saudi Arabia, decided to sell their oil exclusively in U.S. dollars. The term petrodollar refers to the U.S. dollars earned by those oil producing countries from selling oil. But Morgan Bank's stroke of good fortune, and its favorable relationships are about to come to an end. A formidable opponent emerges, resolved to safeguard the interests of Israel, and American-Jewish Banks, a senator from Idaho is coming after Morgan Bank and its peers. Amidst the oil embargo, major Arab countries sever ties with most Western banks, particularly Jewish financial firms. But Morgan Bank manages to sustain its business relations with the Saudis. Senator Frank Church from Idaho believes that this situation is deeply unjust to Israel and Jewish enterprises. In early 1975, senator Frank Church tried to extract figures on petrodollar deposits. In 1976, the American-Jewish Congress singled out Morgan Guaranty and Citibank for their pivotal role in the implementation of the Arab boycott. Motivated by these concerns, Senator Church takes up the cause, advocating for anti-embargo legislation that prohibits certain banks from engaging with major Middle Eastern oil exporters. The introduction of the legislation is a huge blow to Morgan Bank. But for Senator Frank Church, it remains crucial to establish a fair business environment for other banks that have faced sanctions from Arab nations. The oil crisis resulting from the Yom Kippur War has shaken the global economy. It sets off a chain reaction that eats into everyone's bottom line. But Morgan Bank still manages to profit from the situation, as it has for over a century. You can still find life-changing opportunities in a volatile economy. Even today, hundreds of you, my channel subscribers, have joined me in seeking that opportunity, with today's sponsor, Masterworks. Masterworks recently extended its streak of positive returns, selling a Cecily Brown piece for a 77% net annualized return, and a Yayoi Kusama piece for 13.4%. That's 16 straight. It's astonishing that they performed well through the invasion of Ukraine, COVID, inflation, and interest rate hikes. The art market has surpassed pre-pandemic levels. Masterworks has over $800 million dollars in assets under management, and more than 800,000 users on the platform. They're making headlines after launching their largest offering yet - a $36 million dollars Basquiat piece. I've invested with them for years, seen paintings selling out in minutes, so don't miss this. Since you guys have responded so well, you can bypass the wait list, and get started right away. Just click the link in the description. Losing tens of millions, and with the volatile international economy of the late 1970's, Morgan Bank grapples to find new avenues for growth. Amidst the uncertainty, a new leader emerges, Lewis Preston. Though born in New York, Preston has spent most of his adult life abroad, residing in places like France, China, and Japan. Preston takes the reins of Morgan Bank with a determined vision. The bank's survival hinges on expanding its operations beyond America From the very beginning, the House of Morgan has held a global view. Their entire business model is based on fostering relationships with powerful individuals in various countries. And this, is the epitome of global capitalism. Wholesale banking involves providing specialized services like large loans, investments, and advisory to big businesses and institutions. It's like a bulk service for companies. As the newly crowned leader of Morgan, Preston decides the only way for Morgan to survive is by going back to its roots. The Morgan Bank is going to start doing business the Morgan way - providing financing to new rising countries, and bailing out failing ones. These marketplaces appear to be at two extremes. In both types of countries, Morgan Bank was able to charge hefty interest rates. By early 1980's, the Morgan Bank begins to bounce back, making great profit by lending money to less developed countries in Asia and the Middle East. By the fall of 1979, the mood at Morgan was cautiously optimistic. The bank's close ties with Saudi Arabia and Kuwait meant that Morgan was a major recipient of deposits from them and other OPEC members. The bank also had close ties with the largest oil and natural gas companies, and lastly the bank had a very strong balance sheet, with one of the highest capital asset ratios in the industry. For Preston, there is one particular market, teeming with opportunities for huge profit - Latin America. During the early 1980's, prominent Latin American countries, Brazil, Mexico, and Argentina, confront formidable economic challenges. They face substantial debt and soaring prices, leading to inflation. This era is often referred to as The Lost Decade, marked by a period of economic hardships. While other banks may shun from doing businesses in distressed economies, the Morgan Bank sees opportunities to give out loans to help bail out these countries while charging high interest rates. In times of economic distress, these businesses and individuals might require liquidity to cover immediate expenses. Banks can offer loans at higher interest rates, capitalizing on the urgency of the situation. Lew Preston perceives Brazil as a crucial marketplace to reap significant gains, and Morgan Bank needs to increase its dealings with the country. So he sends his vice president to Brazil, with the goal of fostering relationships with local governments - A man named Antonio Gebauer. Gebauer possesses a unique skill set for this role. An excellent diplomat, Gebauer has a way to help the rich and powerful get what they want, and Preston is hoping that Gebauer's unique abilities will enable the Morgan Bank to secure favorable arrangements with Brazil. But what he doesn't know, is that Gebauer has his own agenda. Tony Gebauer was leading a secret illicit life as an embezzler. In 1976, Gebauer had started to divert money from some Brazilian accounts in order to furnish his duplex apartment. Gebauer apparently drew on some form of flight capital - money smuggled from Latin America to evade taxes or exchange controls. As Brazil, Mexico, and Argentina raised billions of dollars in new loans ,their disloyal, unethical nationals were stuffing suitcases with bills, and flying north to open bank accounts. In a span of a few years, Gebauer aids his clients in transferring millions overseas, reaping substantial fees as a result. Gebauer soon uncovers an even more ingenious approach to wealth accumulation for himself. As the Brazilian economy deteriorates, he realizes he can capitalize on the situation by bundling the troublesome debts into what are known as junk bonds, selling them to U.S. investors at a discount, and thus a high interest rate. To fully execute his audacious plan, he will need to partner up with someone well-versed in the technical aspects of junk bonds. And who better than the pioneer himself, Michael Milken. In the mid-1970's, an ambitious employee finds himself trapped in middle management at Drexel Burnham Lambert. His name is Michael Milken, and he's a rising star trader who makes millions annually at the firm, but he yearns to venture out on his own. He sees a way for companies with lower credit ratings to have access to capital. He constructs a marketplace for what are known as junk bonds. So it's higher return, higher risk, because these are largely corporate bonds and overall economically sensitive because they're lower quality, you have a higher correlation with the equity market in general. This market rapidly expands, resulting in Michael Milken amassing a substantial fortune. Six thousand miles away in Brazil, Antonio Gebauer too feels stuck. He isn't satisfied anymore by making money from embezzling money for wealthy people. He needs to make himself super rich, just like his clients, and he sees an opportunity to do just that. In 1984, he quits his job at JP Morgan, and begins to partner up with Michael Milken to turn bad debts in Latin America into junk bonds, and sell them as attractive investments to American investors. Gebauer's gamble pays off. Within just a few years of starting this new venture, he makes millions in the junk bond market, and he finally becomes a rich multi-millionaire like he always dreamed about. But his dream will soon turn into a nightmare. His daring scheme that has made him rich is about to be exposed by none other than his former employer, the Morgan Bank. Antonio Gebauer, the former Morgan Guaranty Trust Company officer who pleaded guilty to misappropriating millions of dollars from Brazilian depositors accounts, was sentenced yesterday to 3 1/2 years in prison. Meanwhile, he is also compelled to cease his junk bond dealings with Michael Milken. The Gebauer episode cast a shadow over the reputation of the Morgan Bank, but it doesn't stop the bank from making a killing in the 1980's roaring market. In the 1980's, the U.S. witnesses robust economic growth, known as The Reagan Boom. His Reaganomics aims to boost the economy through tax cuts, deregulation, and defense spending, igniting consumer expenditure, investment, and job creation. As a result of Reagan's deregulation, the banking industry flourishes. Seizing the opportunity, Morgan Bank increases its trading operations ,which become a profitable venture for the bank throughout the 1980's. Morgan Guaranty even manages to rescue a major U.S. bank in Chicago, as the CEO Lou Preston succeeds in maintaining and fortifying the bank's position as one of the most influential and profitable entities on Wall Street. He retires in 1989, envisioning a brighter future than ever for Morgan Bank. Lewis T. Preston, chairman of JP Morgan and Company through the 1980's, said yesterday that he would take early retirement at the end of the year, and named Dennis Weatherstone as his successor. But, what Preston didn't know, was that around the time of his retirement, the U.S. real estate market was spiraling downward. In the early 90's, the United States faces a severe real estate downturn with plummeting values, high foreclosures, and a recession. The U.S. commercial real estate market plummeted in the first quarter of 1990, and the sell-off continued for the rest of the year, as the economy slipped into recession. The real estate crash has made Morgan Bank rethink its approach to risk, and around that time, the bank started investing heavily in research and development, trying to figure out better ways to manage risks for the bank. A brilliant young woman is hired to lead the effort in developing risk management technologies - Blythe Masters. Soon, she and her team pioneer a new type of financial instrument - a derivative called, credit default swap. Credit, which is a vital part of the life-blood of any economy, the global economy, became a And, the thinking was that that would be more readily available asset. an unambiguously positive thing. Blythe Masters believes that the use of credit default swaps will help the bank manage risks more effectively. In the end, CDS will be responsible for one of the worst financial recessions in history. But during the 1990's, JP Morgan maintains its risk-adverse approach, while other banks begin to expand rapidly. The Glass-Steagall Act is a century-old legislation, that prevents commercial banks from merging with investment banks and insurance companies. Thanks to lobbying efforts, the legislation is repealed, allowing banks to merge with investment banks, and insurance companies. The age of mega banks has arrived. Why do we have big banks? Well, because banks like monopoly power, because banks like lobbying power, because banks know that when they're too big, they will be bailed. As the industry goes through rapid consolidation, JP Morgan is now forced to do the same. To stay competitive, it once again needs to merge with another bank. There is one bank with an enduring history that may just be the perfect partner for JP Morgan - Chase Manhattan. Chase Manhattan Bank, known simply as Chase, boasts a history that spans two centuries. Its origins trace back to a water supply company, and over time, it has transformed through mergers into the Chase National Bank and Trust Company in 1926. Subsequently in 1955, it embraced the name the Chase Manhattan Bank. While Morgan Bank excels primarily in wholesale banking, Chase Bank is dominating the retail banking arena. In the year 2000, at the helm of Chase Bank, is Bill Harrison, a leader who personifies humility and work ethic. But in order for Chase Bank to flourish within the realm of mega banks, Harrison recognizes the imperative need for Chase to expand its scale. And the only way to do that is by merging with another bank. Chase Manhattan has agreed to acquire JP Morgan for about $36 billion dollars in stock, creating a union between two of the oldest and most prestigious financial firms in the United States. The boards of both companies have approved the deal, the companies said in a statement early today. The combined company is instantly one of the largest commercial banks in the world. William Harrison is crowned as the CEO of this new bank. He is faced with the impossible task of integrating two banks into a coherent entity. So in terms of really nailing nailing nailing success, you have to again, you can't, you can't overpay you, you've got to have a strategic reason, and then you have to know, know how to integrate. Yet, little does Harrison know, a storm is brewing, originating from the most unlikely and unimaginable place. In the early 2000's, Enron stands as a beacon of corporate success, promising vast wealth. But beneath its impressive exterior lies a complex maze of deceit. Executives falsify financial records, creating a mirage of profits. Employees misled by these illusions, lose their investments. Whistleblowers expose the fraud, leading to the eventual downfall of the company. Guilty verdicts in the biggest case of corporate fraud in history. 38 counts of fraud and conspiracy. The Enron scandal tarnishes JP Morgan's reputation, and results in the bank incurring hundreds of millions in fines. As Harrison approaches his retirement age, the company's board eagerly searches for a successor. Someone who possesses the ability to steer the ship in a new direction. Someone who embodies the ruthlessness that Harrison lacks. In 1997, an up-and-comer, Jamie Dimon, finds himself falling to rock bottom, betrayed by his mentor. After spending years working alongside Sandy Weill, Jamie Dimon helped create the world's largest bank through a series of deal makings - Citigroup. Jamie Dimon then became the heir apparent to succeed Sandy Weill as the CEO of Citigroup. Just when his ascent to the helm of Wall Street seemed inevitable, Jamie Dimon was unexpectedly fired by Sandy Weill. James Dimon, the president of Citigroup, the world's largest financial services company, said yesterday that he would leave the company, a surprising move that raises questions about who will ultimately be tapped to manage the sprawling giant, created by the recent merger of CitiCorp and Travelers Group Inc. Dimon knows, it is only a matter of time before he makes a comeback. Dimon is then hired to become the CEO of Bank One in Chicago, a firm that is teetering on the edge of bankruptcy. But through ruthless cost cutting, in just two years, Dimon turns the bank around from the edge of collapse, to making hundreds of millions of dollars in profit, for the first time in a long time. Dimon's success at Bank One has caught the attention of JP Morgan Chase. As far as the board of JP Morgan Chase is concerned, Dimon is exactly the type of leader they need. And to hire Jamie Dimon, they are going to acquire Bank One. JP Morgan Chase has agreed to acquire Bank One in a deal valued at about $58 billion dollars that would realign the competitive landscape among the world's global banking giants, the two companies announced this evening. After one year since JP Morgan Chase acquires Bank One, Jamie Dimon succeeds Harrison, and becomes the CEO of the second largest bank in America. For Dimon, it is only a matter of time until JP Morgan Chase becomes the #1. When he examines the data of his bank, and the financial industry in 2004, he finds some alarming information. At the time, all of Wall Street was going crazy with subprime mortgage loans. For example, Goldman Sachs makes hundreds of millions of dollars a year from issuing mortgage securities, and Morgan Stanley was also making a comeback through subprime loans. But Dimon believes the mortgage assets embed unforeseen risks, and he is willing to go in the opposite direction in order to protect the bank's future. In just two years, Dimon is proven to be right, as the world is plunged into the worst financial crisis in recent history. Big trouble for millions of American homeowners, as a slowing housing market has turned some mortgages into time bombs. Wall Street banks may not have enough money on hand to stay in business. One of the first Wall Street banks to fail, is Bear Stearns. To prevent a chain reaction of bank failures, the government needs to find a bank fit enough to acquire Bear Stearns, and they turn to Jamie Dimon for help. It was like buying a house, that was buying a house on fire. We thought we saved the system, you know, we thought that that would have been the domino that would caused the whole system to go down. It was because that JP Morgan was strong that we could do it. Saving Bear Stearns isn't enough to prevent the further deterioration of the financial system. Soon, JP Morgan Chase is asked once again to rescue another financial institution - Washington Mutual. It's astonishing, because, just like how J. Pierpont Morgan bailed out the financial industry during the panic of 1907, after over 100 years, Jamie Dimon is also being asked by the government to help bail out the industry. With every crisis, JP Morgan always emerges bigger and stronger. After the 2008 financial crisis, JP Morgan Chase is once again the biggest commercial bank in America, and Jamie Dimon is now the undisputed king of Wall Street. But like all men of power, they become targets. In just a few years, Jamie Dimon will come face to face with his biggest challenge yet. The Senate panel issuing a scathing report of JP Morgan's $6 billion dollar trading loss last year, saying bank executives ignored growing risks, they hid losses from investors, and from federal regulators. In 2012, JP Morgan trader, Bruno Iksil, amasses huge derivatives positions on behalf of the bank's chief investment office, hoping to profit. But the positions go awry, leading to enormous losses of over $6 billion dollars. The risky bets are initially concealed, but as the market uncovers the extent, JP Morgan now faces one of its most public failures. Jamie Dimon is soon asked to appear before Congress to give testimony about the trading loss. We believe now that a series of events led to the difficulties in the synthetic credit portfolio. In hindsight, the CIO trader did not have the requisite understanding of the new risks they took. This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we've let a lot of people down, and we are very sorry for it. But Jamie Dimon's apology won't be enough. In the eyes of the angry public, they are now convinced that bankers at JP Morgan Chase have put the depositors money at risk, and this gives the politicians enough support to fine J.P. Morgan another $320 million dollars. A couple months later, we see the bank announcing a huge loss. We see it as kind of mea culpa in his annual shareholder letter, where he kind of apologizes and say it was the biggest and stupidest mistake that he made, and he promised shareholders it would never happen again. The London Whale trading loss may have tarnished the bank's reputation and cost the bank billions, but it presents no challenge to Jamie Dimon's position as the chairman and CEO of JP Morgan Chase. Jamie Dimon will once again lead the company to new heights, as the country stands on the precipice of one of the biggest booms in history. After 2012, the bull market returns, and the global financial markets experience unprecedented rapid growth. The era of easy money has returned, giving rise to cryptocurrencies, especially Bitcoin, and fintech companies, like Robin Hood. Benefiting from low interest rates, and market participation, JP Morgan Chase has expanded its assets from $2 trillion to $4 trillion dollars since 2010. Amidst the market's euphoria, Jamie Dimon maintains a cautious approach. I could care less about Bitcoin, I don't uh, I don't know anything about it. I don't personally understand the value of something that has no actual value. You all can do whatever you want, and I don't care, okay? Beneath the roaring market, a crisis begins to take shape. Following a decade of money printing, the U.S. economy finds itself grappling with a dangerous level of inflation. for the month of May. That matches the all-time high in this cycle. As the country wrestles with inflation, the Federal Reserve is compelled to raise interest rates, by reducing the amount of money available in the economy. Rising interest rates make it more expensive for banks to borrow money from the Fed. Within months, dozens of banks declare bankruptcy. The banking crisis worsens, as a major bank in California suddenly finds itself unable to sustain its business. SVB was a textbook case of mismanagement, that it failed to manage basic interest rate, and liquidity risks as well. But the troubles don't end there. Mere months after the collapse of Silicon Valley Bank, another major U.S. bank reaches its breaking point - The First Republic, a bank serving high net worth individuals. Should it collapse, the wealth of many affluent Americans will be in jeopardy. The federal government is determined not to let that happen. Regulators begin searching for another bank to acquire First Republic, one with enough capital to absorb the shock. As far as the federal government is concerned, only one bank is capable of such a feat. In under two decades since the housing crisis, JP Morgan Chase is once again called upon to bail out the banking sector. First Republic will now be taken over by JP Morgan. That's the bid that the FDIC has accepted. By 2023, over 100 years since its founding, the bank still wields a tremendous amount of power and influence. The essence of JP Morgan has remained consistent for over 100 years. It has always been slightly more conservative than other banks, and maintains good ties with the government, not just in the U.S., but around the world. And more importantly, it remains a bank that can be relied upon in times of crisis. And let's not forget, the bank was also fortunate to have found a leader who possessed almost the same character and determination as J. Pierpont Morgan himself. Jamie Dimon. FinAius
