Though JPMorgan Chase’s relationship with Italy has developed in earnest over the last 100 years, as early as the late 19th century, our firm’s predecessor and partner institutions participated in loans for the Italian government. The earliest of these loans dates to 1881, when J.S. Morgan & Co., the firm founded by J. Pierpont Morgan's father Junius and an early partner of J.P. Morgan & Co., participated in a £14.6 million loan to the Italian government.
It was during the first few decades of the 20th century, however, that our firm truly laid the foundation for its relationship with Italy.
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History of JPMorgan Chase in Italy
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History of JPMorgan Chase in Italy
Description: The scene begins with beautiful view of various locations in Italy. String music begins to play.
On Screen: Riccardo Pironti, Head of Private Bank, J.P. Morgan Italy Riccardo Pironti: We are here to celebrate the fantastic hundred years in Italy. And I think we are showing to the Italians our commitment, and commitment is everything. In a world that can be up and down, we are always here in good and bad times for our clients.
On Screen: Financial Advisor speaking Italian on phone
Riccardo Pironti: JPMorgan, during the recent crisis in 2008, didn't left this country.
On Screen: Jamie Dimon, Chairman and CEO, JPMorgan Chase and Co. Jamie Dimon: We stayed. In fact, we expanded our commitment at the worst possible moment because we wanted to help other companies in the country get through what was a terrible time.
On Screen: Marco Tronchetti Provera, Executive Vice Chairman and CEO, Pirelli and C. S.P.A Marco Tronchetti Provera: We have to be grateful for what JPMorgan has always done, never giving up when Italy needed something.
On Screen: Celebrating One Hundred Years in Italy
On Screen: J.P.Morgan
1915
.jpg "History of JPMorgan Chase in Italy (1)")
In 1915, J.P. Morgan & Co., founded in 1871 by J. Pierpont Morgan, participated in a $25 million loan for the Italian government co-headed by Guaranty Trust Company of New York, another JPMorgan Chase predecessor.
That same year, the Bank of Italy opened its first dollar account with the Guaranty Trust Company.
1914-1918
During WWI, J.P. Morgan & Co. acted as purchasing agent for the EuropeanAllies, which included Britain, France, Italy, Russia, Serbia, Romania and Greece. The Morgan firm purchased $3 billion worth of supplies-from horses to artillery shells-representing nearly half of all American supplies sold to the European Allies.
1918
In 1918, the Italian Discount and Trust Company opened for business in New York under the auspices of the Guaranty Trust Company of New York and the Banca Italiana Disconto. The Italian Discount and Trust Company facilitated banking and trust company services, specializing in Italian import and export trade
1925
In the spring of 1925, J.P. Morgan & Co. initiated a series of postwar loans and credits. The firm first arranged a $50 million credit to a group of three Italian banks headed by the Bank of Italy. In November of the same year, the $50 million credit was expanded into a $100 million loan to the Kingdom of Italy, with J.P. Morgan & Co. leading the syndicate. The bonds were heavily oversubscribed.
1927
In 1927, J.P. Morgan & Co. offered a credit of $25 million to the Bank of Italy in an effort to stabilize the Italian lira and facilitate Italy’s return to the gold standard. The Italian government conferred upon J.P. Morgan, Jr. the Royal Order of the Crown of Italy for his firm’s help.
1928
In 1928, Chase National Bank, a JPMorgan Chase predecessor, opened a representative office in Rome. This was JPMorgan Chase’s first physical banking presence in the country.
1947
Chase National Bank’s representative office, which had closed during WWII, reopened for business.
1950s-1960s
Chase National Bank and Guaranty Trust Company of New York, renamed Morgan Guaranty Trust Company after its 1959 merger with J.P. Morgan, expanded both their operations in Italy and services for Italians living abroad.
1961
In 1961, Morgan Guaranty Trust Company opened a representative office in Rome.
1967
In 1967, Morgan Guaranty acquired a majority interest in Banca Vonwiller, a private bank founded in Milan in 1819. The bank was renamed Banca Morgan Vonwiller
1960s-1970s
Throughout the late 1960s and 1970s, Morgan Guaranty Trust Company and Chase Manhattan Bank expanded their banking operations in Italy with additional offices in Milan and Rome. In 1969, Banca Morgan Vonwiller opened an office in Rome while The Chase Manhattan Bank opened a full-service branch in Milan.
During the 1960s, Morgan Guaranty Trust Company was instrumental in assisting with Italy’s currency stabilization.
1977
In late 1976, Morgan Guaranty sold its interest in Banca Morgan Vonwiller and opened a direct branch office in Milan in mid-1977
1978
Morgan Guaranty opened a branch office in Rome in 1978 and appointed an Italian management team to lead its operations.
1990
In 1990, J.P. Morgan & Co. became the first foreign primary dealer in Italy’s bond market.
1992
J.P. Morgan & Co. established its Private Banking business in Milan.
2000
J.P. Morgan & Co. and The Chase Manhattan Corporation merged, forming JPMorgan Chase & Co. The new entity maintained a local Italian presence through a full branch in Milan and a representative office in Rome.
2015
JPMorgan Chase continues to foster its relationship with Italy. In 2015, the firm established its Private Client Advisory (PCA) business, an advisory team dedicated to serving entrepreneurs and family businesses.
