JPMorgan Chase

On September 15, 2008, Lehman Brothers filed for bankruptcy, marking one of the largest bankruptcies in U.S. history and a key moment in the global financial crisis. JPMorgan Chase played a significant role during this period, as it had been a major counterparty and clearing bank for Lehman. In the preceding months, JPMorgan demanded and received more collateral from Lehman, which had drawn the troubled bank's liquidity, leading to significant controversy. Later, JPMorgan was involved in settling bankruptcy claims and litigations related to Lehman's collapse.

On June 1, 2009, JPMorgan Chase completed its acquisition of most of the assets of Washington Mutual, which was seized by the U.S. Office of Thrift Supervision in the biggest bank failure in U.S. history. The deal, valued at $1.9 billion, included WaMu's deposit base, over 2,200 branches, and its credit card, consumer, and small business banking operations, expanding JPMorgan's retail banking presence significantly across the United States. This acquisition was a strategic move to position JPMorgan Chase as a dominant player in retail banking.

On May 10, 2012, CEO Jamie Dimon of JPMorgan Chase announced a trading loss of $2 billion, which stemmed from complex positions in credit default swaps, taken by its Chief Investment Office. The incident, often referred to as the 'London Whale' due to the trader involved, Bruno Iksil, highlighted significant inadequacies in risk management and corporate governance within the bank. The losses later escalated to $6.2 billion and led to intensified scrutiny by regulators, tarnishing the bank's reputation at the time.

On November 19, 2013, JPMorgan Chase agreed to a $13 billion settlement with the U.S. Department of Justice to resolve allegations that it misled investors about the quality of mortgage securities. This landmark settlement was the largest of its kind and addressed claims over JPMorgan’s mortgage conduct leading up to the financial crisis. The settlement included $9 billion in fines and $4 billion in consumer relief to likely assist affected homeowners. This event was part of various efforts to hold Wall Street accountable for its role in the housing market collapse.

On September 29, 2020, U.S. regulators announced that JPMorgan Chase agreed to pay a record $920 million to settle allegations of market manipulation. The settlement resolved civil and criminal charges that the bank was involved in illegal trading practices known as spoofing, where traders placed orders they intended to cancel in order to manipulate the market. The activities took place over a period of eight years and involved precious metals and U.S. Treasury markets. This fine was one of the largest ever imposed for spoofing.

On June 1, 2021, JPMorgan Chase announced its launch of an all-digital retail bank in the United Kingdom under the Chase brand. This marked JPMorgan's first foray into the international consumer banking market, aiming to challenge established UK banks by offering an array of personal banking products. The initiative signaled JPMorgan's strategic push into new markets and digital banking solutions, looking to capitalize on the growing consumer shift towards digital banking platforms. This launch was part of broader efforts to expand its services internationally.

On December 2, 2021, JPMorgan Chase announced the acquisition of OpenInvest, a San Francisco-based financial technology company known for its innovative approach to impact investing. OpenInvest allows investors to build and customize their portfolios based on environmental, social, and governance (ESG) criteria, aligning with JPMorgan's strategic focus on sustainable investment products. This acquisition was part of JPMorgan's broader digital transformation and commitment to enhancing client offerings in ESG investment solutions.

On March 4, 2022, JPMorgan Chase reached a $1 billion settlement over claims related to its residential mortgage-backed securities, which were at the center of the 2008 financial crisis. The settlement closed a significant chapter in a series of lawsuits and regulatory actions that accused the bank of misleading investors about the quality of the loans bundled into mortgage securities. This payout was part of ongoing efforts by JPMorgan to resolve legal issues stemming from the pre-crisis era, demonstrating accountability and reconciliation with affected parties.

On September 19, 2022, JPMorgan Chase announced its Climate Action Plan, reflecting the bank's commitment to advancing climate-focused strategies. The plan involves significant commitments towards financing $2.5 trillion over the next 10 years in support of sustainable and climate-aligned activities, emphasizing carbon-neutral investments. This initiative is part of JPMorgan's broader environmental strategy, aligning with global efforts to combat climate change and transition to a low-carbon economy. The bank strategically plans to increase its support for green projects and businesses.

On January 10, 2023, JPMorgan Chase announced new initiatives to enhance its sustainability efforts, including substantial investments in renewable energy and sustainable development projects. The bank committed to allocating significant resources towards green energy technologies and improving its environmental impact as part of its long-term sustainability goals. This expansion includes partnerships with key stakeholders to drive climate innovation and support economic communities transitioning to cleaner energy solutions. These initiatives reflect JPMorgan's leadership in sustainable finance.