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JPMorgan Chase & Co.

Banking and Financial ServicesFounded 1799
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

JPMorgan Chase Acquisitions

5

Major Deals Covered

$72.5B

Disclosed Deal Value

What are JPMorgan Chase's biggest acquisitions?

JPMorgan Chase's largest disclosed acquisition here is Bank One Corporation for $58.5B in 2004. This page covers 5 major deals from 2000 to 2023, each with its price where disclosed and the reason behind it.

Major deals covered
5
Largest deal
Bank One Corporation ($58.5B)
First deal
2000
Most recent
2023
CompanyYearPricePurpose
J.P. Morgan & Co.2000UndisclosedChase Manhattan and J.P. Morgan combined in a stock merger to unite Chase's commercial and consumer banking reach with the Morgan firm's investment-banking and institutional franchise. Because this transaction created the modern JPMorgan Chase through a merger rather than a simple cash acquisition, the acquisition value is recorded as zero instead of presenting an imprecise headline valuation.
Bank One Corporation2004$58.5BJPMorgan Chase completed its stock-for-stock merger with Bank One on July 1, 2004. The annual report recorded a $58.546 billion purchase price and said the combination was intended to create a more balanced business mix and greater geographic diversification. Bank One added a substantial consumer and middle-market banking franchise to JPMorgan Chase's institutional strengths.
The Bear Stearns Companies Inc.2008$1.5BJPMorgan Chase acquired Bear Stearns after the investment bank encountered an acute liquidity crisis. The 2008 annual report recorded a total purchase price of approximately $1.496 billion. The transaction was supported by a Federal Reserve Bank of New York financing arrangement involving a separate portfolio of Bear Stearns assets.
Washington Mutual banking operations2008$1.9BAfter Washington Mutual Bank was closed and placed into FDIC receivership, JPMorgan Chase acquired its banking operations in September 2008. The FDIC transaction materials state that JPMorgan Chase made a $1.9 billion payment and acquired the failed bank's assets and qualified financial contracts while assuming its deposits and certain other liabilities.
First Republic Bank2023$10.6BJPMorgan Chase acquired the substantial majority of First Republic Bank's assets and assumed deposits and certain other liabilities from the FDIC on May 1, 2023. The firm's transaction presentation identified a $10.6 billion cash payment to the FDIC; that cash payment, rather than the broader accounting consideration, is used as the acquisition value here.
What companies has JPMorgan Chase bought?
Major acquisitions by JPMorgan Chase documented here include Bank One Corporation (2004), First Republic Bank (2023), Washington Mutual banking operations (2008), The Bear Stearns Companies Inc. (2008) and J.P. Morgan & Co. (2000).
What is JPMorgan Chase's most recent acquisition?
The most recent JPMorgan Chase acquisition documented here is First Republic Bank, in 2023, for $10.6B.

First Republic Bank

2023

$10.6B

Why

JPMorgan Chase acquired the substantial majority of First Republic Bank's assets and assumed deposits and certain other liabilities from the FDIC on May 1, 2023. The firm's transaction presentation identified a $10.6 billion cash payment to the FDIC; that cash payment, rather than the broader accounting consideration, is used as the acquisition value here.

Impact

The transaction added First Republic's private-banking relationships and loan portfolio to JPMorgan Chase. At closing, the presentation described approximately $173 billion of loans, $30 billion of securities, and $92 billion of deposits acquired, together with the assumption of $28 billion in Federal Home Loan Bank advances.

Outcome

First Republic's operations and clients were integrated into JPMorgan Chase, strengthening parts of its private-bank and wealth-management reach. The FDIC purchase also required the firm to manage the acquired credit portfolio and combine a relationship-focused banking model with JPMorgan's larger operating and risk infrastructure.

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The Bear Stearns Companies Inc.

2008

$1.5B

Why

JPMorgan Chase acquired Bear Stearns after the investment bank encountered an acute liquidity crisis. The 2008 annual report recorded a total purchase price of approximately $1.496 billion. The transaction was supported by a Federal Reserve Bank of New York financing arrangement involving a separate portfolio of Bear Stearns assets.

Impact

The acquisition added Bear Stearns's prime brokerage, clearing, trading, and investment-banking operations while requiring JPMorgan Chase to integrate positions, people, systems, and legal exposures during a severe market disruption. It also increased the firm's responsibilities in capital markets at a fragile point in the financial crisis.

Outcome

Bear Stearns was absorbed into JPMorgan's investment-bank operations. The transaction expanded client and product capabilities, but it also carried integration costs and legacy risks that the firm had to manage after closing.

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Washington Mutual banking operations

2008

$1.9B

Why

After Washington Mutual Bank was closed and placed into FDIC receivership, JPMorgan Chase acquired its banking operations in September 2008. The FDIC transaction materials state that JPMorgan Chase made a $1.9 billion payment and acquired the failed bank's assets and qualified financial contracts while assuming its deposits and certain other liabilities.

Impact

The transaction expanded Chase's deposit and branch presence, particularly in markets where its retail footprint had been smaller. The structure matters: claims of Washington Mutual's equity holders and subordinated and senior debt holders were not acquired, so the deal was a FDIC-assisted purchase of banking operations rather than an acquisition of the former holding company as a whole.

Outcome

The acquired branches, deposits, and customer relationships were integrated into Chase. The deal materially broadened the consumer bank's national reach, while JPMorgan Chase also inherited the operational task of integrating a large failed-bank franchise during the financial crisis.

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Bank One Corporation

2004

$58.5B

Why

JPMorgan Chase completed its stock-for-stock merger with Bank One on July 1, 2004. The annual report recorded a $58.546 billion purchase price and said the combination was intended to create a more balanced business mix and greater geographic diversification. Bank One added a substantial consumer and middle-market banking franchise to JPMorgan Chase's institutional strengths.

Impact

The transaction expanded the combined bank's retail reach and operating scale. Bank One Chairman and CEO Jamie Dimon became JPMorgan Chase's president and chief operating officer when the merger closed, creating the leadership succession that would shape the company after 2005.

Outcome

Bank One became a foundational part of the Chase consumer franchise. Dimon became chief executive at the start of 2006, and the broader mix of consumer and wholesale activities remains central to JPMorgan Chase's universal-bank model.

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J.P. Morgan & Co.

2000

Why

Chase Manhattan and J.P. Morgan combined in a stock merger to unite Chase's commercial and consumer banking reach with the Morgan firm's investment-banking and institutional franchise. Because this transaction created the modern JPMorgan Chase through a merger rather than a simple cash acquisition, the acquisition value is recorded as zero instead of presenting an imprecise headline valuation.

Impact

The combination established the central universal-bank structure behind today's company. It brought the Chase and J.P. Morgan names, client bases, balance sheets, and complementary banking capabilities into one organization, while connecting two previously separate branches of the firm's history.

Outcome

The merged company became the platform that later absorbed Bank One and other businesses. JPMorgan Chase's official history identifies the 2000 combination as the event that formed the present-day firm.

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JPMorgan Chase & Co.'s Growth & Acquisition Strategy

JPMorgan's growth plan is mostly organic. It keeps opening Chase branches in U.S. markets where it is underrepresented, expands its digital bank in Europe (Chase UK launched in 2021), adds bankers and advisers in commercial banking and wealth management, and invests heavily in technology and AI. Inorganic moves are opportunistic: the 2023 First Republic purchase from the FDIC and the January 2026 agreement to become issuer of Apple Card, taking over a portfolio of more than $20 billion in card loans from Goldman Sachs over roughly 24 months.

How JPMorgan Chase & Co. Makes Money

JPMorgan Chase makes money in two ways: net interest income (the spread between what it earns on loans and securities and what it pays on deposits and funding) and fee-based noninterest revenue from investment banking, trading, card and payment fees, and asset management. In FY2025 managed revenue of $185.6 billion came from three main segments. Consumer & Community Banking ($76.0 billion) runs Chase branches, checking and savings, credit cards, mortgages and auto loans. Commercial & Investment Bank ($78.5 billion) provides M&A advice, underwriting, markets trading, payments, securities services and commercial lending. Asset & Wealth Management ($24.1 billion) earns fees on client assets and private-banking relationships. Corporate (treasury and investments) contributed about $7.0 billion.

JPMorgan Chase Acquisitions FAQ

What was the historic rescue acquisition of First Republic Bank in May 2023?

On May 1, 2023, following the collapse of Silicon Valley Bank and Signature Bank, JPMorgan Chase won the FDIC auction to acquire First Republic Bank, assuming $92 billion in deposits and $203 billion in loans, stabilizing the US financial sector and onboarding 500,000+ affluent wealth clients.

How did JPMorgan Chase rescue Bear Stearns in March 2008 for $10 per share?

In March 2008, at the request of the US Treasury and Federal Reserve, JPMorgan Chase acquired collapsing investment bank Bear Stearns for approximately $1.5 billion ($10/share), providing emergency liquidity to prevent an immediate global financial meltdown.

What was the acquisition of Washington Mutual (WaMu) in September 2008?

In September 2008, following the largest bank failure in US history, JPMorgan Chase acquired the banking assets of Washington Mutual from the FDIC for $1.9 billion, adding 2,200 retail branches and expanding Chase across California, Florida, and the Pacific Northwest.

What was the transformational merger between Bank One and JPMorgan Chase in 2004?

In July 2004, JPMorgan Chase merged with Chicago-based Bank One for $58 billion. The merger added 1,800 Midwestern branches, the dominant First USA credit card franchise, and brought Jamie Dimon to JPM as President and eventual CEO.

Why did JPMorgan Chase acquire luxury travel leader Frosch and restaurant guide The Infatuation in 2021 to 2022?

JPMorgan Chase acquired luxury travel management agency Frosch and restaurant media brand The Infatuation (including the Zagat brand) to build Chase Travel, creating an integrated luxury lifestyle and travel platform for millions of Sapphire cardholders.

How did the acquisition of Greek cloud payments fintech Viva Wallet expand European merchant acquiring?

In 2022, JPMorgan Chase acquired a 48.5% ownership stake in European cloud-based payments neobank Viva Wallet for $800 million, expanding J.P. Morgan Payments across 24 European nations.

What strategic fintech investments has J.P. Morgan executed in Latin America with C6 Bank?

In 2021, JPMorgan Chase acquired a 40% stake (later increased to 46%) in Brazilian full-service digital neobank C6 Bank, providing JPM with direct retail digital banking exposure to millions of Brazilian consumers.

What is JPMorgan Chase's ongoing criteria for strategic M&A?

JPMorgan Chase deploys capital toward targeted tuck-in acquisitions in digital payments, asset management boutique firms, travel tech infrastructure, and specialized AI analytics platforms.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.