Biggest Bank in the World
Banks are financial institutions that are responsible for accepting deposits and lending money to the public. These include commercial banks, merchant banks, finance houses and savings bank among others. These institutions are central to economic growth since banks serves as an intermediary in organizing savings and investment and eventually help finance activities of the public. Aside from this, people chose to deal with banks in order to minimize transaction costs, efficient payment system, risk pooling and risk pricing among others.
There are numerous banks that provide almost the same services to the public. Nonetheless, nothing is still more successful than JP Morgan Chase & Co., the biggest bank in the world in terms of assets.
One of the oldest, largest and among the best financial institutions in the world, it dates back as early as 1799. The firm traces its roots from the partnership of Drexel, Morgan & Co., which is the most influential financial institution during its time. The company played an important role in the formation of United States Steel Corporation, the world’s first billion dollar corporation and at the same time, financed various railroad projects and acted as intermediary in various acquisitions of major companies.
JP Morgan Chase also has more than 1,000 predecessor institutions that helped shaped the firm, making them what they are today. The company is a combination of 2 premier financial institutions, JP Morgan and Chase. Further, it also merged and acquired various firms including Chemical Banking Corp., First Chicago Corp., Chase Manhattan Corp., and Bank One Corp.
With over 200 years in existence, JP Morgan Chase aspires to be nothing but the best in terms of offering financial services to the public. This is because the firm is field and client-driven and delivers nothing but the best products in a cost-effective way. Further, it continues to innovate and create new products for the people by creating powerful brands of quality and integrity. And how is it done? By executing in the best possible manner and building and maintaining a great team
Why is it the Biggest Bank Today
As a premier financial institution, it cannot be argued that it is biggest bank on earth. As of March 31, 2013, the company has total assets of US $2.39 trillion under US Standards based on the quarterly report filed. This means that the gross basis of assets when US Standards is not used is more than $4 trillion or almost 20 times common shareholder equity. Also, the firm showed $70.6 billion worth of derivatives and has a gross value of $1.53 trillion.
Because of these figures, it was on top of Industrial and Commercial Bank of China, the biggest bank as of December 31, 2012, which only shows $2.96 trillion worth of assets as of March 31 of this year. The firm also went ahead of Deutsche Bank AG, Europe’s largest bank, who has only $2.61 trillion worth of assets at the end of the first quarter.
Security is another component why people chose to deal with banks. I you want secured transactions and at the same time, reliable, competent and quality service, then deal with JP Morgan Chase & Co., the world’s biggest bank.